Four-Unit Multifamily
For Sale
$179,000
Pending
115 N West Ave, Jackson, MI 49201
Residential income property with a three-to-one bedroom mix and air conditioning in every unit.
Property Size2,064 SF
Days on Market72
Property Features for 115 N West Ave
General Information
Standard status
Pending
Size
2,064 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
3 x 1BR, 1 x 2BR
Multifamily Units
4
Amenities
air conditioning
Building Details
Year Built
1910
Listing Agency:
ERA Reardon Realty, L.L.C.
Listed By:
Jeff Windham · License #6501390464
(517) 812-6849
Source:
Vmrealestatemichigan
Added: Jul 5
Changed: Sep 12
Last Checked: Sep 13 at 12:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ERA Reardon Realty, L.L.C.
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 115 N West Ave in Jackson, Michigan, includes three one-bedroom residences and one two-bedroom residence. The building contains 2,064 square feet and dates to 1910, with air conditioning provided in each unit.
The property is positioned near medical facilities, shopping, restaurants, and everyday services, with access to the 94 127 interchange. Its unit mix provides a combination of one- and two-bedroom layouts within a single residential income property.
The property is positioned near medical facilities, shopping, restaurants, and everyday services, with access to the 94 127 interchange. Its unit mix provides a combination of one- and two-bedroom layouts within a single residential income property.
Key Highlights
- Four total residential units
- Unit mix includes three one‑bedroom units and one two‑bedroom unit
- Air conditioning in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,632
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$272,640
$272.6K
Cap Rate 7%
$194,743
$194.7K
Cap Rate 9%
$151,467
$151.5K
Market Conditions
NOI Build-Up for 2,064 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$21.1K $10.20/SF
− Vacancy
−$1.6K −$0.77/SF
EGI
$19.5K $9.44/SF
− OpEx
−$5.8K −$2.83/SF
NOI
$13.6K $6.60/SF
Area
Jackson County, MI
Vacancy
7.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$272,640
Cap Rate 7%
$194,743
Cap Rate 9%
$151,467
Alternative Uses
Best Use
Multifamily LT 5
$194.7K
$170.4K – $227.2K
NOI $13,632 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$182.9K
$160.1K – $213.4K
NOI $12,805 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$329.5K
$288.3K – $384.4K
NOI $23,064 @ 7.0% cap · market cap 12.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
Explore this area
Business Placement
Demographics for 49201, MI
47,747
Population
18,102
Households
2.6
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
155.0 sq mi
ZIP Area
308
Density / Sq Mi
$71,714
Median Household Income
$36,390
Median Earnings
$945
Median Rent
$202,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Residential income property with a three-to-one bedroom mix and air conditioning in every unit.
Where is this quadplex located?
The property is located at 115 N West Ave Jackson, MI.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: Four total residential units; Unit mix includes three one‑bedroom units and one two‑bedroom unit; Air conditioning in each unit
