Building Details

Building Size 1,200 SF

Listing Agency: Graham Real Estate

Listed By: Kevin Olson Show Phone

Source: Cpix.resimplifi

Added: Aug 25 Changed: Oct 13 Last Checked: Oct 14 at 7:49PM

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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.

Key Highlights

• 1,200 SF self‑storage unit
• 24x48 unit configuration
• 14x14 garage door

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,592

Cap Rate

8.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$231,840 $231.8K

Cap Rate 7%

$165,600 $165.6K

Cap Rate 9%

$128,800 $128.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,200 SF

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 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 (±1% cap)

NOI $11,592 @ 7.0% cap · market cap 8.00%

Second Best

Warehouse

$130.6K

$114.3K – $152.4K (±1% cap)

NOI $9,143 @ 7.0% cap · market cap 6.31%

Theoretical Best

Office A

$242.9K

$212.6K – $283.4K (±1% cap)

NOI $17,004 @ 7.0% cap · market cap 11.73%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Self storage facilities

Suggested Use

Top Pick Parking Lot & Garage Bakery Garden Center Storage Facility Cafe & Coffee Shop Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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