Self-Storage Pole Barn
For Sale
$184,900
5839 Storage Loop Dr, Traverse City, MI 49685
Pole-barn storage unit with a 14' x 14' insulated overhead door, finished bathroom, and reinforced concrete slab floor.
Property Size1,500 SF
Price / SF$123.27
Days on Market29
Property Features for 5839 Storage Loop Dr
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Amenities
finished bathroom
insulated side walls
ceiling insulation
forced air natural gas unit heater
ceiling fan
30 AMP outlet
extra wide asphalt driveway
Building Details
Year Built
2026
Construction
Pole barn
Listing Agency:
REO-TCRandolph-233022
(231) 883-6837
Listed By:
Mary Rollert · License #6501404074
(231) 883-6837
Source:
Elliman
Added: Jul 12
Changed: Jul 21
Last Checked: Aug 9 at 6:30AM
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.
Silver Lake Storage Barns presents a storage site condominium-style pole barn with a steel exterior panel construction. The building offers 16-foot metal side wall height and includes one 14' x 14' insulated overhead door. Interior improvements include finished side walls and ceiling with white steel, blown-in cellulose ceiling insulation, and a ceiling fan. A forced-air natural gas unit heater supports year-round comfort. The unit is also equipped with a finished bathroom (stool, sink, vanity light with fan/light, small electric heater, and a 2.5-gallon water heater), along with a shingled roof.
The property is served by natural gas, water, and sewer, and includes a 30-amp outlet. Site features include a 5-foot concrete apron/approach and an extra-wide asphalt driveway, with a 4-inch reinforced concrete slab floor throughout. The property is described as commercially zoned, and it provides easy access just off US 31 and West Silver Lake Road.
The unit size is described as 30' x 50', making it suited for storage-focused operations requiring direct, large-door access.
The property is served by natural gas, water, and sewer, and includes a 30-amp outlet. Site features include a 5-foot concrete apron/approach and an extra-wide asphalt driveway, with a 4-inch reinforced concrete slab floor throughout. The property is described as commercially zoned, and it provides easy access just off US 31 and West Silver Lake Road.
The unit size is described as 30' x 50', making it suited for storage-focused operations requiring direct, large-door access.
Key Highlights
- 30' x 50' pole barn storage site condominium development with steel exterior panels
- 16' metal side wall height with a 14' x 14' insulated overhead door
- Finished bathroom with sink/vanity light, fan w/light, small electric heater, and 2.5 gal water heater
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
$12,519
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
6.77%
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%
$250,380
$250.4K
Cap Rate 7%
$178,843
$178.8K
Cap Rate 9%
$139,100
$139.1K
Market Conditions
NOI Build-Up for 1,500 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
$19.4K $12.96/SF
− Vacancy
−$1.6K −$1.04/SF
EGI
$17.9K $11.92/SF
− OpEx
−$5.4K −$3.58/SF
NOI
$12.5K $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%
$250,380
Cap Rate 7%
$178,843
Cap Rate 9%
$139,100
Alternative Uses
Best Use
Self Storage
$178.8K
$156.5K – $208.7K
NOI $12,519 @ 7.0% cap · market cap 6.77%
Second Best
Warehouse
$170.5K
$149.2K – $199.0K
NOI $11,937 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$325.9K
$285.1K – $380.2K
NOI $22,810 @ 7.0% cap · market cap 12.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
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 - Pole-barn storage unit with a 14' x 14' insulated overhead door, finished bathroom, and reinforced concrete slab floor.
Where is this self storage facility located?
The property is located at 5839 Storage Loop Dr Traverse City, MI.
What is the asking price?
The asking price for this property is $184,900.
What are key features of this property?
This property features: 30' x 50' pole barn storage site condominium development with steel exterior panels; 16' metal side wall height with a 14' x 14' insulated overhead door; Finished bathroom with sink/vanity light, fan w/light, small electric heater, and 2.5 gal water heater
