Steel Warehouse with Insulated Garage
For Sale
$127,900
3032 Luxury Barn Lane, Traverse City, MI 49685
COMMERCIAL - Traverse City, MI
Property Size1,200 SF
Price / SF$106.58
Days on Market329
Property Features for 3032 Luxury Barn Lane
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Assigned
Exterior features
Steel
Lot features
Corner Lot
Directions
7 miles south of Traverse City on M-37, or 2 miles south of Chum's Corners. Located at the second roundabout coming from Traverse City. Property is on the south/east side of the road on the corner of M-37 and W Blair Townhall Rd.
Subdivision
Grand Traverse
Standard status
Active
Size
1,200 SF
Taxes and HOA fees
HOA Fee
$358 Annually
Building Details
Building materials
Steel, Under Construction
Roof type
Metal
Listing Agency:
Key Realty One-TC
(231) 559-0351
Listed By:
Jennifer Kreta · License #6501421253
(231) 492-4062
Added: Sep 15, 2025
Changed: Aug 4
Last Checked: Aug 9 at 6:06PM
MLS# 1938604
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.
Investment Insights
Based on property information with market context.
Steel warehouse under construction at 3032 Luxury Barn Lane in Traverse City, Michigan, designed for quick owner utilization. Building dimensions are 30' wide by 40' long with 14' 4" tall sidewalls. Sidewalls are framed with 5x6 members spaced 8' o.c., and end wall posts are approximately 8' o.c. Roof framing uses trusses spaced 4' o.c. with a 4/12 pitch and 60 GS with ceiling load.
Envelope and exterior materials include Typar (or similar) guard wrap, house wrap, and a 4 mil clear polyethylene vapor barrier with an additional 2-inch foam perimeter. The exterior features Kynar 500 paint upgrade and exterior steel siding with an R16.4 flat panel insulated door (12x12) plus an electric garage door opener. Interior ceiling and the building front wall are covered with white finished steel, with attic access.
The concrete slab floor includes pressure crack relief cuts and a full 4-foot owners apron. Mechanical and electrical provisions include R-50 ceiling insulation, a 200-amp electrical service with a fully built-out electric package and ceiling fans, and owner-managed utility meters for gas and electric.
Envelope and exterior materials include Typar (or similar) guard wrap, house wrap, and a 4 mil clear polyethylene vapor barrier with an additional 2-inch foam perimeter. The exterior features Kynar 500 paint upgrade and exterior steel siding with an R16.4 flat panel insulated door (12x12) plus an electric garage door opener. Interior ceiling and the building front wall are covered with white finished steel, with attic access.
The concrete slab floor includes pressure crack relief cuts and a full 4-foot owners apron. Mechanical and electrical provisions include R-50 ceiling insulation, a 200-amp electrical service with a fully built-out electric package and ceiling fans, and owner-managed utility meters for gas and electric.
Key Highlights
- 30' wide x 40' long steel warehouse with 14' 4" tall sidewalls
- Sidewalls: 5x6 spaced 8' o.c.; end posts approximately 8' o.c.
- Trusses: 4' o.c., 4/12 pitch, 60 GS with ceiling load
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
$9,550
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
7.47%
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%
$191,000
$191.0K
Cap Rate 7%
$136,429
$136.4K
Cap Rate 9%
$106,111
$106.1K
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
$12.0K $9.96/SF
− Vacancy
−$717 −$0.60/SF
EGI
$11.2K $9.36/SF
− OpEx
−$1.7K −$1.40/SF
NOI
$9.5K $7.96/SF
Area
Grand Traverse County, MI
Vacancy
6.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$191,000
Cap Rate 7%
$136,429
Cap Rate 9%
$106,111
Alternative Uses
Best Use
Warehouse
$136.4K
$119.4K – $159.2K
NOI $9,550 @ 7.0% cap · market cap 7.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$260.7K
$228.1K – $304.1K
NOI $18,248 @ 7.0% cap · market cap 14.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,080
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49685, MI
20,856
Population
9,395
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
95%
High-School Grad
54.2 sq mi
ZIP Area
385
Density / Sq Mi
$82,639
Median Household Income
$45,783
Median Earnings
$1,338
Median Rent
$309,200
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.
Similar Off Market Nearby
- Blair Self Storage — 2791 M-37 South, Traverse City, MI 49685
- Eastfield Storage South — 3767 Blair Townhall Rd, Traverse City, MI 49685
- M37 Round About Barns — 3067 Lucky Dog Lane, Blair Township, MI 49685
Frequently Asked Questions
What type of property is this?
Warehouse - Steel warehouse is owner-ready with built-out electrical package, R-50 ceiling insulation, and a high-quality insulated garage door.
Where is this warehouse located?
The property is located at 3032 Luxury Barn Lane Traverse City, MI.
What is the asking price?
The asking price for this property is $127,900.
What are key features of this property?
This property features: 30' wide x 40' long steel warehouse with 14' 4" tall sidewalls; Sidewalls: 5x6 spaced 8' o.c.; end posts approximately 8' o.c.; Trusses: 4' o.c., 4/12 pitch, 60 GS with ceiling load
