Silver Lake Storage Barn
For Sale
$299,400
5789 Storage Loop Dr, Traverse City, MI 49685
Storage site condominium development with commercial zoning and easy access.
Property Size3,840 SF
Price / SF$77.97
Days on Market105
Property Features for 5789 Storage Loop Dr
General Information
Standard status
Active
Size
3,840 SF
Property subtype
Commercial
Building Details
Year Built
2025
Listing Agency:
@properties Christie's Int'l
(231) 883-6837
Listed By:
Mary Rollert · License #6506044630
(231) 883-6837
Source:
Elliman
Added: Apr 27
Changed: Jul 10
Last Checked: Aug 9 at 10:00AM
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 @properties Christie's Int'l
Investment Insights
Based on property information with market context.
Silver Lake Storage Barns is a storage site condominium development featuring pole barn construction with steel exterior panels. The property is commercially zoned and offers an excellent location with easy access just off of US 31 and West Silver Lake Road. Each unit measures 48 x 80 feet and features 16-foot metal sidewalls, along with two 16' x 16' insulated overhead doors and a shingled roof. A 5-foot concrete apron provides approach. Each unit includes a 30 AMP outlet, natural gas, water, and development septic. Future bath is rough plumbed. The property also features an extra wide asphalt driveway. This presents a great opportunity for personal and/or business storage needs.
Key Highlights
- Large 48 x 80 storage unit with 16 FT sidewalls and (2) 16' x 16' insulated overhead doors.
- Excellent location with easy access off US 31 and West Silver Lake Road.
- Natural gas, water, and development septic system available.
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
$22,378
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%
$447,560
$447.6K
Cap Rate 7%
$319,686
$319.7K
Cap Rate 9%
$248,644
$248.6K
Market Conditions
NOI Build-Up for 3,840 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
$34.6K $9.00/SF
− Vacancy
−$2.6K −$0.68/SF
EGI
$32.0K $8.33/SF
− OpEx
−$9.6K −$2.50/SF
NOI
$22.4K $5.83/SF
Area
Grand Traverse County, MI
Vacancy
7.50%
Lease Rate
$9.00 /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%
$447,560
Cap Rate 7%
$319,686
Cap Rate 9%
$248,644
Alternative Uses
Best Use
Self Storage
$457.9K
$400.6K – $534.2K
NOI $32,050 @ 7.0% cap · market cap 10.70%
Second Best
Industrial
$319.7K
$279.7K – $373.0K
NOI $22,378 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$834.2K
$729.9K – $973.2K
NOI $58,393 @ 7.0% cap · market cap 19.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,080
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Self storage facility - Storage site condominium development with commercial zoning and easy access.
Where is this self storage facility located?
The property is located at 5789 Storage Loop Dr Traverse City, MI.
What is the asking price?
The asking price for this property is $299,400.
What are key features of this property?
This property features: Large 48 x 80 storage unit with 16 FT sidewalls and (2) 16' x 16' insulated overhead doors.; Excellent location with easy access off US 31 and West Silver Lake Road.; Natural gas, water, and development septic system available.
