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    300 W Philip Street Lake Leelanau, MI 49653

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    Pending
    $429,000

    Educational,Other,Mini-Storage - Lake Leelanau, MI

    Property size:
    5,320 SF
    Lot size:
    0.24 Acres
    Added:
    Apr 7, 2026
    Days on Market:
    31
    Last Refresh:
    May 7 at 2:06 pm

    Property Features for 300 W Philip Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Pending
    Size
    5,320 SF
    Lot size
    0.24 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    2000
    Roof type
    Asphalt, Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Roger Schaub
    Roger Schaub

    Listing agent Roger Schaub

    Listing office Schaub Team Premier Realty P.O. Pox 956, Suttons Bay, MI

    Listing date Apr 7, 2026

    MLS# 1943536 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Versatile commercial/income property with multiple income streams.
    • Fully rented self‑storage units provide immediate and consistent income.
    • 24 fully rented self‑storage units included.
    • Charming 2‑bedroom cottage offers additional income potential as a short‑term rental.
    • Cottage is approximately 480 sq ft with 2 bedrooms and 1 bath.
    • Desirable Lake Leelanau location near the Narrows, restaurants, wineries, and lake access.

    Overview

    Versatile Commercial Property with Storage

    This commercial property in Lake Leelanau presents a unique investment opportunity, featuring 24 fully rented self-storage units and a 2-bedroom, 1-bath cottage with approximately 480 square feet. The cottage is currently used as a short-term rental. The property is located near the Narrows of Lake Leelanau, with convenient access to restaurants, wineries, and lake access. The property offers immediate and consistent income from the fully occupied storage units, along with additional revenue potential from the cottage. The property is positioned in a desirable Lake Leelanau location. The total property size is 5,320 square feet, and the lot size is 0.24 acres. Square footage includes both the storage units and the cottage. The year built is approximate for the storage units; the house was relocated to the property and its exact age is unknown. The property is zoned for commercial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lake Leelanau Self ... Storage Facility

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Gym & Fitness Center Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake Leelanau
    County
    Leelanau
    State
    Michigan
    Longitude
    -85.717869
    Latitude
    44.98133

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    • $2,640
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      Lake Leelanau Retail/Office/Storage Building

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    • $429,000
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      Lake Leelanau Income Property

      Versatile commercial property with storage units and rental cottage.
      300 W Philip St, Lake Leelanau, MI 49653
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    FAQs

    What type of property is this?
    Self storage facility - Commercial property featuring storage units and a charming cottage.
    Where is this self storage facility located?
    The property is located at 300 W Philip Street Lake Leelanau, MI.
    What is the asking price?
    The asking price for this property is $429,000.
    What are key features of this property?
    This property features: Versatile commercial/income property with multiple income streams.; Fully rented self‑storage units provide immediate and consistent income.; 24 fully rented self‑storage units included.
    (231) 883-4644
    We can help!
    Listing Contact
    Roger Schaub
    Roger Schaub
    Real Estate License ID: 6501304308
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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