Remote-Managed Self Storage
For Sale
$4,000,000
5890 Alden Nash Ave SE, Lowell, MI 49331
Non-climate-controlled storage operation with outdoor parking and established unit inventory.
Property Size41,800 SF
Price / SF$95.69
Days on Market52
Property Features for 5890 Alden Nash Ave SE
General Information
Standard status
Active
Size
41,800 SF
Property subtype
Self-Storage Facility
Occupancy
87%
Warehouse & Industrial
Cold Storage
No
Self-Storage Units
247
Amenities
Grand Rapids, Michigan MSA Self-Storage Offering
41,800 Net Rentable Square Feet
247 Non-Climate-Controlled Units and 24 Outdoor Parking Spaces
Current Remote Management
Room for Expansion: Potential to Replace Outdoor Parking with Additional Self-Storage Buildings or a Management Office
Building Details
Building Size
41,800 SF
Year Built
2009
Units
271
Listing Agency:
Marcus & Millichap - Detroit
(614) 360-9059
Listed By:
Rachel Backenstoe · License #License(s): OH: SAL.2025001460
(614) 360-9059
Source:
Marcusmillichap
Added: Jul 11
Changed: Aug 30
Last Checked: Aug 30 at 2:30PM
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 Marcus & Millichap - Detroit
Investment Insights
Based on property information with market context.
Built in 2009, this self-storage property contains 41,800 net rentable square feet across 247 non-climate-controlled units. The facility also provides 24 outdoor parking spaces, creating a mix of enclosed storage and vehicle-storage capacity.
The property is located at 5890 Alden Nash Ave SE in Lowell, Michigan, within the Grand Rapids area. Current operations are managed remotely, offering an existing operating structure for the facility.
The property is located at 5890 Alden Nash Ave SE in Lowell, Michigan, within the Grand Rapids area. Current operations are managed remotely, offering an existing operating structure for the facility.
Key Highlights
- 247 non‑climate‑controlled storage units
- 41,800 net rentable square feet
- 24 outdoor parking spaces
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
$237,357
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
5.93%
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%
$4,747,140
$4.7M
Cap Rate 7%
$3,390,814
$3.4M
Cap Rate 9%
$2,637,300
$2.6M
Market Conditions
NOI Build-Up for 41,800 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
$287.6K $6.88/SF
− Vacancy
−$8.3K −$0.20/SF
EGI
$279.2K $6.68/SF
− OpEx
−$41.9K −$1.00/SF
NOI
$237.4K $5.68/SF
Area
Kent County, MI
Vacancy
2.90%
Lease Rate
$6.88 /SF/Yr
Expense Ratio
15.00%
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%
$4,747,140
Cap Rate 7%
$3,390,814
Cap Rate 9%
$2,637,300
Alternative Uses
Best Use
Warehouse
$3.39M
$2.97M – $3.96M
NOI $237,357 @ 7.0% cap · market cap 5.93%
Second Best
Self Storage
$2.79M
$2.44M – $3.26M
NOI $195,471 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$7.48M
$6.54M – $8.72M
NOI $523,333 @ 7.0% cap · market cap 13.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
Explore this area
Business Placement
Demographics for 49331, MI
18,023
Population
7,208
Households
2.5
Avg Household Size
40
Median Age
39%
College-Educated
96%
High-School Grad
91.5 sq mi
ZIP Area
197
Density / Sq Mi
$92,443
Median Household Income
$49,286
Median Earnings
$1,109
Median Rent
$293,600
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 - Non-climate-controlled storage operation with outdoor parking and established unit inventory.
Where is this self storage facility located?
The property is located at 5890 Alden Nash Ave SE Lowell, MI.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 247 non‑climate‑controlled storage units; 41,800 net rentable square feet; 24 outdoor parking spaces
