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    Property profile & analytics

    251 Prospect St Jackson, MI 49203-4166

    • Retail space
    • 19,934 SF
    • 4.76 lot acres
    OFF-MARKET
    Value Estimations
    $1,430,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1989795
    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

    • Greater Jackson Habitat ReStore / Social Service Agency / Charitable Organization
    • Greater Jackson Habitat for Humanity / Social Service Agency / Charitable Organization

    Property Details for 251 Prospect St

    Lot size
    4.76 lot acres
    Property size
    19,934 SF
    Zone code
    I-1
    Property type
    Retail space
    APN
    4-1772.1000
    APU
    417721000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,428,000
      Market price range: $666k - $2.22M
      AI Estimate
      $1,428,000
      Market price range: $666k - $2.22M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,430,000
      Current use
      RESTAURANT
      $1,780,000
      Change: +24% Conversion: Easy
      MEDICAL BUILDING
      $1,685,000
      Change: +18% Conversion: Difficult
      OFFICE BUILDING
      $1,405,000
      Change: -2% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,265,000
      Change: -12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Jackson
    County
    Jackson
    State
    Michigan
    Longitude
    -84.4125
    Latitude
    42.2265
    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
      4,800 SF

      1414 Cooper St

      STORE, RETAIL OUTLET • 4,800 SF
      1414 Cooper St, Jackson, MI 49203-4411
      View Details
    • Value Estimation by Request
      4,661 SF

      910 18th St

      RETAIL STORES (PERSONAL SERVICES) • 4,661 SF
      910 18th St, Jackson, MI 49203-2715
      View Details
    • Value Estimation by Request
      4,040 SF

      315 Prospect St

      RETAIL STORES (PERSONAL SERVICES) • 4,040 SF
      315 Prospect St, Jackson, MI 49203-4113
      View Details
    • Value Estimation by Request
      10,008 SF

      440 Prospect St

      RETAIL STORES (PERSONAL SERVICES) • 10,008 SF
      440 Prospect St, Jackson, MI 49203-4439
      View Details
    • Value Estimation by Request
      3,728 SF

      301 Prospect St

      RETAIL STORES (PERSONAL SERVICES) • 3,728 SF
      301 Prospect St, Jackson, MI 49203-4113
      View Details
    • Value Estimation by Request
      1,755 SF

      102 Brown St

      RETAIL STORES (PERSONAL SERVICES) • 1,755 SF
      102 Brown St, Jackson, MI 49203-1424
      View Details

    Similar Nearby for Sale

    • $175,000
      2,940 SF

      Retail Opportunity in Jackson, MI

      Retail property for sale in Jackson, Michigan.
      1214 Page Ave, Jackson, MI 49203
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    • $425,000
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      Domino’s Pizza Anchored Retail Center

      100% occupied retail center with strong cash flow.
      1230 Francis St, Jackson, MI 49203
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    • $525,000
      17,819 SF

      High-Traffic Corner Location in Jackson

      17,000+ sqft retail/office space on a large lot.
      2044 S Cooper St, Jackson, MI 49203
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    • $569,000

      Free-Standing Retail Building in Jackson

      7,000 SF retail building, great for owner or leasing.
      135 West Prospect St, Jackson, MI 49203
      View Details
    • $75,000
      1.00 Acre

      Established Computer Shop Business Opportunity

      Profitable computer shop business for sale in Jackson, Michigan.
      900 Horton Rd, Jackson, MI 49203
      View Details
    • $270,000
      903 SF

      Retail Opportunity in Jackson, MI

      Retail property for sale in Jackson, Michigan with 903 SF.
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    Similar Nearby for Lease

    • New
      $700 /Mo
      1,728 SF

      Retail Building Near Downtown

      Retail building with offices and conference room near downtown.
      604 Greenwood Pl, Jackson, MI 49203
      View Details
    • $2,000 /Mo

      Industrial Space with Office

      2400 sq ft warehouse with 800 sq ft office.
      444 E Prospect St, Jackson, MI 49203
      View Details
    • $2,000 /Mo
      3,200 SF

      Versatile Commercial Space for Lease

      2400 sq ft warehouse with 800 sq ft office.
      444 E Prospect St, Jackson, MI 49203
      View Details
    • Contact for pricing
      11,317 SF

      Neighborhood Retail Space For Lease

      Neighborhood retail space with excellent co-tenancy in Jackson, MI.
      1701 Spring Arbor Rd, Jackson, MI 49203
      View Details
    • $10 SF/Yr
      26,000 SF

      Prime Jackson Office Space

      4,300 SF Executive Office Suite Available
      111 Prospect St, Jackson, MI 49203
      View Details
    • $250 SF/Yr

      Inviting Workspace with Modern Amenities

      Drop-in workspace with conference room and outdoor pergola.
      2652 Spring Arbor Rd, Jackson, MI 49203
      View Details
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    251 Prospect St
    Jackson, MI 49203-4166
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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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