Heated Insulated Storage
For Sale
$57,500
00 Herrman Rd, Elk Rapids, MI 49629
Insulated, heated storage unit with a full bathroom and large overhead door.
Property Size800 SF
Price / SF$71.88
Days on Market80
Property Features for 00 Herrman Rd
General Information
Standard status
Active
Size
800 SF
Amenities
full bathroom
Listing Agency:
Up North Properties
(231) 498-2498
Listed By:
Conrad S Reiter
(231) 631-4501
Source:
Exprealty
Added: Jul 8
Changed: Sep 21
Last Checked: Sep 24 at 2:04PM
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 Up North Properties
Investment Insights
Based on property information with market context.
This warehouse unit offers an insulated, heated interior measuring 16 by 50 feet, along with a full bathroom. A large overhead door supports access for storage-related operations and handling larger items. The enclosed configuration provides a practical option for users needing protected space with basic restroom facilities.
The property is located at 00 Herrman Rd in Elk Rapids, near Grand Traverse Bay, Elk Lake, Birch Lake, and Torch Lake. Its setting combines enclosed storage capacity with proximity to several area lakes.
The property is located at 00 Herrman Rd in Elk Rapids, near Grand Traverse Bay, Elk Lake, Birch Lake, and Torch Lake. Its setting combines enclosed storage capacity with proximity to several area lakes.
Key Highlights
- Insulated and heated 16x50 storage unit
- Full bathroom included
- Large overhead door
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
$5,265
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
9.16%
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%
$105,300
$105.3K
Cap Rate 7%
$75,214
$75.2K
Cap Rate 9%
$58,500
$58.5K
Market Conditions
NOI Build-Up for 800 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
$6.4K $8.04/SF
− Vacancy
−$238 −$0.30/SF
EGI
$6.2K $7.74/SF
− OpEx
−$929 −$1.16/SF
NOI
$5.3K $6.58/SF
Area
Antrim County, MI
Vacancy
3.70%
Lease Rate
$8.04 /SF/Yr
Expense Ratio
15.00%
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%
$105,300
Cap Rate 7%
$75,214
Cap Rate 9%
$58,500
Alternative Uses
Best Use
Warehouse
$75.2K
$65.8K – $87.8K
NOI $5,265 @ 7.0% cap · market cap 9.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$142.4K
$124.6K – $166.1K
NOI $9,966 @ 7.0% cap · market cap 17.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49629, MI
1,997
Population
1,696
Households
1.2
Avg Household Size
60
Median Age
46%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
526
Density / Sq Mi
$74,318
Median Household Income
$46,250
Median Earnings
$1,032
Median Rent
$347,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Insulated, heated storage unit with a full bathroom and large overhead door.
Where is this warehouse located?
The property is located at 00 Herrman Rd Elk Rapids, MI.
What is the asking price?
The asking price for this property is $57,500.
What are key features of this property?
This property features: Insulated and heated 16x50 storage unit; Full bathroom included; Large overhead door
