Heated Flex Space with Auto Paint
For Sale
$549,500
317 W Chicago Street, Jonesville, MI 49250
Commercial Sale, Jonesville, MI
Property Size6,021 SF
Lot Size0.47 Acres
Price / SF$91.26
Days on Market194
Property Features for 317 W Chicago Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school
James T Jones Elementary School
Middle school
Jonesville Middle School
High school
Jonesville High School
Elementary school district
Jonesville
Middle school district
Jonesville
High school district
Jonesville
Directions
Just West of Downtown Jonesville. Past Carleton. South Side of the Street
Standard status
Active
APN
21-090-001-056
Size
6,021 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Per Legal at Courthouse
Tax Annual Amount
5729
Legal Description
Per Legal at Courthouse
Utilities
Utilities
Cable Available
Heating system
Forced Air
Amenities
fully heated & insulated throughout
high efficiency interior lighting
professional lighted auto body paint booth
large marquee business sign
spacious paved parking lot
easy ingress & egress
Building Details
Year built
1976
Number of units
1
Listing Agency:
Century 21 Affiliated
(517) 439-1000
Listed By:
Desiree Thomas · License #6501323097
(517) 202-3684
Added: Mar 16
Changed: Sep 7
Last Checked: Sep 25 at 1:06PM
MLS# 26010071
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.
Investment Insights
Based on property information with market context.
This 6,021-square-foot flex property on a 0.47-acre parcel offers a heated, insulated building with high-efficiency interior lighting and forced-air heat. A professional lighted auto body paint booth is included, adding specialized functionality for automotive and service operations. The interior can accommodate one primary occupant or multiple tenant configurations, with a layout identified as suitable for retail, service businesses, and light manufacturing.
The property at 317 W Chicago Street in Jonesville includes a paved parking area, a lighted marquee business sign, and access designed for straightforward vehicle entry and exit. Built in 1976, the building also features broadband service and cable availability.
The property at 317 W Chicago Street in Jonesville includes a paved parking area, a lighted marquee business sign, and access designed for straightforward vehicle entry and exit. Built in 1976, the building also features broadband service and cable availability.
Key Highlights
- 6,021 SF flex building on a 0.47‑acre parcel
- Professional lighted auto body paint booth included
- Fully heated and insulated interior with forced‑air heating
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
$50,552
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
9.20%
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%
$1,011,040
$1.0M
Cap Rate 7%
$722,171
$722.2K
Cap Rate 9%
$561,689
$561.7K
Market Conditions
NOI Build-Up for 6,021 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
$84.5K $14.04/SF
− Vacancy
−$6.8K −$1.12/SF
EGI
$77.8K $12.92/SF
− OpEx
−$27.2K −$4.52/SF
NOI
$50.6K $8.40/SF
Area
Hillsdale County, MI
Vacancy
8.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
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%
$1,011,040
Cap Rate 7%
$722,171
Cap Rate 9%
$561,689
Alternative Uses
Best Use
Flex RnD
$722.2K
$631.9K – $842.5K
NOI $50,552 @ 7.0% cap · market cap 9.20%
Second Best
Retail
$498.5K
$436.2K – $581.6K
NOI $34,898 @ 7.0% cap · market cap 6.35%
Theoretical Best
Specialty Retail
$956.7K
$837.1K – $1.12M
NOI $66,968 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Heated and insulated commercial space includes a lighted auto body paint booth.
Where is this flex space located?
The property is located at 317 W Chicago Street Jonesville, MI.
What is the asking price?
The asking price for this property is $549,500.
What are key features of this property?
This property features: 6,021 SF flex building on a 0.47‑acre parcel; Professional lighted auto body paint booth included; Fully heated and insulated interior with forced‑air heating
