Commercial Storage Unit with Overhead
For Sale
Contact for pricing
5922 Storage Loop Drive Unit 16, Traverse City, MI 49685
Steel-sided commercial storage space with utility connections and a reinforced concrete floor.
Property Size2,400 SF
Price / SF$89.54
Days on Market728
Property Features for 5922 Storage Loop Drive Unit 16
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Special Purpose
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Building Details
Construction
pole barn
Listing Agency:
CENTURY 21 Northland
Listed By:
Mary Rollert · License #MI
(231) 883-6837
Source:
Crexi
Added: Sep 6, 2024
Changed: Sep 2
Last Checked: Sep 3 at 6:21AM
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.
This commercially zoned storage unit provides 2,400 square feet within a 40 x 60 pole-barn-style structure. The building features steel exterior panels, 16-foot sidewalls, a shingled roof, and two insulated 14-foot-by-14-foot overhead doors. A 5-foot concrete approach leads to the reinforced 4-inch concrete slab floor, while an extra-wide asphalt driveway supports access around the building. Natural gas, water, and sewer connections are available, and the space includes rough plumbing for a future bathroom.
The development sits on the east side of Silver Lake Road with access just off US 31 and West Silver Lake Road, between Grawn Corners and Curtis Road. The configuration supports personal or business storage needs within a commercial setting.
The development sits on the east side of Silver Lake Road with access just off US 31 and West Silver Lake Road, between Grawn Corners and Curtis Road. The configuration supports personal or business storage needs within a commercial setting.
Key Highlights
- 2,400‑square‑foot storage unit in a 40 x 60 structure
- 16‑foot metal sidewalls with steel exterior panels
- Two insulated 14‑foot‑by‑14‑foot 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
$19,099
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
8.89%
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%
$381,980
$382.0K
Cap Rate 7%
$272,843
$272.8K
Cap Rate 9%
$212,211
$212.2K
Market Conditions
NOI Build-Up for 2,400 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
$23.9K $9.96/SF
− Vacancy
−$1.4K −$0.60/SF
EGI
$22.5K $9.36/SF
− OpEx
−$3.4K −$1.40/SF
NOI
$19.1K $7.96/SF
Area
Grand Traverse County, MI
Vacancy
6.00%
Lease Rate
$9.96 /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%
$381,980
Cap Rate 7%
$272,843
Cap Rate 9%
$212,211
Alternative Uses
Best Use
Self Storage
$286.2K
$250.4K – $333.9K
NOI $20,031 @ 7.0% cap · market cap 9.32%
Second Best
Warehouse
$272.8K
$238.7K – $318.3K
NOI $19,099 @ 7.0% cap · market cap 8.89%
Theoretical Best
Office A
$521.4K
$456.2K – $608.3K
NOI $36,495 @ 7.0% cap · market cap 16.98%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self storage facility - Steel-sided commercial storage space with utility connections and a reinforced concrete floor.
Where is this self storage facility located?
The property is located at 5922 Storage Loop Drive Unit 16 Traverse City, MI.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: 2,400‑square‑foot storage unit in a 40 x 60 structure; 16‑foot metal sidewalls with steel exterior panels; Two insulated 14‑foot‑by‑14‑foot overhead doors
