Heated Storage Unit Near
For Sale
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10491 Brewery Creek Lane, Traverse City, MI 49684
21' X 60' heated storage unit in Elmwood Township.
Property Size1,260 SF
Price / SF$158.65
Days on Market1936
Property Features for 10491 Brewery Creek Lane
General Information
Standard status
Active
Size
1,260 SF
Property subtype
Mixed Use
Listing Agency:
Coldwell Banker Commercial Schmidt, Realtors Traverse City
Listed By:
Tia Rieck · License #MI
Source:
Crexi
Added: May 15, 2021
Changed: Aug 8
Last Checked: Aug 31 at 2:11PM
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 Commercial Schmidt, Realtors Traverse City
Investment Insights
Based on property information with market context.
Located off M-22 on E. Brewery Creek Lane in Elmwood Township, this heated storage unit is situated near Harbor West Marina, Center Point Marina, Elmwood Marina, and Greilickville Harbor. The unit features all-steel construction with an 18' X 22' overhead, insulated door and a concrete floor with a drain. Electrical service is provided by a 100 AMP panel with 30 AMP service, and the unit includes a water hose bib. The inside dimensions measure 20.37' X 58.66', totaling 1195.2 square feet. The unit is plumbed for a bath and is suitable for boat and RV storage needs.
Key Highlights
- Prime location near multiple marinas (Harbor West, Center Point, Elmwood, Greilickville Harbor) offering convenient access for boat and RV owners.
- Large 21' X 60' heated storage unit suitable for boats and RVs.
- Features an 18' X 22' overhead insulated door, concrete floor with drain, and 100 AMP electrical panel with 30 AMP service.
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
$10,516
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
5.26%
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%
$210,320
$210.3K
Cap Rate 7%
$150,229
$150.2K
Cap Rate 9%
$116,844
$116.8K
Market Conditions
NOI Build-Up for 1,260 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
$16.3K $12.96/SF
− Vacancy
−$1.3K −$1.04/SF
EGI
$15.0K $11.92/SF
− OpEx
−$4.5K −$3.58/SF
NOI
$10.5K $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%
$210,320
Cap Rate 7%
$150,229
Cap Rate 9%
$116,844
Alternative Uses
Best Use
Self Storage
$150.2K
$131.5K – $175.3K
NOI $10,516 @ 7.0% cap · market cap 5.26%
Second Best
Industrial
$104.9K
$91.8K – $122.4K
NOI $7,343 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$273.7K
$239.5K – $319.3K
NOI $19,160 @ 7.0% cap · market cap 9.58%
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 - 21' X 60' heated storage unit in Elmwood Township.
Where is this self storage facility located?
The property is located at 10491 Brewery Creek Lane Traverse City, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Prime location near multiple marinas (Harbor West, Center Point, Elmwood, Greilickville Harbor) offering convenient access for boat and RV owners.; Large 21' X 60' heated storage unit suitable for boats and RVs.; Features an 18' X 22' overhead insulated door, concrete floor with drain, and 100 AMP electrical panel with 30 AMP service.
