Historic Four-Level Mixed-Use
For Sale
$550,000
505 Wildwood Avenue, Jackson, MI 49201
Downtown Jackson property with preserved architectural details and improvements supporting flexible commercial and residential configurations.
Property Size6,357 SF
Days on Market87
Property Features for 505 Wildwood Avenue
General Information
Standard status
Active
Size
6,357 SF
Total Parking Spaces
19
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,875
Building Details
Building Size
6,357 SF
Year Built
1900
Buildings
1
Stories
4
Units
1
Listing Agency:
Sproat Realty Professionals-J
(517) 206-3332
Listed By:
SUSAN M MOHLMAN · License #6502111869
(517) 206-3332
Source:
Carolbollo
Added: Jun 5
Changed: Aug 29
Last Checked: Aug 24 at 11:59AM
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-J
Investment Insights
Based on property information with market context.
Built in 1900, this four-level property in Jackson’s Downtown Historic District retains original architectural features across its usable spaces. The configuration includes multiple bedrooms, full and half baths, a third-floor laundry area, and a main level with updated HVAC. Upper levels have mini-split heating and cooling, while ceiling fans serve the third floor. The property can accommodate mixed-use, office, hospitality, event, live-work, or residential applications identified in the property information.
Improvements completed from 2019 through 2023 include substantial plumbing and electrical updates, drywall repairs, renovated or newly added bathrooms, added insulation, and asbestos removal. Exterior work added a concrete patio, wrought-iron fencing, pergola, rear deck, and accessibility-focused improvements. The basement walls were cleaned, sandblasted, and sealed, and the parking lot was resurfaced and repaired in 2023. The property is located near downtown restaurants, entertainment, businesses, and redevelopment activity.
Improvements completed from 2019 through 2023 include substantial plumbing and electrical updates, drywall repairs, renovated or newly added bathrooms, added insulation, and asbestos removal. Exterior work added a concrete patio, wrought-iron fencing, pergola, rear deck, and accessibility-focused improvements. The basement walls were cleaned, sandblasted, and sealed, and the parking lot was resurfaced and repaired in 2023. The property is located near downtown restaurants, entertainment, businesses, and redevelopment activity.
Key Highlights
- Four levels of usable space with original historic architectural details
- Built in 1900 within Jackson’s Downtown Historic District
- 2019 plumbing and electrical updates, drywall repairs, bath work, and upper‑level mini‑split systems
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
1,473
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?
Mixed-use property - Downtown Jackson property with preserved architectural details and improvements supporting flexible commercial and residential configurations.
Where is this mixed-use property located?
The property is located at 505 Wildwood Avenue 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: Four levels of usable space with original historic architectural details; Built in 1900 within Jackson’s Downtown Historic District; 2019 plumbing and electrical updates, drywall repairs, bath work, and upper‑level mini‑split systems
