Corner Self Storage
For Sale
$152,900
3 Herrman Road, Elk Rapids, MI 49629
Metal storage unit with loft space, tall ceilings, concrete flooring, and exterior water access near downtown Elk Rapids.
Property Size1,560 SF
Price / SF$98.01
Days on Market24
Property Features for 3 Herrman Road
General Information
Standard status
Active
Size
1,560 SF
Property subtype
Retail
Amenities
3
Metal
Corner Lot.
Shared Driveway.
26x40
Corner, Asphalt.
Building Details
Year Built
2002
Listing Agency:
REO - Elk Rapids-101308
(231) 590-8321
Listed By:
Darci Springborn · License #6502411784
(231) 590-8321
Source:
Xome
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 29 at 2:02PM
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.
Built in 2002, this metal self-storage unit provides 1,560 square feet within a pole-barn structure. The unit includes durable concrete flooring, 30-foot ceilings, and a 22-foot electric garage door for accommodating boats, trailers, campers, equipment, and other large items. A 20-by-24-foot loft adds storage capacity above the main floor.
The property is a corner unit with an adjoining unit that remains fully separate; the shared wall between the two units is insulated. Water is available outside the unit. Access is provided by a shared driveway with asphalt at the corner location, approximately two miles from downtown Elk Rapids.
The property is a corner unit with an adjoining unit that remains fully separate; the shared wall between the two units is insulated. Water is available outside the unit. Access is provided by a shared driveway with asphalt at the corner location, approximately two miles from downtown Elk Rapids.
Key Highlights
- 1,560‑square‑foot self‑storage unit in a 2002‑built metal pole barn
- 22' electric garage door
- 20'x24' loft for additional storage
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
$12,449
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
8.14%
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%
$248,980
$249.0K
Cap Rate 7%
$177,843
$177.8K
Cap Rate 9%
$138,322
$138.3K
Market Conditions
NOI Build-Up for 1,560 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
$18.7K $12.00/SF
− Vacancy
−$936 −$0.60/SF
EGI
$17.8K $11.40/SF
− OpEx
−$5.3K −$3.42/SF
NOI
$12.4K $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%
$248,980
Cap Rate 7%
$177,843
Cap Rate 9%
$138,322
Alternative Uses
Best Use
Self Storage
$177.8K
$155.6K – $207.5K
NOI $12,449 @ 7.0% cap · market cap 8.14%
Second Best
Warehouse
$146.7K
$128.3K – $171.1K
NOI $10,267 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$277.6K
$242.9K – $323.9K
NOI $19,433 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
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Frequently Asked Questions
What type of property is this?
Self storage facility - Metal storage unit with loft space, tall ceilings, concrete flooring, and exterior water access near downtown Elk Rapids.
Where is this self storage facility located?
The property is located at 3 Herrman Road Elk Rapids, MI.
What is the asking price?
The asking price for this property is $152,900.
What are key features of this property?
This property features: 1,560‑square‑foot self‑storage unit in a 2002‑built metal pole barn; 22' electric garage door; 20'x24' loft for additional storage
