Self Storage Unit with Tall
For Sale
$97,500
3 Herrman Road Unit C-3, Elk Rapids, MI 49629
Metal pole-barn space with concrete flooring supports equipment and business storage.
Property Size1,000 SF
Price / SF$97.50
Days on Market51
Property Features for 3 Herrman Road Unit C-3
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Retail
Additional Details
Clear Height
14 ft
Amenities
3
Metal
Corner Lot.
Shared Driveway.
20x50
Corner, Asphalt.
Building Details
Year Built
2000
Construction
pole barn
Listing Agency:
REO - Elk Rapids-101308
(231) 590-8321
Listed By:
Darci Springborn · License #6502411784
(231) 590-8321
Source:
Xome
Added: Jul 12
Changed: Aug 30
Last Checked: Aug 30 at 7:09PM
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 REO - Elk Rapids-101308
Investment Insights
Based on property information with market context.
This self-storage unit provides 1,000 square feet within a metal pole-barn structure built in 2000. The 20-by-50-foot layout includes 14-foot ceilings and concrete flooring, accommodating boats, jet skis, snowmobiles, trailers, campers, equipment, and business storage. The space is suited to seasonal or year-round storage needs.
The property is located at 3 Herrman Road, Unit C-3, in Elk Rapids, Michigan, approximately two miles from downtown. Exterior features include a corner-lot position, asphalt access, and a shared driveway. The unit offers a straightforward storage configuration for personal equipment or commercial inventory.
The property is located at 3 Herrman Road, Unit C-3, in Elk Rapids, Michigan, approximately two miles from downtown. Exterior features include a corner-lot position, asphalt access, and a shared driveway. The unit offers a straightforward storage configuration for personal equipment or commercial inventory.
Key Highlights
- 1,000 SF self‑storage unit
- 20x50 layout with 14‑foot ceilings
- Concrete floors inside a metal pole‑barn structure
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
$7,980
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
8.18%
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%
$159,600
$159.6K
Cap Rate 7%
$114,000
$114.0K
Cap Rate 9%
$88,667
$88.7K
Market Conditions
NOI Build-Up for 1,000 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
$12.0K $12.00/SF
− Vacancy
−$600 −$0.60/SF
EGI
$11.4K $11.40/SF
− OpEx
−$3.4K −$3.42/SF
NOI
$8.0K $7.98/SF
Area
Antrim County, MI
Vacancy
5.00%
Lease Rate
$12.00 /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%
$159,600
Cap Rate 7%
$114,000
Cap Rate 9%
$88,667
Alternative Uses
Best Use
Self Storage
$114.0K
$99.8K – $133.0K
NOI $7,980 @ 7.0% cap · market cap 8.18%
Second Best
Warehouse
$94.0K
$82.3K – $109.7K
NOI $6,581 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$178.0K
$155.7K – $207.6K
NOI $12,457 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14 ft
Clear height
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 49629, MI
1,997
Population
1,696
Households
1.2
Avg Household Size
60
Median Age
46%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
526
Density / Sq Mi
$74,318
Median Household Income
$46,250
Median Earnings
$1,032
Median Rent
$347,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self storage facility - Metal pole-barn space with concrete flooring supports equipment and business storage.
Where is this self storage facility located?
The property is located at 3 Herrman Road Unit C-3 Elk Rapids, MI.
What is the asking price?
The asking price for this property is $97,500.
What are key features of this property?
This property features: 1,000 SF self‑storage unit; 20x50 layout with 14‑foot ceilings; Concrete floors inside a metal pole‑barn structure
