Freestanding Retail Banking
For Sale
Contact for pricing
Pending
2815 E Michigan Avenue, Jackson, MI 49202
2,830 SF former retail banking facility for sale.
Property Size2,830 SF
Lot Size0.56 Acres
Days on Market149
Property Features for 2815 E Michigan Avenue
General Information
Standard status
Pending
Size
2,830 SF
Lot size
0.56 Acres
Property subtype
Office, Retail
Building Details
Year Built
1984
Buildings
1
Stories
1
Units
1
Listing Agency:
NAI Wisinski of West Michigan - Kalamazoo
(269) 353-0311
Listed By:
Jodi K. Milks, CCIM · License #6506044331
Source:
Crexi
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 8 at 2:52PM
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 NAI Wisinski of West Michigan - Kalamazoo
Investment Insights
Based on property information with market context.
This freestanding 2,830 SF building, formerly a retail banking facility, is available for sale. It is situated on 0.56 acres along the East Michigan Avenue retail corridor in Leoni Township. The property is located in the C-2 - General Commercial district of Leoni Township and features two drive-up lanes and ample parking. It is well-suited for financial, medical, or quick-service users. The location offers convenient regional access to US-127 and I-94 and is near major national retailers, including Meijer, ALDI, and Menards.
Key Highlights
- Freestanding 2,830 SF building with two drive‑up lanes
- Located on 0.56 acres along the busy East Michigan Ave retail corridor
- Zoned C‑2 - General Commercial, suitable for financial, medical, or quick‑service users
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
$26,889
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
8.03%
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%
$537,780
$537.8K
Cap Rate 7%
$384,129
$384.1K
Cap Rate 9%
$298,767
$298.8K
Market Conditions
NOI Build-Up for 2,830 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
$39.1K $13.80/SF
− Vacancy
−$3.2K −$1.13/SF
EGI
$35.9K $12.67/SF
− OpEx
−$9.0K −$3.17/SF
NOI
$26.9K $9.50/SF
Area
Jackson County, MI
Vacancy
8.20%
Lease Rate
$13.80 /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%
$537,780
Cap Rate 7%
$384,129
Cap Rate 9%
$298,767
Alternative Uses
Best Use
Specialty Retail
$384.1K
$336.1K – $448.2K
NOI $26,889 @ 7.0% cap · market cap 8.03%
Second Best
Retail
$278.8K
$244.0K – $325.3K
NOI $19,517 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$451.8K
$395.3K – $527.1K
NOI $31,624 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,887
Businesses Nearby
13k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 39%
Electronics 9%
BIGGBY COFFEE
Dining
6,603 visits/mo
0.2 miles
Huntington Bank
Shops & Services
2,329 visits/mo
0.2 miles
Boost Mobile
Electronics
1,213 visits/mo
0.2 miles
Old National Bank
Shops & Services
1,008 visits/mo
0.4 miles
Firestone Complete Auto Care
Shops & Services
765 visits/mo
0.5 miles
Demographics for 49202, MI
19,359
Population
9,598
Households
2
Avg Household Size
37
Median Age
15%
College-Educated
91%
High-School Grad
12.7 sq mi
ZIP Area
1,524
Density / Sq Mi
$41,916
Median Household Income
$30,638
Median Earnings
$915
Median Rent
$104,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - 2,830 SF former retail banking facility for sale.
Where is this bank located?
The property is located at 2815 E Michigan Avenue Jackson, MI.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Freestanding 2,830 SF building with two drive‑up lanes; Located on 0.56 acres along the busy East Michigan Ave retail corridor; Zoned C‑2 - General Commercial, suitable for financial, medical, or quick‑service users
