High Visibility Commercial
For Sale
Contact for pricing
317 W Chicago Street, Jonesville, MI 49250
Premier 6,000 SF facility on a busy traffic corridor.
Property Size6,000 SF
Price / SF$91.58
Days on Market158
Property Features for 317 W Chicago Street
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Retail
Building Details
Year Built
1976
Listing Agency:
Century 21 Affiliated Hillsdale
(517) 202-3684
Listed By:
Desiree Thomas · License #MI
Source:
Crexi
Added: Mar 17
Changed: Aug 14
Last Checked: Aug 20 at 7:42AM
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 Century 21 Affiliated Hillsdale
Investment Insights
Based on property information with market context.
This prime commercial space offers high visibility on a busy traffic corridor. The 6,000 square foot facility benefits from continual high traffic counts and professional exposure. A large marquee business sign provides prime exposure, seen by thousands daily. The building is move-in ready, fully heated, and insulated throughout, with high-efficiency interior lighting. It includes a professional lighted auto body paint booth, suitable for automotive and specialized service trades. The layout is designed for a single flagship user or as a multi-tenant investment. The flexible layout is suitable for retail, service businesses, and light manufacturing. A spacious paved parking lot can service multiple retail and service businesses with easy ingress and egress. This property delivers the location and features to help grow or expand a business.
Key Highlights
- Prime high‑visibility location on a busy traffic corridor between Hillsdale & Branch Counties.
- Large marquee business sign with high daily exposure to thousands.
- Move‑in ready, fully heated & insulated 6,000sf+ facility.
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
$34,776
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
6.33%
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%
$695,520
$695.5K
Cap Rate 7%
$496,800
$496.8K
Cap Rate 9%
$386,400
$386.4K
Market Conditions
NOI Build-Up for 6,000 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
$54.0K $9.00/SF
− Vacancy
−$4.3K −$0.72/SF
EGI
$49.7K $8.28/SF
− OpEx
−$14.9K −$2.48/SF
NOI
$34.8K $5.80/SF
Area
Hillsdale County, MI
Vacancy
8.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$695,520
Cap Rate 7%
$496,800
Cap Rate 9%
$386,400
Alternative Uses
Best Use
Retail
$496.8K
$434.7K – $579.6K
NOI $34,776 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$953.3K
$834.2K – $1.11M
NOI $66,734 @ 7.0% cap · market cap 12.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
32k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 81%
Shops & Services 15%
Home Improvements & Furnishings 4%
McDonald's
Dining
20,484 visits/mo
0.2 miles
SUBWAY
Dining
5,406 visits/mo
0.2 miles
Sunoco
Shops & Services
4,668 visits/mo
0.1 miles
True Value Hardware
Home Improvements & Furnishings
1,415 visits/mo
0.4 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Premier 6,000 SF facility on a busy traffic corridor.
Where is this retail 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: Prime high‑visibility location on a busy traffic corridor between Hillsdale & Branch Counties.; Large marquee business sign with high daily exposure to thousands.; Move‑in ready, fully heated & insulated 6,000sf+ facility.
