Historic Live-Work
For Sale
$550,000
505 Wildwood Avenue, Jackson, MI 49201
COMMERCIAL - Jackson, MI
Property Size6,357 SF
Lot Size0.30 Acres
Price / SF$86.52
Days on Market68
Property Features for 505 Wildwood Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bathroom 4, Bathroom 1, Bathroom 5, Basement, Bathroom 2
Parking
19
Interior features
Broadband
Elementary school district
Jackson
Middle school district
Jackson
High school district
Jackson
Directions
At the southeast corner across from the intersection where Wildwood and Steward Ave. meet.
Standard status
Active
APN
2-005700000
Size
6,357 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BEG AT NW COR OF LOT 6 TH SE ALG S LN OF WILDWOOD AVE 92.94 FT TH S20(DEGREES)30' E 74.26 FT TH S69(DEGREES)05'E 20.65 F
Tax Annual Amount
13875
Legal Description
BEG AT NW COR OF LOT 6 TH SE ALG S LN OF WILDWOOD AVE 92.94 FT TH S20(DEGREES)30' E 74.26 FT TH S69(DEGREES)05'E 20.65 F
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Floors in Building
4
Number of units
1
Building materials
Brick
Roof type
Slate
Listing Agency:
Sproat Realty Professionals-J
(517) 589-9677
Listed By:
SUSAN M MOHLMAN · License #6502111869
(517) 206-3332
Added: Jun 5
Changed: Aug 4
Last Checked: Aug 11 at 7:06AM
MLS# 26027481
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 architecturally unique historic building offers four levels of usable space with original historic details preserved throughout. Interior layout includes 8 bedrooms, 2 full baths, and 3 half baths, with the bedroom and bath count noted for the two upper floors. Documented improvements include substantial plumbing and electrical system updates in 2019, mini-split heating and cooling installed on the upper levels, and renovated or newly added bathrooms. Additional work includes a concrete patio (2020), wrought iron fencing, a pergola, and a rear deck designed for accessibility, along with asbestos removal and added ceiling insulation. A new HVAC system for the main level was installed in 2021, and the basement walls were cleaned, sandblasted, and sealed in 2022. The parking lot asphalt was resurfaced and repaired in 2023, and a third-floor laundry area and ceiling fans were added on the third floor.
Located at 505 Wildwood Avenue in Downtown Jackson’s Historic District, the property is described as surrounded by restaurants, entertainment, businesses, and ongoing redevelopment.
Seller will remove all wall decor before possession unless specifically requested in writing, and the seller will consider selling most interior furnishings and contents separately from the real estate (piano excluded from any sale of contents).
Located at 505 Wildwood Avenue in Downtown Jackson’s Historic District, the property is described as surrounded by restaurants, entertainment, businesses, and ongoing redevelopment.
Seller will remove all wall decor before possession unless specifically requested in writing, and the seller will consider selling most interior furnishings and contents separately from the real estate (piano excluded from any sale of contents).
Key Highlights
- Historic downtown Jackson property built in 1900 with brick construction and a slate roof
- 8 bedrooms with 2 full baths and 3 half baths across four levels of usable space
- Described as having flexible zoning for a range of uses, including retail, professional offices, mixed‑use, event space, B&B/Airbnb, room rentals, live/work, and multifamily conversion
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
$29,894
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
5.44%
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%
$597,880
$597.9K
Cap Rate 7%
$427,057
$427.1K
Cap Rate 9%
$332,156
$332.2K
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
$114.4K $18.00/SF
− Vacancy
−$51.5K −$8.10/SF
EGI
$62.9K $9.90/SF
− OpEx
−$33.0K −$5.20/SF
NOI
$29.9K $4.70/SF
Area
Jackson County, MI
Vacancy
45.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$597,880
Cap Rate 7%
$427,057
Cap Rate 9%
$332,156
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 - Four usable levels with preserved historic details, updated systems, and 8 bedrooms across 2 full and 3 half baths.
Where is this live-work space 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: Historic downtown Jackson property built in 1900 with brick construction and a slate roof; 8 bedrooms with 2 full baths and 3 half baths across four levels of usable space; Described as having flexible zoning for a range of uses, including retail, professional offices, mixed‑use, event space, B&B/Airbnb, room rentals, live/work, and multifamily conversion
