Office Building with State
For Sale
$199,000
59 E St. Joe, Hillsdale, MI 49242
Commercial Sale, Hillsdale, MI
Property Size1,942 SF
Lot Size0.21 Acres
Price / SF$102.47
Days on Market301
Property Features for 59 E St. Joe
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
10
Interior features
Broadband
Elementary school district
Hillsdale
Middle school district
Hillsdale
High school district
Hillsdale
Subdivision
Hillsdale County - X
Standard status
Active
APN
006-426-328-21
Size
1,942 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Per deed
Tax Annual Amount
3062
Legal Description
Per deed
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1995
Floors in Building
1
Number of units
1
Listing Agency:
Spieth & Satow Auctions & Real Estate
(517) 439-2528
Listed By:
Darin W Spieth · License #6501348697
(517) 398-6060
Added: Dec 9, 2025
Changed: Oct 2
Last Checked: Oct 6 at 6:06AM
MLS# 25061268
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 1,942-square-foot office building was constructed in 1995 on a 0.21-acre parcel at 59 E St. Joe in Hillsdale, Michigan. The property includes a bathroom, broadband access, forced-air heating, and cable availability.
The building is currently under contract with the State of Michigan through August 31, 2028. Its Hillsdale location and existing office configuration provide a defined commercial setting for the current arrangement.
The building is currently under contract with the State of Michigan through August 31, 2028. Its Hillsdale location and existing office configuration provide a defined commercial setting for the current arrangement.
Key Highlights
- 1,942‑square‑foot office building on a 0.21‑acre parcel
- Currently under contract with the State of Michigan through August 31, 2028
- Built in 1995
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,821
Cap Rate
8.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$336,420
$336.4K
Cap Rate 7%
$240,300
$240.3K
Cap Rate 9%
$186,900
$186.9K
Market Conditions
NOI Build-Up for 1,942 SF
Gross rent
$28.0K $14.40/SF
− Vacancy
−$5.5K −$2.85/SF
EGI
$22.4K $11.55/SF
− OpEx
−$5.6K −$2.89/SF
NOI
$16.8K $8.66/SF
Area
Hillsdale County, MI
Vacancy
19.80%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$336,420
Cap Rate 7%
$240,300
Cap Rate 9%
$186,900
Alternative Uses
Best Use
Office B
$240.3K
$210.3K – $280.4K
NOI $16,821 @ 7.0% cap · market cap 8.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$308.6K
$270.0K – $360.0K
NOI $21,600 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
Explore this area
Business Placement
Demographics for 49242, MI
14,812
Population
6,687
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
90.6 sq mi
ZIP Area
163
Density / Sq Mi
$57,813
Median Household Income
$28,886
Median Earnings
$770
Median Rent
$182,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - The property is under contract with the State of Michigan through August 31, 2028.
Where is this office building located?
The property is located at 59 E St. Joe Hillsdale, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1,942‑square‑foot office building on a 0.21‑acre parcel; Currently under contract with the State of Michigan through August 31, 2028; Built in 1995
