Renovated Self Storage
For Sale
Contact for pricing
2630 E Grand River Ave, Howell, MI 48843
Operating self-storage facility renovated in 2023 with frontage along Grand River Avenue.
Property Size43,858 SF
Lot Size4.23 Acres
Price / SF$90.06
Days on Market143
Property Features for 2630 E Grand River Ave
General Information
Standard status
Active
Size
43,858 SF
Lot size
4.23 Acres
Property subtype
INDUSTRIAL
Occupancy
31%
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Renovated
2023
Buildings
1
Building Size
43,858 SF
Listing Agency:
NAI Farbman - Corporate
(248) 687-9150
Listed By:
Jake Wiseman · License #6502102638
(248) 687-9150
Source:
Moodyscre
Added: Apr 10
Changed: Aug 29
Last Checked: Aug 29 at 8:01PM
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 NAI Farbman - Corporate
Investment Insights
Based on property information with market context.
This operating self-storage facility includes a 43,858-square-foot building on 4.23 acres. Renovation work was completed in 2023, and the property is currently operating at approximately 31% occupancy. The site is configured for continued self-storage operations and provides land area supporting customer circulation and facility access.
The property fronts E Grand River Ave in Howell, Michigan, along a primary commercial corridor serving Howell and Livingston County. Interstate 96 is nearby, connecting the site with Brighton, Novi, Lansing, and the greater Metro Detroit area.
The property fronts E Grand River Ave in Howell, Michigan, along a primary commercial corridor serving Howell and Livingston County. Interstate 96 is nearby, connecting the site with Brighton, Novi, Lansing, and the greater Metro Detroit area.
Key Highlights
- 43,858‑square‑foot self‑storage building on 4.23 acres
- Approximately 31% current occupancy
- Renovated in 2023
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
$320,751
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
8.12%
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%
$6,415,020
$6.4M
Cap Rate 7%
$4,582,157
$4.6M
Cap Rate 9%
$3,563,900
$3.6M
Market Conditions
NOI Build-Up for 43,858 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
$394.7K $9.00/SF
− Vacancy
−$17.4K −$0.40/SF
EGI
$377.4K $8.60/SF
− OpEx
−$56.6K −$1.29/SF
NOI
$320.8K $7.31/SF
Area
Livingston County, MI
Vacancy
4.40%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$6,415,020
Cap Rate 7%
$4,582,157
Cap Rate 9%
$3,563,900
Alternative Uses
Best Use
Self Storage
$6.00M
$5.25M – $7.00M
NOI $419,984 @ 7.0% cap · market cap 10.63%
Second Best
Warehouse
$4.58M
$4.01M – $5.35M
NOI $320,751 @ 7.0% cap · market cap 8.12%
Theoretical Best
Healthcare Medical
$6.99M
$6.11M – $8.15M
NOI $489,013 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
31%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Explore this area
Business Placement
Demographics for 48843, MI
47,704
Population
19,001
Households
2.5
Avg Household Size
41
Median Age
37%
College-Educated
95%
High-School Grad
89.6 sq mi
ZIP Area
532
Density / Sq Mi
$91,620
Median Household Income
$48,613
Median Earnings
$1,221
Median Rent
$323,100
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 - Operating self-storage facility renovated in 2023 with frontage along Grand River Avenue.
Where is this self storage facility located?
The property is located at 2630 E Grand River Ave Howell, MI.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 43,858‑square‑foot self‑storage building on 4.23 acres; Approximately 31% current occupancy; Renovated in 2023
