Brick Commercial Office
For Sale
$199,900
1217 Greenwood Avenue Unit SourceFi, Jackson, MI 49203
Brick building with enclosed foyer, private offices, and central air, offering parking and frontage on Greenwood Ave and First St.
Property Size2,200 SF
Price / SF$90.86
Days on Market785
Property Features for 1217 Greenwood Avenue Unit SourceFi
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Industrial
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Business Included
No
Amenities
3
Rubber
13891182996162
Building Details
Year Built
1960
Construction
brick
Listing Agency:
(517) 812-1641
Listed By:
Howard Hanna Real Estate Services
(517) 812-1641
Source:
Xome
Added: Jun 8, 2024
Changed: Jul 28
Last Checked: Aug 1 at 3:02AM
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 Howard Hanna Real Estate Services
Investment Insights
Based on property information with market context.
This brick commercial building offers an enclosed foyer for entry and includes private offices plus a bathroom, with an additional room currently used as a WiFi hub that could be converted back. The property is equipped with natural gas, central air, and city water and sewer.
The building is located in the flat iron district, minutes from downtown and Ella Sharp Park. It features parking and frontage on both Greenwood Avenue and First St.
Previously, the property served as a bank and later as a cable company, making it suited for medical, professional office, or retail use. Seller will consider a land contract with 20% down and a 5-year balloon.
The building is located in the flat iron district, minutes from downtown and Ella Sharp Park. It features parking and frontage on both Greenwood Avenue and First St.
Previously, the property served as a bank and later as a cable company, making it suited for medical, professional office, or retail use. Seller will consider a land contract with 20% down and a 5-year balloon.
Key Highlights
- 2,200 SF brick commercial building built in 1960 in the flat iron district
- Frontage on both Greenwood Ave and First St with great parking
- Enclosed foyer entry with private offices and 1 bathroom
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.4k | $12.00 |
| − Vacancy | −$4.7k | −$2.15 |
| EGI | $21.7k | $9.85 |
| − OpEx | −$6.5k | −$2.96 |
| NOI | $15.2k | $6.90 |
2,200 SF · lease $12.00/SF/yr · vacancy 17.90% · expense 30.00%
Alternative Uses
Best Use
Healthcare Medical
$287.1K
$251.2K – $335.0K
NOI $20,097 @ 7.0% cap · market cap 10.05%
Second Best
Office B
$263.4K
$230.5K – $307.3K
NOI $18,438 @ 7.0% cap · market cap 9.22%
Theoretical Best
Office A
$351.2K
$307.3K – $409.7K
NOI $24,584 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 49203, MI
37,269
Population
16,999
Households
2.2
Avg Household Size
39
Median Age
23%
College-Educated
93%
High-School Grad
26.5 sq mi
ZIP Area
1,406
Density / Sq Mi
$55,689
Median Household Income
$37,096
Median Earnings
$992
Median Rent
$150,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Brick building with enclosed foyer, private offices, and central air, offering parking and frontage on Greenwood Ave and First St.
Where is this office building located?
The property is located at 1217 Greenwood Avenue Unit SourceFi Jackson, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 2,200 SF brick commercial building built in 1960 in the flat iron district; Frontage on both Greenwood Ave and First St with great parking; Enclosed foyer entry with private offices and 1 bathroom
