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    Property profile & analytics

    407 Prospect St Jackson, MI 49203-4008

    • Drive through restaurants
    • 4,847 SF
    • 0.93 lot acres
    OFF-MARKET
    Value Estimations
    $525,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-3767994
    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

    • McDonald's / Restaurant / Take-out & Catering

    Property Details for 407 Prospect St

    Lot size
    0.93 lot acres
    Property size
    4,847 SF
    Zone code
    C-2
    Property type
    Drive through restaurants
    APN
    3-2461.1000
    APU
    324611000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $523,000
      Market price range: $156k - $690k
      AI Estimate
      $523,000
      Market price range: $156k - $690k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $430,000
      Current use
      MEDICAL BUILDING
      $410,000
      Change: -5% Conversion: Difficult
      RETAIL STORES
      $345,000
      Change: -20% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Jackson
    County
    Jackson
    State
    Michigan
    Longitude
    -84.4159
    Latitude
    42.2269
    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
    $18,331
    $0.00
    $0.00
    $306,100
    -
    $0.00
    $0.00
    $612,200

    Comparable in this City

    • Value Estimation by Request
      2,544 SF

      221 Prospect St

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,544 SF
      221 Prospect St, Jackson, MI 49203-4167
      View Details
    • Value Estimation
      $515,000
      3,600 SF

      1250 Mcdevitt Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,600 SF
      1250 Mcdevitt Ave, Jackson, MI 49203-6073
      View Details
    • Value Estimation by Request
      3,719 SF

      3536 Page Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,719 SF
      3536 Page Ave, Jackson, MI 49203-2320
      View Details
    • Value Estimation by Request
      544 SF

      4601 Francis St

      DRIVE-THRU RESTAURANT, FAST FOOD • 544 SF
      4601 Francis St, Jackson, MI 49203-5747
      View Details
    • Value Estimation by Request
      1,776 SF

      311 Prospect St

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,776 SF
      311 Prospect St, Jackson, MI 49203-4113
      View Details
    • Value Estimation by Request
      1,188 SF

      400 Prospect St

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,188 SF
      400 Prospect St, Jackson, MI 49203-4009
      View Details

    Similar Nearby for Sale

    • New
      $270,000
      903 SF

      Turnkey Restaurant with Drive-Through

      Ready-to-operate restaurant with drive-through, food truck, and smoker.
      2400 Page Ave, Jackson, MI 49203
      View Details
    • $949,900
      20,400 SF

      Grand River Commercial Complex

      Jackson, MI Mixed-Use Investment
      409 Hupp Ave, Jackson, MI 49203
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    • $425,000
      4,032 SF

      Domino’s Pizza Anchored Retail Center

      100% occupied retail center with strong cash flow.
      1230 Francis St, Jackson, MI 49203
      View Details
    • $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
      View Details
    • $130,000

      Versatile Commercial Property on .6 Acres

      Adaptable commercial space with ample storage and road frontage exposure.
      3010 Francis St, Jackson, MI 49203
      View Details
    • Contact for pricing
      4,032 SF

      Domino’s Pizza Anchored Retail Center

      100% occupied retail center anchored by Domino’s Pizza.
      1230-1238 Francis St, Jackson, MI 49203
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      1,800 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
    • $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
    • $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
    • $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
    • $5 SF/Yr
      742,023 SF

      Industrial Space Near US-127

      Industrial spaces available, 3,600-52,700 SF, near major transportation routes.
      1300 Falahee Rd, Jackson, MI 49203
      View Details
    • $3 SF/Yr
      15,699 SF

      Jackson Industrial Property for Rent

      Industrial property available for lease in Jackson, Michigan.
      2190 Brooklyn Rd, Jackson, MI 49203
      View Details

    Property Visit Statistics

    • Visits by month
      29.1k
    • Visitors by month
      13.3k
    • Avg Time on site
      8 min
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    407 Prospect St
    Jackson, MI 49203-4008
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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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