Self Storage Unit with Overhead
For Sale
$155,000
Pending
2407 Aero Park Court, Traverse City, MI 49686
Newly constructed insulated storage space with steel pole-barn construction and plumbing provisions for a future bathroom.
Property Size1,250 SF
Days on Market261
Property Features for 2407 Aero Park Court
General Information
Standard status
Pending
Size
1,250 SF
Property subtype
General Commercial
Warehouse & Industrial
Warehouse Space
1,250 SF
Self-Storage Units
1
Amenities
3
Building Details
Year Built
2025
Construction
steel pole barn
Listing Agency:
Century 21 Northland
(231) 929-7900
Listed By:
Sean Kickbush · License #6501428950
Source:
Xome
Added: Dec 2, 2025
Changed: Aug 20
Last Checked: Aug 20 at 2:13AM
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.
This 1,250-square-foot self-storage unit is part of a new 19-unit development completed in 2025. The space features steel pole-barn construction, insulation, and a 14-by-14-foot overhead door for direct access. Plumbing is installed for a future bathroom, while the current offering does not include a finished bathroom or heater.
The property is located at 2407 Aero Park Court in Traverse City, Michigan. Within the development, two Building C units measure 40 by 40 feet, while the remaining units are configured at 25 by 50 feet. Buyers may acquire multiple units without interior partitions if the purchase occurs before completion of those units.
The property is located at 2407 Aero Park Court in Traverse City, Michigan. Within the development, two Building C units measure 40 by 40 feet, while the remaining units are configured at 25 by 50 feet. Buyers may acquire multiple units without interior partitions if the purchase occurs before completion of those units.
Key Highlights
- 1,250 SF self‑storage unit within a 19‑unit development
- 14' x 14' overhead door provides direct unit access
- Steel pole‑barn construction with full insulation
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
$10,433
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
6.73%
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%
$208,660
$208.7K
Cap Rate 7%
$149,043
$149.0K
Cap Rate 9%
$115,922
$115.9K
Market Conditions
NOI Build-Up for 1,250 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
$16.2K $12.96/SF
− Vacancy
−$1.3K −$1.04/SF
EGI
$14.9K $11.92/SF
− OpEx
−$4.5K −$3.58/SF
NOI
$10.4K $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%
$208,660
Cap Rate 7%
$149,043
Cap Rate 9%
$115,922
Alternative Uses
Best Use
Self Storage
$149.0K
$130.4K – $173.9K
NOI $10,433 @ 7.0% cap · market cap 6.73%
Second Best
Warehouse
$142.1K
$124.4K – $165.8K
NOI $9,948 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$271.5K
$237.6K – $316.8K
NOI $19,008 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
174
Businesses Nearby
Explore this area
Business Placement
Demographics for 49686, MI
25,859
Population
13,261
Households
2
Avg Household Size
45
Median Age
46%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
547
Density / Sq Mi
$71,198
Median Household Income
$40,373
Median Earnings
$1,209
Median Rent
$295,500
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 - Newly constructed insulated storage space with steel pole-barn construction and plumbing provisions for a future bathroom.
Where is this self storage facility located?
The property is located at 2407 Aero Park Court Traverse City, MI.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: 1,250 SF self‑storage unit within a 19‑unit development; 14' x 14' overhead door provides direct unit access; Steel pole‑barn construction with full insulation
