Turn Key Medical
For Sale
$699,900
603 Lansing Avenue, Jackson, MI 49202
Operating medical office with book of business in great location.
Property Size4,340 SF
Days on Market186
Property Features for 603 Lansing Avenue
General Information
Standard status
Active
Size
4,340 SF
Total Parking Spaces
20
Property subtype
Commercial
Zoning
Multi-Family
Taxes and HOA fees
Annual Taxes
$14,977
Building Details
Building Size
4,340 SF
Year Built
1994
Units
4
Listing Agency:
Exit Realty 1st LLC
(517) 795-4923
Listed By:
ROBERT TIPTON · License #6501375443
(517) 795-4923
Source:
Carolbollo
Added: Feb 20
Changed: Aug 23
Last Checked: Aug 24 at 3:11PM
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 Exit Realty 1st LLC
Investment Insights
Based on property information with market context.
This is a turn-key operating medical office complete with a book of business. The property is in a great location. Equipment is negotiable. It is suitable for professionals or investors. Leasing is possible. The bike score is 63, indicating it is bikeable. The walk score is 0, indicating it is somewhat walkable.
Key Highlights
- Turn key operating medical office with existing book of business.
- Great location.
- Equipment is negotiable.
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
$39,646
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
5.66%
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%
$792,920
$792.9K
Cap Rate 7%
$566,371
$566.4K
Cap Rate 9%
$440,511
$440.5K
Market Conditions
NOI Build-Up for 4,340 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
$75.5K $17.40/SF
− Vacancy
−$9.4K −$2.18/SF
EGI
$66.1K $15.22/SF
− OpEx
−$26.4K −$6.09/SF
NOI
$39.6K $9.13/SF
Area
Jackson County, MI
Vacancy
12.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
40.00%
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%
$792,920
Cap Rate 7%
$566,371
Cap Rate 9%
$440,511
Alternative Uses
Best Use
Healthcare Medical
$566.4K
$495.6K – $660.8K
NOI $39,646 @ 7.0% cap · market cap 5.66%
Second Best
Office B
$519.6K
$454.7K – $606.2K
NOI $36,373 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$692.8K
$606.2K – $808.3K
NOI $48,497 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,315
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49202, MI
19,359
Population
9,598
Households
2
Avg Household Size
37
Median Age
15%
College-Educated
91%
High-School Grad
12.7 sq mi
ZIP Area
1,524
Density / Sq Mi
$41,916
Median Household Income
$30,638
Median Earnings
$915
Median Rent
$104,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Operating medical office with book of business in great location.
Where is this medical office space located?
The property is located at 603 Lansing Avenue Jackson, MI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Turn key operating medical office with existing book of business.; Great location.; Equipment is negotiable.
