Pole Barn Storage
For Sale
$89,000
Unit C-3 Herrman Rd, Elk Rapids, MI 49629
Pole barn storage unit with 14-foot ceilings and durable concrete floors, sized for boats, trailers, and other equipment.
Property Size1,000 SF
Price / SF$89
Days on Market32
Property Features for Unit C-3 Herrman Rd
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Commercial
Additional Details
Clear Height
14 ft
Building Details
Year Built
2000
Listing Agency:
REO - Elk Rapids-101308
(231) 590-8321
Listed By:
Darci Springborn · License #6502411784
Source:
Elliman
Added: Jul 19
Changed: Aug 19
Last Checked: Aug 18 at 6:23AM
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 REO - Elk Rapids-101308
Investment Insights
Based on property information with market context.
A clean, self-storage unit configured as a pole barn, offering approximately 20 by 50 feet of enclosed storage space. The unit features 14-foot ceilings and durable concrete floors to support storage of larger recreational items and equipment, with room for boats, jet skis, snowmobiles, trailers, campers, or business storage.
The unit is located on Herrman Rd in Elk Rapids Township, roughly two miles from downtown Elk Rapids. The enclosed layout supports year-round use for seasonal storage needs and other secure storage requirements.
Unit C-3 is provided as a standalone, versatile storage space within the facility, designed to keep items protected in an organized, durable interior environment.
The unit is located on Herrman Rd in Elk Rapids Township, roughly two miles from downtown Elk Rapids. The enclosed layout supports year-round use for seasonal storage needs and other secure storage requirements.
Unit C-3 is provided as a standalone, versatile storage space within the facility, designed to keep items protected in an organized, durable interior environment.
Key Highlights
- Pole barn storage unit built in 2000, located about 2 miles from downtown Elk Rapids
- 20' x 50' storage unit provides space for boats, jet skis, snowmobiles, trailers, campers, and equipment
- 14‑foot ceilings for taller storage and improved interior clearance
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
$7,980
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
8.97%
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%
$159,600
$159.6K
Cap Rate 7%
$114,000
$114.0K
Cap Rate 9%
$88,667
$88.7K
Market Conditions
NOI Build-Up for 1,000 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
$12.0K $12.00/SF
− Vacancy
−$600 −$0.60/SF
EGI
$11.4K $11.40/SF
− OpEx
−$3.4K −$3.42/SF
NOI
$8.0K $7.98/SF
Area
Antrim County, MI
Vacancy
5.00%
Lease Rate
$12.00 /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%
$159,600
Cap Rate 7%
$114,000
Cap Rate 9%
$88,667
Alternative Uses
Best Use
Self Storage
$114.0K
$99.8K – $133.0K
NOI $7,980 @ 7.0% cap · market cap 8.97%
Second Best
Warehouse
$94.0K
$82.3K – $109.7K
NOI $6,581 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$178.0K
$155.7K – $207.6K
NOI $12,457 @ 7.0% cap · market cap 14.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14 ft
Clear height
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 49629, MI
1,997
Population
1,696
Households
1.2
Avg Household Size
60
Median Age
46%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
526
Density / Sq Mi
$74,318
Median Household Income
$46,250
Median Earnings
$1,032
Median Rent
$347,100
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 - Pole barn storage unit with 14-foot ceilings and durable concrete floors, sized for boats, trailers, and other equipment.
Where is this self storage facility located?
The property is located at Unit C-3 Herrman Rd Elk Rapids, MI.
What is the asking price?
The asking price for this property is $89,000.
What are key features of this property?
This property features: Pole barn storage unit built in 2000, located about 2 miles from downtown Elk Rapids; 20' x 50' storage unit provides space for boats, jet skis, snowmobiles, trailers, campers, and equipment; 14‑foot ceilings for taller storage and improved interior clearance
