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    315 S Jackson Street Hanover, MI 49241

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    Claim this Listing
    For Sale
    $1,500,000

    MULTI_FAMILY - Hanover, MI

    Lot size:
    13.00 Acres
    Added:
    Mar 15, 2026
    Days on Market:
    50
    Last Refresh:
    May 3 at 2:06 am

    Property Features for 315 S Jackson Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    24
    Rooms
    Bedroom 2, Bedroom 1, Bathroom 7, Bedroom 18, Bedroom 12, Bedroom 4, Bedroom 15, Bathroom 11, Bathroom 1, Basement, Bedroom 20, Bathroom 12, Bedroom 23, Bathroom 3, Bathroom 10, Bathroom 8, Bedroom 6, Bathroom 9, Bedroom 17, Bedroom 13, Bedroom 5, Bedroom 21, Bedroom 8, Bedroom 24, Bedroom 11, Bedroom 14, Bathroom 5, Bedroom 16, Bedroom 10, Bathroom 2, Bedroom 7, Bedroom 19, Bathroom 4, Laundry Room, Bathroom 6, Bedroom 3, Bedroom 22, Bedroom 9
    Parking
    24
    Parking features
    Driveway
    Basement
    Full, Partial, Crawl Space
    Standard status
    Active
    APN
    000-17-28-126-006-00
    Lot size
    13.00 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    LOTS 11 AND 12 LONE OAK SUBDIVISION VILLAGE OF HANOVER
    Tax Annual Amount
    7551

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Radiant, Forced Air, Hot Water(Heating)
    Cooling system
    Window Unit(s), Central Air
    Water source
    Well

    Building Details

    Year built
    1964
    Number of units
    12
    Building materials
    Aluminum Siding, Block, Brick, Stone, Vinyl Siding
    Roof type
    Metal, Composition

    We can help!

    Listing Contact
    Crystal Dane
    Crystal Dane

    Listing agent Crystal Dane

    Listing office Coldwell Banker Groves Real Estate 268 Carleton Road, Hillsdale, MI

    Listing date Mar 15, 2026

    MLS# 26009926 Listing URL

    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.

    Overview

    Multifamily Investment Opportunity in Hanover

    This multifamily investment opportunity features 12 income-producing units situated on approximately 13 acres in the Village of Hanover. The property includes five duplex buildings and two single-family homes, providing a diverse unit mix and strong rental demand. The portfolio has benefited from significant recent improvements, helping reduce future capital expenses and making it a low-maintenance investment for the next owner. The property has maintained consistently strong occupancy, with all units currently leased, providing stable income and reliable cash flow. In addition to the existing rental income, the property offers future upside potential with the 13 acres of land primed for development. This represents a compelling investment opportunity for investors seeking both current cash flow and long-term growth potential. The property consists of 6 parcels total.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Building Supply Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Food Market Grocery & Convenience Store Bar & Pub Garden Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Hanover
    County
    Jackson
    State
    Michigan
    Longitude
    -84.551248
    Latitude
    42.099541

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      Multifamily Investment Opportunity in Hanover

      12-unit multifamily property on 13 acres in Hanover, MI.
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      Established Grocery Store Business Opportunity

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    FAQs

    What type of property is this?
    Apartment building - 12-unit multifamily property on 13 acres in Hanover, Michigan.
    Where is this apartment building located?
    The property is located at 315 S Jackson Street Hanover, MI.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: 12 income‑producing units with 100% occupancy, ensuring stable income.; Significant recent improvements reduce future capital expenses.; Approximately 13 acres of land offer future development potential.
    (517) 581-8103
    We can help!
    Listing Contact
    Crystal Dane
    Crystal Dane
    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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    315 S Jackson Street, Hanover, MI 49241

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