West Bay Storage Condominium
For Sale
$229,000
10491 E Brewery Creek Lane, Traverse City, MI 49684
Heated storage condominium unit near Elmwood Township Marina.
Property Size1,239 SF
Price / SF$184.83
Days on Market260
Property Features for 10491 E Brewery Creek Lane
General Information
Standard status
Active
Size
1,239 SF
Property subtype
Mixed Use
Building Details
Building Size
1,239 SF
Year Built
2022
Listing Agency:
Coldwell Banker Schmidt Family Of Companies
(231) 357-3326
Listed By:
Dean Templeton · License #6501357478
(231) 357-3326
Source:
Cbcworldwide
Added: Dec 3, 2025
Changed: Aug 8
Last Checked: Jul 16 at 5:00AM
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 Coldwell Banker Schmidt Family Of Companies
Investment Insights
Based on property information with market context.
This is West Bay Yacht & RV Storage Condominium Unit #6, offering 1239 square feet of heated storage space. The unit's interior dimensions are 21 feet by 59 feet. The door measures 17 feet wide and 21 feet 10 inches high. It features individual gas heat and electric, along with municipal water. The unit is plumbed for a future full bathroom. A new epoxy floor has been installed. The property is located across from Elmwood Township Marina and Launch, and near Harbor West Yacht Club, with access to the Leelanau Trails.
Key Highlights
- Heated 1239 sq ft storage condominium ideal for yacht and RV storage.
- Door dimensions: 17' wide by 21'10" high, suitable for large vehicles.
- Superior location across from Elmwood Township Marina, Launch, and near Harbor West Yacht Club.
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
$10,341
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
4.52%
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%
$206,820
$206.8K
Cap Rate 7%
$147,729
$147.7K
Cap Rate 9%
$114,900
$114.9K
Market Conditions
NOI Build-Up for 1,239 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
$16.1K $12.96/SF
− Vacancy
−$1.3K −$1.04/SF
EGI
$14.8K $11.92/SF
− OpEx
−$4.4K −$3.58/SF
NOI
$10.3K $8.35/SF
Area
Grand Traverse County, MI
Vacancy
8.00%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
30.00%
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%
$206,820
Cap Rate 7%
$147,729
Cap Rate 9%
$114,900
Alternative Uses
Best Use
Self Storage
$147.7K
$129.3K – $172.4K
NOI $10,341 @ 7.0% cap · market cap 4.52%
Second Best
Industrial
$103.1K
$90.3K – $120.3K
NOI $7,220 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$269.2K
$235.5K – $314.0K
NOI $18,841 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
Explore this area
Business Placement
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
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?
Self storage facility - Heated storage condominium unit near Elmwood Township Marina.
Where is this self storage facility located?
The property is located at 10491 E Brewery Creek Lane Traverse City, MI.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Heated 1239 sq ft storage condominium ideal for yacht and RV storage.; Door dimensions: 17' wide by 21'10" high, suitable for large vehicles.; Superior location across from Elmwood Township Marina, Launch, and near Harbor West Yacht Club.
