Multi-Office Commercial
For Sale
$154,900
214 South Street, Jonesville, MI 49250
Brick-front property with private workspaces, kitchenette, restrooms, and asphalt parking for professional or small-business use.
Property Size1,102 SF
Price / SF$140.56
Days on Market193
Property Features for 214 South Street
General Information
Standard status
Active
Size
1,102 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$2,419
Amenities
3
50 x 115
Building Details
Year Built
1950
Listing Agency:
Playford Real Estate
(517) 849-7622
Listed By:
Playford Real Estate
Source:
Xome
Added: Feb 20
Changed: Aug 30
Last Checked: Aug 31 at 3:52PM
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 Playford Real Estate
Investment Insights
Based on property information with market context.
Located at 214 South Street in Jonesville, this 1,102-square-foot office building is configured with four private offices, a kitchenette, a full bathroom, an additional restroom area, and a utility and storage room. The layout supports occupants needing several enclosed work areas within a compact commercial setting.
The property is positioned in Jonesville’s Downtown Edge District near the M-99 and US-12 intersection. Exterior construction includes a brick façade, metal roof, and asphalt parking. Mechanical improvements include an AC system installed in 2021 and a hot water heater installed in 2024.
The property is positioned in Jonesville’s Downtown Edge District near the M-99 and US-12 intersection. Exterior construction includes a brick façade, metal roof, and asphalt parking. Mechanical improvements include an AC system installed in 2021 and a hot water heater installed in 2024.
Key Highlights
- 1,102‑square‑foot office building with four private offices
- Kitchenette, full bathroom, additional restroom area, and utility/storage room
- Brick façade and metal roof
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
$9,545
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
6.16%
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%
$190,900
$190.9K
Cap Rate 7%
$136,357
$136.4K
Cap Rate 9%
$106,056
$106.1K
Market Conditions
NOI Build-Up for 1,102 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
$15.9K $14.40/SF
− Vacancy
−$3.1K −$2.85/SF
EGI
$12.7K $11.55/SF
− OpEx
−$3.2K −$2.89/SF
NOI
$9.5K $8.66/SF
Area
Hillsdale County, MI
Vacancy
19.80%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$190,900
Cap Rate 7%
$136,357
Cap Rate 9%
$106,056
Alternative Uses
Best Use
Office B
$136.4K
$119.3K – $159.1K
NOI $9,545 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$175.1K
$153.2K – $204.3K
NOI $12,257 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
223
Businesses Nearby
Explore this area
Business Placement
Demographics for 49250, MI
5,994
Population
2,560
Households
2.3
Avg Household Size
43
Median Age
19%
College-Educated
91%
High-School Grad
78.7 sq mi
ZIP Area
76
Density / Sq Mi
$61,918
Median Household Income
$40,625
Median Earnings
$774
Median Rent
$159,300
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-front property with private workspaces, kitchenette, restrooms, and asphalt parking for professional or small-business use.
Where is this office building located?
The property is located at 214 South Street Jonesville, MI.
What is the asking price?
The asking price for this property is $154,900.
What are key features of this property?
This property features: 1,102‑square‑foot office building with four private offices; Kitchenette, full bathroom, additional restroom area, and utility/storage room; Brick façade and metal roof
