Self-Storage Facility with Overhead
For Sale
$356,900
5801 Storage Loop Drive Unit 35, Traverse City, MI 49685
Commercially zoned storage unit with insulated construction, dedicated bathroom, and private asphalt access.
Property Size3,840 SF
Price / SF$92.94
Days on Market273
Property Features for 5801 Storage Loop Drive Unit 35
General Information
Standard status
Active
Size
3,840 SF
Property subtype
Mixed Use
Additional Details
Highway Access
Yes
Drive-In Doors
2
Amenities
Finished Bathroom
Ceiling fan
3
Asphalt
Freestanding, Overhead Doors. Other, Private Roads, Asphalt.
Building Details
Year Built
2025
Construction
pole barn
Listing Agency:
Reo-tcrandolph-233022
(231) 883-6837
Listed By:
Mary Rollert · License #6501404074
(231) 883-6837
Source:
Xome
Added: Dec 1, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:46PM
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-tcrandolph-233022
Investment Insights
Based on property information with market context.
This 3,840-square-foot self-storage unit is part of a storage site condominium development and was built in 2025. The pole-barn structure features steel exterior panels, a shingled roof, insulated side walls, blown-cellulose ceiling insulation, and white steel interior finishes. Two 16-foot by 16-foot insulated overhead doors serve the space, which also includes a finished bathroom with a stool, sink, vanity light, exhaust fan with light, small electric heater, and 2.5-gallon water heater.
The unit is located at 5801 Storage Loop Drive, Unit 35, in Traverse City, with access from private asphalt roads and an extra-wide asphalt driveway. The site is just off US 31 and West Silver Lake Road. Additional improvements include a forced-air natural gas unit heater, center ceiling fan, 30 AMP outlet, and a 5-foot concrete apron and approach.
The unit is located at 5801 Storage Loop Drive, Unit 35, in Traverse City, with access from private asphalt roads and an extra-wide asphalt driveway. The site is just off US 31 and West Silver Lake Road. Additional improvements include a forced-air natural gas unit heater, center ceiling fan, 30 AMP outlet, and a 5-foot concrete apron and approach.
Key Highlights
- 3,840 SF storage unit in a storage site condominium development
- 48 x 80 pole‑barn structure with 16 FT metal side walls
- Two 16' x 16' insulated overhead doors
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
$32,050
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
8.98%
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%
$641,000
$641.0K
Cap Rate 7%
$457,857
$457.9K
Cap Rate 9%
$356,111
$356.1K
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
$49.8K $12.96/SF
− Vacancy
−$4.0K −$1.04/SF
EGI
$45.8K $11.92/SF
− OpEx
−$13.7K −$3.58/SF
NOI
$32.0K $8.35/SF
Area
Grand Traverse County, MI
Vacancy
8.00%
Lease Rate
$12.96 /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%
$641,000
Cap Rate 7%
$457,857
Cap Rate 9%
$356,111
Alternative Uses
Best Use
Self Storage
$457.9K
$400.6K – $534.2K
NOI $32,050 @ 7.0% cap · market cap 8.98%
Second Best
Warehouse
$436.6K
$382.0K – $509.3K
NOI $30,559 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$834.2K
$729.9K – $973.2K
NOI $58,393 @ 7.0% cap · market cap 16.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Highway access
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 - Commercially zoned storage unit with insulated construction, dedicated bathroom, and private asphalt access.
Where is this self storage facility located?
The property is located at 5801 Storage Loop Drive Unit 35 Traverse City, MI.
What is the asking price?
The asking price for this property is $356,900.
What are key features of this property?
This property features: 3,840 SF storage unit in a storage site condominium development; 48 x 80 pole‑barn structure with 16 FT metal side walls; Two 16' x 16' insulated overhead doors
