Storage Condo in Railway
For Sale
$199,900
6369 N Railway, Williamsburg, MI 49690
Versatile 1,345 sq ft storage unit for sale.
Property Size1,345 SF
Price / SF$148.62
Days on Market153
Property Features for 6369 N Railway
General Information
Standard status
Active
Size
1,345 SF
Property subtype
Commercial
Building Details
Year Built
2025
Listing Agency:
Coldwell Banker Schmidt Traverse City
(231) 218-4463
Listed By:
Karen J Schmidt · License #6501234844
(231) 218-4463
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 4:34AM
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 Coldwell Banker Schmidt Traverse City
Investment Insights
Based on property information with market context.
Located in Railway Commons Business Park, this 1,345 sq ft storage condo (26.9 ft x 50 ft) is suitable for personal, business, or recreational storage. The unit includes a 14 ft x 14 ft insulated overhead door with an opener, one window, and a service door. It is plumbed for a gas heater and features cold water with a hose bib, along with 200-amp electrical service. A shared bathroom is accessible, equipped with a sink, shower, and laundry tub. Situated in Acme Township, the property provides convenient access to M-72 and US-31, making it a potentially strategic investment in a developing commercial area.
Key Highlights
- Versatile 1,345 sq ft storage condo suitable for personal, business, or recreational use.
- 14’ x 14’ insulated overhead door with opener** for easy access.
- Plumbed for gas heater, cold water with hose bib, and 200‑amp electrical service.
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
$11,226
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
5.62%
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%
$224,520
$224.5K
Cap Rate 7%
$160,371
$160.4K
Cap Rate 9%
$124,733
$124.7K
Market Conditions
NOI Build-Up for 1,345 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
$17.4K $12.96/SF
− Vacancy
−$1.4K −$1.04/SF
EGI
$16.0K $11.92/SF
− OpEx
−$4.8K −$3.58/SF
NOI
$11.2K $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%
$224,520
Cap Rate 7%
$160,371
Cap Rate 9%
$124,733
Alternative Uses
Best Use
Self Storage
$160.4K
$140.3K – $187.1K
NOI $11,226 @ 7.0% cap · market cap 5.62%
Second Best
Industrial
$112.0K
$98.0K – $130.6K
NOI $7,838 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$292.2K
$255.7K – $340.9K
NOI $20,453 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
Explore this area
Business Placement
Demographics for 49690, MI
6,494
Population
3,476
Households
1.9
Avg Household Size
50
Median Age
45%
College-Educated
97%
High-School Grad
82.7 sq mi
ZIP Area
79
Density / Sq Mi
$105,701
Median Household Income
$47,114
Median Earnings
$1,279
Median Rent
$329,100
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 - Versatile 1,345 sq ft storage unit for sale.
Where is this self storage facility located?
The property is located at 6369 N Railway Williamsburg, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Versatile **1,345 sq ft storage condo** suitable for personal, business, or recreational use.; 14’ x 14’ insulated overhead door with opener** for easy access.; Plumbed for gas heater, cold water with hose bib, and 200‑amp electrical service.
