Heated Self-Storage
New
For Sale
$144,900
2797 US-131, Boyne Falls, MI 49713
Insulated, climate-comfortable storage with secure coded-gate access and dedicated electrical service.
Property Size1,200 SF
Price / SF$120.75
Days on Market7
Property Features for 2797 US-131
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Other, Industrial
Warehouse & Industrial
Power
200 amps
Conditioned Warehouse
Yes
Self-Storage Units
1
Building Details
Building Size
1,200 SF
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Kevin Olson
(231) 526-6251
Source:
Cpix.resimplifi
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 31 at 12:44PM
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 Graham Real Estate
Investment Insights
Based on property information with market context.
This self-storage unit provides 1,200 square feet of enclosed space with insulation and heating for year-round use. The 24-by-48-foot configuration includes a 14-by-14-foot garage door, making the unit suitable for storing boats, vehicles, trailers, household belongings, and other equipment. Electrical service is rated at 200 amp.
Access is secured by a privacy gate with coded entry. The facility includes an asphalt drive and professional landscaping, supporting cleaner access for stored equipment. The property is located just outside Walloon Lake Village and near the broader Walloon area.
Access is secured by a privacy gate with coded entry. The facility includes an asphalt drive and professional landscaping, supporting cleaner access for stored equipment. The property is located just outside Walloon Lake Village and near the broader Walloon area.
Key Highlights
- 1,200 SF self‑storage unit
- 24x48 unit configuration
- 14x14 garage door
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
$11,592
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
8.00%
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%
$231,840
$231.8K
Cap Rate 7%
$165,600
$165.6K
Cap Rate 9%
$128,800
$128.8K
Market Conditions
NOI Build-Up for 1,200 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
$18.0K $15.00/SF
− Vacancy
−$1.4K −$1.20/SF
EGI
$16.6K $13.80/SF
− OpEx
−$5.0K −$4.14/SF
NOI
$11.6K $9.66/SF
Area
Charlevoix County, MI
Vacancy
8.00%
Lease Rate
$15.00 /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%
$231,840
Cap Rate 7%
$165,600
Cap Rate 9%
$128,800
Alternative Uses
Best Use
Self Storage
$165.6K
$144.9K – $193.2K
NOI $11,592 @ 7.0% cap · market cap 8.00%
Second Best
Warehouse
$130.6K
$114.3K – $152.4K
NOI $9,143 @ 7.0% cap · market cap 6.31%
Theoretical Best
Office A
$242.9K
$212.6K – $283.4K
NOI $17,004 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
112
Businesses Nearby
Explore this area
Business Placement
Demographics for 49713, MI
2,135
Population
1,496
Households
1.4
Avg Household Size
46
Median Age
25%
College-Educated
94%
High-School Grad
100.6 sq mi
ZIP Area
21
Density / Sq Mi
$77,375
Median Household Income
$38,156
Median Earnings
$889
Median Rent
$204,600
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 - Insulated, climate-comfortable storage with secure coded-gate access and dedicated electrical service.
Where is this self storage facility located?
The property is located at 2797 US-131 Boyne Falls, MI.
What is the asking price?
The asking price for this property is $144,900.
What are key features of this property?
This property features: 1,200 SF self‑storage unit; 24x48 unit configuration; 14x14 garage door
