Brick Office Building with
227 E State Street, Hanover, MI 49241
For Sale
$230,000
Under Contract
Commercial Sale, Hanover, MI
Property Size2,079 SF
Lot Size1.67 Acres
Price / SF$110.63
Days on Market195
Property Features for 227 E State Street
General Information
Property type
Property subtype
Bathrooms
Full bathrooms
Rooms
Elementary school district
Middle school district
High school district
Standard status
APN
Size
Lot size
Additional Details
Property Use
Condition
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
two-zone heating
newer roof
two bathrooms
functional kitchen area
storage shed
Building Details
Year built
Floors in Building
Number of units
Building materials
Roof type
Listing Agency:
ERA REARDON REALTY, L.L.C.
(517) 782-2996
Listed By:
Jill Baker · License MI #6501437282
(517) 745-3114
Added: May 4
Changed: Oct 30
Last Checked: Nov 14 at 2:06AM
MLS# 26019750
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.
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Investment Insights
Based on property information with market context.
This 2,079-square-foot brick office building was constructed in 1960 and offers a practical commercial layout with two bathrooms and a kitchen area. Building systems include forced-air heating, central air, a composition roof, and cable availability. A 10' x 16' storage shed adds separate on-site storage, while the surrounding 1.67-acre parcel provides substantial outdoor area.
The property is located at 227 E State Street in Hanover, Michigan, with well water and a septic tank serving the site. Its combination of interior space, accessory storage, and open land supports a range of commercial configurations, subject to applicable requirements.
The property is located at 227 E State Street in Hanover, Michigan, with well water and a septic tank serving the site. Its combination of interior space, accessory storage, and open land supports a range of commercial configurations, subject to applicable requirements.
Key Highlights
- 2,079 SF brick office building on 1.67 acres
- 10' x 16' storage shed included
- Two bathrooms and kitchen area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,424
Cap Rate
7.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$348,480
$348.5K
Cap Rate 7%
$248,914
$248.9K
Cap Rate 9%
$193,600
$193.6K
Market Conditions
NOI Build-Up for 2,079 SF
Gross rent
$29.9K $14.40/SF
− Vacancy
−$6.7K −$3.23/SF
EGI
$23.2K $11.17/SF
− OpEx
−$5.8K −$2.79/SF
NOI
$17.4K $8.38/SF
Area
Jackson County, MI
Vacancy
22.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$348,480
Cap Rate 7%
$248,914
Cap Rate 9%
$193,600
Alternative Uses
Best Use
Office B
$248.9K
$217.8K – $290.4K
NOI $17,424 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$331.9K
$290.4K – $387.2K
NOI $23,232 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
52
Businesses Nearby
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Business Placement
Demographics for 49241, MI
2,359
Population
915
Households
2.6
Avg Household Size
40
Median Age
25%
College-Educated
92%
High-School Grad
32.0 sq mi
ZIP Area
74
Density / Sq Mi
$81,471
Median Household Income
$37,245
Median Earnings
$1,031
Median Rent
$223,000
Median Home Value
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Market
Average Price Trend$/SF for Office Units in Jackson County, MI
Properties on Market for Office Units in Jackson County
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Flexible commercial building with two bathrooms, kitchen area, and outdoor space on a 1.67-acre parcel.
Where is this office unit located?
The property is located at 227 E State Street Hanover, MI.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: 2,079 SF brick office building on 1.67 acres; 10' x 16' storage shed included; Two bathrooms and kitchen area
