Storage Barn Condominium
For Sale
Contact for pricing
5863A Storage Loop Drive Unit 12A, Traverse City, MI 49685
Pole-barn storage unit with a 14' x 14' insulated overhead door, concrete slab floor, and future bath rough-plumbing.
Property Size1,500 SF
Price / SF$121.27
Days on Market613
Property Features for 5863A Storage Loop Drive Unit 12A
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Special Purpose, Land
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Amenities
insulated overhead door
concrete apron approach
extra wide asphalt driveway
Building Details
Construction
pole barn
Listing Agency:
CENTURY 21 Northland
(231) 883-6837
Listed By:
Mary Rollert · License #MI
Source:
Crexi
Added: Dec 4, 2024
Changed: Aug 8
Last Checked: Aug 9 at 1:17PM
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 CENTURY 21 Northland
Investment Insights
Based on property information with market context.
Silver Lake Storage Barns offers a storage site condominium unit constructed with pole-barn framing and a steel exterior panel system. The building includes 16-foot metal side wall construction, a shingled roof, and a 14' x 14' insulated overhead door for convenient access. The unit is set on a 4-inch reinforced concrete slab floor with a 5-foot concrete apron/approach, and it also includes an extra-wide asphalt driveway. Natural gas, water, and sewer are available, and a future bath is rough-plumbed.
The development is located on the east side of Silver Lake Road, between Grawn corners (US 31) and Curtis Road to the north, with easy access just off US 31 and West Silver Lake Road. The property is identified as commercially zoned, supporting a range of storage-focused uses.
This offering is for Unit 12A within the Silver Lake Storage Barns storage site condominium development.
The development is located on the east side of Silver Lake Road, between Grawn corners (US 31) and Curtis Road to the north, with easy access just off US 31 and West Silver Lake Road. The property is identified as commercially zoned, supporting a range of storage-focused uses.
This offering is for Unit 12A within the Silver Lake Storage Barns storage site condominium development.
Key Highlights
- 30' x 50' pole barn storage with 16' metal side wall construction and steel exterior panels
- Includes a 14' x 14' insulated overhead door for storage access
- 4" reinforced concrete slab floor plus a 5' concrete apron/approach
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
6.88%
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 6.88%
Second Best
Warehouse
$170.5K
$149.2K – $199.0K
NOI $11,937 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$325.9K
$285.1K – $380.2K
NOI $22,810 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
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
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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, concrete slab floor, and future bath rough-plumbing.
Where is this self storage facility located?
The property is located at 5863A Storage Loop Drive Unit 12A Traverse City, MI.
What is the asking price?
The asking price for this property is $181,900.
What are key features of this property?
This property features: 30' x 50' pole barn storage with 16' metal side wall construction and steel exterior panels; Includes a 14' x 14' insulated overhead door for storage access; 4" reinforced concrete slab floor plus a 5' concrete apron/approach
