Bank Building with
For Sale
$210,000
4515 Francis St, Jackson, MI 49203
Leased commercial property with flexible interior space, natural light, basement storage, and on-site parking.
Property Size1,872 SF
Lot Size0.50 Acres
Price / SF$112.18
Days on Market9
Property Features for 4515 Francis St
General Information
Standard status
Active
Size
1,872 SF
Lot size
0.50 Acres
Amenities
open floor plan
tons of windows
natural day lighting
partially finished basement
Building Details
Year Built
1955
Buildings
1
Listing Agency:
ERA Reardon Realty, L.L.C.
Listed By:
NATHAN LaZEBNIK · License #6501357434
(517) 782-2024
Source:
Katie-k
Added: Sep 13
Changed: Sep 16
Last Checked: Sep 21 at 1:20PM
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 ERA Reardon Realty, L.L.C.
Investment Insights
Based on property information with market context.
This 1,872-square-foot commercial building at 4515 Francis St features an open interior layout, extensive windows, and a partially finished basement. The lower level provides additional space for storage or other supported uses. Constructed in 1955, the property was previously operated as a bank and is currently leased through September 2027.
The building sits on a half-acre lot with nearly 50 parking spaces. Its Jackson, MI location and existing lease provide a combination of established occupancy, functional improvements, and adaptable commercial space.
The building sits on a half-acre lot with nearly 50 parking spaces. Its Jackson, MI location and existing lease provide a combination of established occupancy, functional improvements, and adaptable commercial space.
Key Highlights
- 1,872‑square‑foot commercial building on a half‑acre lot
- Previously operated as a bank; currently leased through September 2027
- Open interior layout with extensive windows for natural daylight
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
$17,786
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
8.47%
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%
$355,720
$355.7K
Cap Rate 7%
$254,086
$254.1K
Cap Rate 9%
$197,622
$197.6K
Market Conditions
NOI Build-Up for 1,872 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
$25.8K $13.80/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$23.7K $12.67/SF
− OpEx
−$5.9K −$3.17/SF
NOI
$17.8K $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%
$355,720
Cap Rate 7%
$254,086
Cap Rate 9%
$197,622
Alternative Uses
Best Use
Specialty Retail
$254.1K
$222.3K – $296.4K
NOI $17,786 @ 7.0% cap · market cap 8.47%
Second Best
Retail
$184.4K
$161.4K – $215.2K
NOI $12,910 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$298.8K
$261.5K – $348.6K
NOI $20,918 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
21k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 74%
Dining 13%
Home Improvements & Furnishings 13%
BP
Shops & Services
8,752 visits/mo
0.1 miles
Dollar General
Shops & Services
6,811 visits/mo
0.4 miles
SUBWAY
Dining
2,721 visits/mo
0.1 miles
Vandercook Ace Hardware
Home Improvements & Furnishings
2,631 visits/mo
0.1 miles
Demographics for 49203, MI
37,269
Population
16,999
Households
2.2
Avg Household Size
39
Median Age
23%
College-Educated
93%
High-School Grad
26.5 sq mi
ZIP Area
1,406
Density / Sq Mi
$55,689
Median Household Income
$37,096
Median Earnings
$992
Median Rent
$150,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Bank - Leased commercial property with flexible interior space, natural light, basement storage, and on-site parking.
Where is this bank located?
The property is located at 4515 Francis St Jackson, MI.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: 1,872‑square‑foot commercial building on a half‑acre lot; Previously operated as a bank; currently leased through September 2027; Open interior layout with extensive windows for natural daylight
