2,625-Unit Self Storage
For Sale
Contact for pricing
3800 Enterprise Drive, Allen Park, MI 48101
Five-property self-storage platform serving four Midwest markets with established local management.
Property Size291,222 SF
Price / SF$85.85
Days on Market123
Property Features for 3800 Enterprise Drive
General Information
Standard status
Active
Size
291,222 SF
Property subtype
Self Storage
Occupancy
81%
Investment Type
Value Add
Additional Details
Asking Price
$25,000,000
Self-Storage Units
2,625
Building Details
Buildings
42
Units
2625
Listing Agency:
Meridian Storage Group
Listed By:
Brendan Fonts · License #SL3639757
Source:
Crexi
Added: May 4
Changed: Sep 2
Last Checked: Sep 1 at 5:47AM
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 Meridian Storage Group
Investment Insights
Based on property information with market context.
This self-storage portfolio includes five properties totaling 291,222 NRSF and 2,625 units. The assets operate under consistent local management that has been in place since inception, providing an established operating framework across the platform.
The portfolio covers four Midwest markets: Allen Park, Ann Arbor, Lansing, and Toledo. Physical occupancy is 81.0%, while economic occupancy is 70.7%, offering a clear view of current operating performance across the combined assets. The portfolio is anchored by the Allen Park property at 3800 Enterprise Drive, Allen Park, MI 48101.
The portfolio covers four Midwest markets: Allen Park, Ann Arbor, Lansing, and Toledo. Physical occupancy is 81.0%, while economic occupancy is 70.7%, offering a clear view of current operating performance across the combined assets. The portfolio is anchored by the Allen Park property at 3800 Enterprise Drive, Allen Park, MI 48101.
Key Highlights
- Five self‑storage assets totaling 291,222 NRSF
- 2,625 storage units across the portfolio
- Properties located in Allen Park, Ann Arbor, Lansing, and Toledo
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
$1,830,757
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
7.32%
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%
$36,615,140
$36.6M
Cap Rate 7%
$26,153,671
$26.2M
Cap Rate 9%
$20,341,744
$20.3M
Market Conditions
NOI Build-Up for 291,222 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
$2.24M $7.68/SF
− Vacancy
−$82.8K −$0.28/SF
EGI
$2.15M $7.40/SF
− OpEx
−$323.1K −$1.11/SF
NOI
$1.83M $6.29/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$7.68 /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%
$36,615,140
Cap Rate 7%
$26,153,671
Cap Rate 9%
$20,341,744
Alternative Uses
Best Use
Self Storage
$36.52M
$31.95M – $42.61M
NOI $2,556,347 @ 7.0% cap · market cap 10.23%
Second Best
Warehouse
$26.15M
$22.88M – $30.51M
NOI $1,830,757 @ 7.0% cap · market cap 7.32%
Theoretical Best
Specialty Retail
$53.92M
$47.18M – $62.90M
NOI $3,774,237 @ 7.0% cap · market cap 15.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Explore this area
Business Placement
Demographics for 48101, MI
28,664
Population
12,413
Households
2.3
Avg Household Size
41
Median Age
30%
College-Educated
94%
High-School Grad
7.0 sq mi
ZIP Area
4,095
Density / Sq Mi
$80,045
Median Household Income
$51,658
Median Earnings
$1,181
Median Rent
$174,500
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 - Five-property self-storage platform serving four Midwest markets with established local management.
Where is this self storage facility located?
The property is located at 3800 Enterprise Drive Allen Park, MI.
What is the asking price?
The asking price for this property is $25,000,000.
What are key features of this property?
This property features: Five self‑storage assets totaling 291,222 NRSF; 2,625 storage units across the portfolio; Properties located in Allen Park, Ann Arbor, Lansing, and Toledo
