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MidWest Vision Partners | 2025 10-Year Lease 1116 W Ganson St 13,020 SF Office Building Jackson, MI 49202 $3,200,000 ($245.78/SF) 7.51% Cap Rate
Investment Highlights
- Triple Net Lease Structure - Passive Ownership - Roof was replaced in 2024
- Recent 10-year Lease Extension Commenced in February 2025 - Features 2.5% Annual Rental Increases Throughout Term
- Strong Growth within Eye Care Industry - The Eye Care Industry is Experiencing Robust Growth, with U.S. Market Value Projected to Reach $33.40 Billion
- Growing Practice with Strong Presence and - Backing by Alpine Investors - Specialty Eye Institute Acquired by Midwest Vision Partners in 2020
- Significant Historical Occupancy - Specialty Eye Institute has been at the location for 40 years, and it is the original location for the practice
- Jackson Michigan is a Regional Healthcare Hub Serving Surrounding Communities
Executive Summary
This property offers a stable investment opportunity through a triple net lease structure that ensures passive ownership, with the added benefit of a roof replacement completed in 2024. The tenant, Specialty Eye Institute, represents a growing practice with a long-standing presence in the community and strong institutional backing. In 2020, the practice was acquired by Midwest Vision Partners, which is supported by Alpine Investors, a firm managing $18.9 billion in assets. A recent 10-year lease extension commenced in February 2025, providing long-term income security and featuring 2.5% annual rental increases throughout the term. Specialty Eye Institute has demonstrated significant historical occupancy, operating at this location for over 40 years as its original site. The eye care industry continues to experience sustained growth, with the U.S. market projected to reach $33.4 billion by 2028. This trend is driven by an aging population, increased digital screen usage, and growing demand for specialized services—all of which underscore tenant stability and expansion potential. Located in Jackson, Michigan, the property benefits from its position in a regional healthcare hub serving surrounding communities. The area is anchored by Henry Ford Jackson Hospital, a 420-bed facility, and continues to attract new healthcare providers annually through residency and training programs, supporting the long-term vitality of the local healthcare sector.
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Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
13,020 SF
Building Class
C
Year Built
1974
Price
$3,200,000
Price Per SF
$245.78
Cap Rate
7.51%
NOI
$240,219
Tenancy
Single
Building Height
1 Story
Typical Floor Size
13,020 SF
Building FAR
0.22
Lot Size
1.34 AC
Zoning
C-2 - Commercial
Parking
20 Spaces (1.54 Spaces per 1,000 SF Leased)
Amenities
- Signage
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 2-174400000 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $620,200 |
Property Taxes
Parcel Number
2-174400000
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$620,200
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MidWest Vision Partners | 2025 10-Year Lease | 1116 W Ganson St
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