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    Property profile & analytics

    215 Michigan Ave Jackson, MI 49201-2218

    • Office buildings
    • 24,750 SF
    • 0.20 lot acres
    OFF-MARKET
    Value Estimations
    $1,745,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1486301
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Shakespeare Festival / Theater & Performing Art Venue
    • Weatherwax Hall / Theater & Performing Art Venue / Music Venue
    • Jackson Youth Symphony / Child Welfare Organization / Charitable Organization
    • Jackson Symphony Orchestra / Theater & Performing Art Venue / Music Venue
    • Jackson Michigan Chorale / Music Venue / Theater & Performing Art Venue

    Property Details for 215 Michigan Ave

    Lot size
    0.20 lot acres
    Property size
    24,750 SF
    Zone code
    C-3
    Property type
    Office buildings
    APN
    4-014100000
    APU
    4014100000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,744,000
      Market price range: $882k - $2.64M
      AI Estimate
      $1,744,000
      Market price range: $882k - $2.64M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,745,000
      Current use
      RESTAURANT
      $2,205,000
      Change: +27% Conversion: Moderate
      MEDICAL BUILDING
      $2,090,000
      Change: +20% Conversion: Easy
      RETAIL STORES
      $1,780,000
      Change: +2% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,570,000
      Change: -10% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Jackson
    County
    Jackson
    State
    Michigan
    Longitude
    -84.4097
    Latitude
    42.2472
    CBSA code
    27100
    CBSA name
    JACKSON, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      3,330 SF

      141 Jackson St

      OFFICE BUILDING • 3,330 SF
      141 Jackson St, Jackson, MI 49201-2211
      View Details
    • Value Estimation
      $585,000
      5,484 SF

      7925 Napoleon Rd

      OFFICE BUILDING • 5,484 SF
      7925 Napoleon Rd, Jackson, MI 49201-8545
      View Details
    • Value Estimation by Request
      2,976 SF

      707 Michigan Ave

      OFFICE BUILDING • 2,976 SF
      707 Michigan Ave, Jackson, MI 49201-1934
      View Details
    • Value Estimation
      $2,525,000
      23,664 SF

      165 Michigan Ave

      OFFICE BUILDING • 23,664 SF
      165 Michigan Ave, Jackson, MI 49201-1313
      View Details
    • Value Estimation
      $1,610,000
      24,936 SF

      3300 Yukon Dr

      OFFICE BUILDING • 24,936 SF
      3300 Yukon Dr, Jackson, MI 49201-7667
      View Details
    • Value Estimation
      $4,965,000
      139,270 SF

      1 Jackson Sq

      OFFICE BUILDING • 139,270 SF
      1 Jackson Sq, Jackson, MI 49201-2240
      View Details

    Similar Nearby for Sale

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      Landmark Building in Opportunity Zone

      Newly renovated professional building in downtown Jackson with ample parking.
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    • $350,000
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      Well-maintained office building with ample parking and potential uses.
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    • $360,000
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      Jackson Office Building For Sale

      Office building with 7,740 square feet of space.
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    • New
      $275,000
      4,800 SF

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      Commercial building near the railroad station and hospital.
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    Similar Nearby for Lease

    • $28 SF/Yr
      230,432 SF

      Jackson Office Space For Lease

      Office building with ample space available for lease in Jackson.
      209 E Washington Ave, Jackson, MI 49201
      View Details
    • $9 SF/Yr
      28,000 SF

      Jackson Office Space Available

      28,000 square foot office building for lease in Jackson, MI.
      744 W Michigan Ave, Jackson, MI 49201
      View Details
    • $9 SF/Yr
      230,432 SF

      Jackson Office Space For Rent

      Office building with ample space in Jackson, Michigan.
      209 E Washington Ave, Jackson, MI 49201
      View Details
    • $13 SF/Yr
      2,244 SF

      Remodeled Office Building Near Hospital

      2,244 SF office building remodeled in 2023/24, near Henry Ford Hospital.
      1010 Burr St, Jackson, MI 49201
      View Details
    • $3 SF/Yr
      8,712 SF

      Commercial Space in Central District

      Located in the central commercial district, great visibility.
      206 W Louis Glick Hwy, Jackson, MI 49201
      View Details
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    215 Michigan Ave
    Jackson, MI 49201-2218
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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