New Storage Barn
For Sale
$155,000
Pending
2409 N Aero Park Ct, Traverse City, MI 49686
New 1,250 SF storage unit in Traverse City, Michigan.
Property Size1,250 SF
Days on Market120
Property Features for 2409 N Aero Park Ct
General Information
Standard status
Pending
Size
1,250 SF
Property subtype
Commercial
Building Details
Year Built
2025
Listing Agency:
CENTURY 21 Northland
(231) 633-2549
Listed By:
Michael Harrison · License #6501403084
(231) 633-2549
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 23 at 9:41AM
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 is a new 1,250 square foot storage unit located on Aero Park Court in Traverse City. The unit is part of a 19-unit storage barn development and features a 14' x 14' overhead door. Constructed with durable steel pole barn construction, the unit is fully insulated and plumbed for a future bathroom. There are two 40'x40' units within building C. All other units in this development are 25'x50'. Purchasers may acquire multiple units without interior partitions if purchased before those units are finished. A finished bathroom and heater can be added for $15,000. The location has a bike score of 64, indicating it is bikeable, and a walk score of 60, indicating it is somewhat walkable.
Key Highlights
- Brand new, secure storage unit in a prime Traverse City location.
- 1,250 sq ft of space with a 14' x 14' overhead door.
- Durable steel pole barn construction and fully insulated.
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
Industrial
$104.1K
$91.1K – $121.4K
NOI $7,284 @ 7.0% cap · market cap 4.70%
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 - New 1,250 SF storage unit in Traverse City, Michigan.
Where is this self storage facility located?
The property is located at 2409 N Aero Park Ct 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: Brand new, secure storage unit in a prime Traverse City location.; 1,250 sq ft of space with a **14' x 14' overhead door.**; Durable steel pole barn construction and fully insulated.
