Historic Downtown Mixed-Use
For Sale
Contact for pricing
505 WILDWOOD AVE, Jackson, MI 49201
Multi-level historic building with updated systems and preserved character, suited for office, retail, or hospitality concepts.
Property Size6,357 SF
Price / SF$86.52
Days on Market65
Property Features for 505 WILDWOOD AVE
General Information
Standard status
Active
Size
6,357 SF
Property subtype
Retail, Office, Hospitality
Building Details
Year Built
1900
Stories
4
Units
19
Listing Agency:
Sproat Realty Professionals
Listed By:
Susie Mohlman · License #MI
Source:
Crexi
Added: Jun 8
Changed: Aug 8
Last Checked: Aug 10 at 3:23PM
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 Sproat Realty Professionals
Investment Insights
Based on property information with market context.
This architecturally distinctive, historic downtown building offers four levels of usable space with original historic details preserved throughout. The property is configured with 8 bedrooms, 2 full bathrooms, and 3 half bathrooms, with the bedrooms and 3 baths stated for the two upper floors. Recent improvements include substantial plumbing and electrical updates completed in 2019, along with extensive drywall repairs and enhanced main-level ceilings with crown molding and decorative trim. Mini-split heating and cooling systems were installed on the upper levels in 2019, and the baths were either newly added or renovated at that time. Additional exterior and site work includes a 2020 concrete patio, wrought iron fencing, and a pergola, plus a rear deck constructed with accessibility-focused exterior improvements. Asbestos was removed, insulation was added, and in 2021 a new HVAC system was installed for the main level.
Located in Downtown Jackson’s Historic District at 505 Wildwood Ave, the property is positioned among restaurants, entertainment, and businesses, with ongoing redevelopment in the surrounding area.
The building’s stated zoning flexibility supports a broad range of uses, including retail, professional office, mixed-use development, event space, bed and breakfast, Airbnb or individual room rentals, live/work space, multifamily conversion, or a single-family residence. Updates such as the 2022 basement wall cleaning, sandblasting, and sealing, and the 2023 parking lot asphalt resurfacing and repairs help support a variety of operating plans. Interior wall decor is set to be removed by the seller prior to possession unless specifically requested in writing, and the seller may consider selling most interior furnishings and contents separately from the real estate, with a piano excluded from any contents sale.
Located in Downtown Jackson’s Historic District at 505 Wildwood Ave, the property is positioned among restaurants, entertainment, and businesses, with ongoing redevelopment in the surrounding area.
The building’s stated zoning flexibility supports a broad range of uses, including retail, professional office, mixed-use development, event space, bed and breakfast, Airbnb or individual room rentals, live/work space, multifamily conversion, or a single-family residence. Updates such as the 2022 basement wall cleaning, sandblasting, and sealing, and the 2023 parking lot asphalt resurfacing and repairs help support a variety of operating plans. Interior wall decor is set to be removed by the seller prior to possession unless specifically requested in writing, and the seller may consider selling most interior furnishings and contents separately from the real estate, with a piano excluded from any contents sale.
Key Highlights
- 1900 historic downtown Jackson building in the Historic District with preserved original details across four levels
- Flexible zoning allows uses such as retail, professional offices, mixed‑use, event space, bed & breakfast, Airbnb, room rentals, live/work, and multifamily conversion
- Layout includes 8 bedrooms and 2 full baths plus 3 half baths (total bedrooms and 3 baths listed for the two upper floors)
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
$39,439
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
7.17%
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%
$788,780
$788.8K
Cap Rate 7%
$563,414
$563.4K
Cap Rate 9%
$438,211
$438.2K
Market Conditions
NOI Build-Up for 6,357 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
$76.3K $12.00/SF
− Vacancy
−$4.6K −$0.72/SF
EGI
$71.7K $11.28/SF
− OpEx
−$32.3K −$5.08/SF
NOI
$39.4K $6.20/SF
Area
Jackson County, MI
Vacancy
6.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$788,780
Cap Rate 7%
$563,414
Cap Rate 9%
$438,211
Alternative Uses
Best Use
Office B
$761.1K
$666.0K – $888.0K
NOI $53,277 @ 7.0% cap · market cap 9.69%
Second Best
Mixed Use
$752.6K
$658.6K – $878.1K
NOI $52,684 @ 7.0% cap · market cap 9.58%
Theoretical Best
Office A
$1.01M
$888.0K – $1.18M
NOI $71,036 @ 7.0% cap · market cap 12.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 49201, MI
47,747
Population
18,102
Households
2.6
Avg Household Size
41
Median Age
23%
College-Educated
92%
High-School Grad
155.0 sq mi
ZIP Area
308
Density / Sq Mi
$71,714
Median Household Income
$36,390
Median Earnings
$945
Median Rent
$202,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Multi-level historic building with updated systems and preserved character, suited for office, retail, or hospitality concepts.
Where is this live-work space located?
The property is located at 505 WILDWOOD AVE Jackson, MI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 1900 historic downtown Jackson building in the Historic District with preserved original details across four levels; Flexible zoning allows uses such as retail, professional offices, mixed‑use, event space, bed & breakfast, Airbnb, room rentals, live/work, and multifamily conversion; Layout includes 8 bedrooms and 2 full baths plus 3 half baths (total bedrooms and 3 baths listed for the two upper floors)
