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    Commercial Building in Jackson, MI Title is generated by Realmo AI

    143 W Prospect Street, Jackson, MI 49203

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    Claim this Listing
    For Sale
    $169,000

    COMMERCIAL - Jackson, MI

    Type:Office
    Property size:
    1,332 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $126/SF
    Added:
    May 6, 2023
    Days on Market:
    1112
    Last Refresh:
    May 21 at 9:06 pm

    Property Features for 143 W Prospect Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Bathrooms
    2
    Rooms
    Bathroom 2, Basement, Bathroom 1
    Parking
    7
    Standard status
    Active
    APN
    4-165400000
    Size
    1,332 SF
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Description
    Lot 15
    Tax Annual Amount
    2605

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1940
    Floors in Building
    1
    Number of units
    1
    Building materials
    Brick
    Roof type
    Composition

    We can help!

    Listing Contact
    JESSIE KOEBBE-WOOD

    Listing agent JESSIE KOEBBE-WOOD License #6501326900

    Listing office Howard Hanna Real Estate Services 2131 Ferguson Rd Ste116, Jackson, MI

    Listing date May 6, 2023

    MLS# 23014465

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Solid brick building suitable for various businesses
    • Includes waiting room, appointment area, office, and 4 exam rooms
    • Newer roof
    • Central air conditioning
    • Plenty of parking
    • Bus stop in front of building on a corner lot

    Overview

    This commercial building, located in Jackson, MI, is suitable for various types of businesses. The solid brick structure features a waiting room, an appointment area, an office, and four exam rooms. There are also two half baths and a basement. A newer roof has been installed. The property benefits from ample parking and is situated on a corner lot. A bus stop is located in front of the building. The building has a size of 1332 square feet and is located on a lot of 0.12 acres.

    Financial Insights

    Value Estimation Calculated for Healthcare Medical

    Conservative
    $135.2K
    NOI $12,168 @ 9.00% cap · cautious / downside scenario
    Moderate
    $173.8K
    NOI $12,168 @ 7.00% cap · market / base-case scenario
    Aggressive
    $243.4K
    NOI $12,168 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Healthcare Medical

    Component $ $/SF
    Gross rent $23.2k $17.40
    − Vacancy −$2.9k −$2.18
    EGI $20.3k $15.22
    − OpEx −$8.1k −$6.09
    NOI $12.2k $9.13
    1,332 SF · lease $17.40/SF/yr · vacancy 12.50% · expense 40.00%

    Alternative Use Scenarios

    Best Use
    Healthcare Medical
    $173.8K
    $152.1K – $202.8K (±1% cap)
    NOI $12,168 @ 7.0% cap · market cap 7.20%
    Second Best
    Office B
    $159.5K
    $139.5K – $186.1K (±1% cap)
    NOI $11,163 @ 7.0% cap · market cap 6.61%
    Theoretical Best
    Office A
    $212.6K
    $186.1K – $248.1K (±1% cap)
    NOI $14,884 @ 7.0% cap · market cap 8.81%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Francis Street Medical ... Medical Clinic

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Jackson
    County
    Jackson
    State
    Michigan
    Longitude
    -84.405911
    Latitude
    42.227131

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    FAQs

    What type of property is this?
    Medical Office Space - Solid brick building suitable for various businesses with ample parking.
    Where is this medical office space located?
    The property is located at 143 W Prospect Street Jackson, MI.
    What is the asking price?
    The asking price for this property is $169,000.
    What are key features of this property?
    This property features: Solid brick building suitable for various businesses; Includes waiting room, appointment area, office, and **4 exam rooms**; Newer roof
    (517) 750-3999
    We can help!
    Listing Contact
    JESSIE KOEBBE-WOOD
    Real Estate License ID: 6501326900
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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