Silver Lake Storage Condominium
For Sale
$214,900
Pending
5910 Storage Loop Drive, Traverse City, MI 49685
Storage site condominium development with commercial zoning and easy access.
Property Size2,400 SF
Days on Market704
Property Features for 5910 Storage Loop Drive
General Information
Standard status
Pending
Size
2,400 SF
Property subtype
Commercial/Industrial
Building Details
Year Built
2024
Listing Agency:
CENTURY 21 Northland
(231) 883-6837
Listed By:
Mary Rollert · License #6501404074
(231) 883-6837
Source:
Exitrealty
Added: Sep 5, 2024
Changed: Aug 8
Last Checked: Aug 9 at 6:24AM
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 CENTURY 21 Northland
Investment Insights
Based on property information with market context.
Silver Lake Storage Barns is a storage site condominium development featuring pole barn construction with steel exterior panels. The property is located just off of US 31 and West Silver Lake Road, providing easy access. Each unit measures 40 x 60, featuring 16 FT metal side wall construction and two 14' x 14' insulated overhead doors. The roof is shingled. A 5 FT concrete apron approach leads to a 4" reinforced concrete slab floor. The units are equipped with natural gas, water, and sewer. Future bath is rough plumbed. An extra wide asphalt driveway provides ample space. The property is commercially zoned, offering opportunities for personal and business storage needs.
Key Highlights
- Excellent location with easy access just off of US 31 and West Silver Lake Road.
- 40 x 60, 16 FT metal side wall construction with (2) 14' x 14' insulated overhead doors.
- Natural gas, water & Sewer available.
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
$13,986
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
6.51%
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%
$279,720
$279.7K
Cap Rate 7%
$199,800
$199.8K
Cap Rate 9%
$155,400
$155.4K
Market Conditions
NOI Build-Up for 2,400 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
$21.6K $9.00/SF
− Vacancy
−$1.6K −$0.68/SF
EGI
$20.0K $8.33/SF
− OpEx
−$6.0K −$2.50/SF
NOI
$14.0K $5.83/SF
Area
Grand Traverse County, MI
Vacancy
7.50%
Lease Rate
$9.00 /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%
$279,720
Cap Rate 7%
$199,800
Cap Rate 9%
$155,400
Alternative Uses
Best Use
Self Storage
$286.2K
$250.4K – $333.9K
NOI $20,031 @ 7.0% cap · market cap 9.32%
Second Best
Industrial
$199.8K
$174.8K – $233.1K
NOI $13,986 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$521.4K
$456.2K – $608.3K
NOI $36,495 @ 7.0% cap · market cap 16.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 49685, MI
20,856
Population
9,395
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
95%
High-School Grad
54.2 sq mi
ZIP Area
385
Density / Sq Mi
$82,639
Median Household Income
$45,783
Median Earnings
$1,338
Median Rent
$309,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self storage facility - Storage site condominium development with commercial zoning and easy access.
Where is this self storage facility located?
The property is located at 5910 Storage Loop Drive Traverse City, MI.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: Excellent location with easy access just off of US 31 and West Silver Lake Road.; 40 x 60, 16 FT metal side wall construction with (2) 14' x 14' insulated overhead doors.; Natural gas, water & Sewer available.
