Listing Agency: Coldwell Banker Schmidt Realtors | Traverse City Show Phone

Listed By: Sue Louiselle · License #6506046029 Show Phone

Source: Moodyscre

Added: Sep 4 Changed: Oct 12 Last Checked: Oct 24 at 7:16PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This self-storage property includes 110 existing units, seven expansion pads, and approved plans for 440 additional fully approved storage units. The site spans over 5 total acres with 400 feet of frontage along US Highway 31 and includes an active U-Haul Dealership Pick up and Drop off site.

The portfolio also contains an adjacent parcel with two rental homes and a commercial pole building featuring offices, a bathroom, and commercial kitchen fixtures. The pole building is currently leased to a business that plans to continue leasing. Located directly across from Pellston Regional Airport, the property benefits from 6,266 AADT along the highway corridor and borders state land along the easterly line.

Key Highlights

• 110 existing self‑storage units
• 440 additional storage units approved across 7 expansion pads
• Over 5 total acres with 400' of US Highway 31 frontage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$119,763

Cap Rate

6.84%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,395,260 $2.4M

Cap Rate 7%

$1,710,900 $1.7M

Cap Rate 9%

$1,330,700 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,560 SF

Gross rent

$151.5K $20.04/SF

− Vacancy

−$10.6K −$1.40/SF

EGI

$140.9K $18.64/SF

− OpEx

−$21.1K −$2.80/SF

NOI

$119.8K $15.84/SF

Area

Emmet County, MI

Vacancy

7.00%

Lease Rate

$20.04 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,395,260

Cap Rate 7%

$1,710,900

Cap Rate 9%

$1,330,700

Alternative Uses

Best Use

Warehouse

$1.71M

$1.50M – $2.00M (±1% cap)

NOI $119,763 @ 7.0% cap · market cap 6.84%

Second Best

Self Storage

$1.41M

$1.23M – $1.64M (±1% cap)

NOI $98,628 @ 7.0% cap · market cap 5.64%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Self storage facilities

Suggested Use

Top Pick Real Estate Agency Auto Repair Shop Hair Salon Nail Salon (Bike/Boat/Book/etc) Store Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

42

Businesses Nearby

Explore this area Business Placement

Demographics for 49769, MI

1,642

Population

928

Households

1.8

Avg Household Size

43

Median Age

24%

College-Educated

96%

High-School Grad

57.0 sq mi

ZIP Area

29

Density / Sq Mi

$64,792

Median Household Income

$33,346

Median Earnings

$989

Median Rent

$152,800

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Frequently Asked Questions

What type of property is this?

Self storage facility - Self-storage operation with 110 existing units and approved plans for additional storage development.

Where is this self storage facility located?

The property is located at 1120 N US Highway 31 Pellston, MI.

What is the asking price?

The asking price for this property is $1,750,000.

What are key features of this property?

This property features: 110 existing self‑storage units; 440 additional storage units approved across 7 expansion pads; Over 5 total acres with 400' of US Highway 31 frontage