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    Heated Hangar Storage Condo Units Title is generated by Realmo AI

    1218 Boon Street, Traverse City, MI 49686

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    Claim this Listing
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    For Sale
    $523,000

    Other,Storage Condo - Traverse City, MI

    Property size:
    2,800 SF
    Lot size:
    0.19 Acres
    Price / SF:
    $186/SF
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 1:06 am

    Property Features for 1218 Boon Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Property condition
    New Construction
    Zoning
    Commercial,Special Use
    Standard status
    Active
    Size
    2,800 SF
    Lot size
    0.19 Acres

    Building Details

    Year built
    2026
    Roof type
    None
    Architectural style
    Other

    We can help!

    Listing Contact
    Kevin Endres
    Kevin Endres

    Listing agent Kevin Endres

    Listing office Three West, LLC 1131 E. Eighth Street, Traverse City, MI

    Listing date Jun 4, 2026

    MLS# 1946142 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • To‑be‑built hangar co‑op shares at Cherry Capital Airport in Traverse City, MI, with exclusive rights to each unit
    • Each hangar planned for late fall 2026 completion; approx. 2,800 SF with 56' W x 50' D footprint
    • Clear door height of 15' to accommodate a wide range of general aviation aircraft
    • Hangars will be insulated and heated, with durable epoxy floors and LED lighting
    • Shared restroom available within the building for unit access

    Overview

    This offering consists of three to-be-built hangar units at Cherry Capital Airport, available for purchase as shares in a co-op. Purchasers receive exclusive rights to a specific unit, while ownership of the underlying real estate is not conveyed. Each hangar is designed to provide approximately 2,800 square feet of storage, with dimensions of 56 feet wide by 50 feet deep and a clear door height of 15 feet. The planned build includes insulation and heat, along with durable epoxy floors and efficient LED lighting. Access to a shared restroom within the building is also included, supporting day-to-day aircraft storage operations.

    The property is located at the airport in Traverse City, Michigan. The units are scheduled for completion by late fall 2026, providing a defined delivery timeline for buyers planning near-term aircraft storage needs.

    These hangar units are well-suited for owners and operators seeking enclosed, climate-controlled general aviation storage with practical interior finishes such as epoxy flooring and LED lighting. The exclusive-rights co-op structure provides a straightforward way to secure rights to a specific hangar unit upon completion.
    Property Profile Location Intelligence

    Current Use by Public Records

    Aviation real estate

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.5916066
    Latitude
    44.7437647

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    FAQs

    What type of property is this?
    Aviation real estate - To-be-built, insulated hangar units with heated interior and epoxy floors for general aviation storage.
    Where is this aviation real estate located?
    The property is located at 1218 Boon Street Traverse City, MI.
    What is the asking price?
    The asking price for this property is $523,000.
    What are key features of this property?
    This property features: To‑be‑built hangar co‑op shares at Cherry Capital Airport in Traverse City, MI, with exclusive rights to each unit; Each hangar planned for late fall 2026 completion; approx. 2,800 SF with 56' W x 50' D footprint; Clear door height of 15' to accommodate a wide range of general aviation aircraft
    (231) 534-5225
    We can help!
    Listing Contact
    Kevin Endres
    Kevin Endres
    Real Estate License ID: 6502377374
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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.

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