Insulated Self-Storage
For Sale
$184,900
5839 Storage Loop Drive # 32A, Traverse City, MI 49685
Commercially zoned storage unit with utilities, a finished bathroom, and forced-air natural gas heat.
Property Size1,500 SF
Price / SF$123.27
Days on Market32
Property Features for 5839 Storage Loop Drive # 32A
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Mixed Use
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Drive-In Doors
1
Building Details
Building Size
1,500 SF
Year Built
2026
Construction
Pole barn
Listing Agency:
REO-TCRandolph-233022
(231) 883-6837
Listed By:
Mary Rollert · License #6501404074
Source:
Themittengroup
Added: Jul 9
Changed: Aug 8
Last Checked: Aug 9 at 11:59AM
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 self-storage site condominium unit features pole barn construction with steel exterior panels, a 30' x 50' footprint, and 16 FT metal side walls. The building includes one 14' x 14' insulated overhead door, insulated side walls with batting, a ceiling finished with blown-in cellulose, white steel wall and ceiling finishes, and a shingled roof. A 4" reinforced concrete slab floor, 5 FT concrete apron/approach, and extra-wide asphalt driveway support access and storage operations.
The unit includes a finished bathroom with a stool, sink, vanity light, fan with light, small electric heater, and 2.5-gallon water heater. Utilities include natural gas, water, and sewer, along with a 30 AMP outlet. Heating is provided by a forced-air natural gas unit heater. The property is commercially zoned and offers access just off US 31 and West Silver Lake Road.
The unit includes a finished bathroom with a stool, sink, vanity light, fan with light, small electric heater, and 2.5-gallon water heater. Utilities include natural gas, water, and sewer, along with a 30 AMP outlet. Heating is provided by a forced-air natural gas unit heater. The property is commercially zoned and offers access just off US 31 and West Silver Lake Road.
Key Highlights
- 30' x 50' storage unit with 16 FT metal side walls
- One 14' x 14' insulated overhead door
- Insulated side walls and ceiling with white steel finishes
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
1
Drive-in doors
Yes
Highway access
Yes
Paved road 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self storage facility - Commercially zoned storage unit with utilities, a finished bathroom, and forced-air natural gas heat.
Where is this self storage facility located?
The property is located at 5839 Storage Loop Drive # 32A 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' storage unit with 16 FT metal side walls; One 14' x 14' insulated overhead door; Insulated side walls and ceiling with white steel finishes
