Listing Agency: Harbor Sothebys International Realty (OFFICE b***@harborsir.com Show Phone

Listed By: Brad Rellinger Show Phone

Source: Harborsir

Added: Jul 1 Changed: Aug 30 Last Checked: Aug 31 at 7:38PM

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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 Harbor Sothebys International Realty (OFFICE

Investment Insights

Based on property information with market context.

This finished storage garage measures 14' x 34' and includes 50 amp service, a 9' x 8' insulated overhead door with windows, and a remote opener. A separate side passage door provides additional entry, while a rear transom window brings natural light into the unit. Professionally polished floors, an exterior water hose, and access to a shared bathroom next door add functional detail.

The unit is part of Carriage Place inside Bay Harbor, a 24-unit complex arranged across six buildings. The property features landscaped grounds and paved driveways, with the garage located near Quarry Bluffs and the Preserve.

Key Highlights

• 14' x 34' finished garage storage unit
• 50 amp electrical service
• 9' x 8' insulated overhead door with windows and remote opener

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

$7,541

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

4.87%

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%

$150,820 $150.8K

Cap Rate 7%

$107,729 $107.7K

Cap Rate 9%

$83,789 $83.8K

Market Conditions

NOI Build-Up for 476 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

$9.5K $20.04/SF

− Vacancy

−$668 −$1.40/SF

EGI

$8.9K $18.64/SF

− OpEx

−$1.3K −$2.80/SF

NOI

$7.5K $15.84/SF

Area

Emmet County, MI

Vacancy

7.00%

Lease Rate

$20.04 /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%

$150,820

Cap Rate 7%

$107,729

Cap Rate 9%

$83,789

Alternative Uses

Best Use

Warehouse

$107.7K

$94.3K – $125.7K (±1% cap)

NOI $7,541 @ 7.0% cap · market cap 4.87%

Second Best

Self Storage

$88.7K

$77.6K – $103.5K (±1% cap)

NOI $6,210 @ 7.0% cap · market cap 4.01%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Self storage facilities

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Kitchen & Bath Showroom Home Appliance Store Storage Facility Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Drive-in doors

Location Intelligence

Trade Area within ½ mile

16

Businesses Nearby

Explore this area Business Placement

Demographics for 49770, MI

17,643

Population

10,244

Households

1.7

Avg Household Size

44

Median Age

47%

College-Educated

97%

High-School Grad

109.4 sq mi

ZIP Area

161

Density / Sq Mi

$80,431

Median Household Income

$42,154

Median Earnings

$1,077

Median Rent

$309,900

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Self storage facility - Finished garage storage unit with polished floors, electrical service, and controlled overhead access.

Where is this self storage facility located?

The property is located at 6445 Quarry Ridge Drive #13 Bay Harbor, MI.

What is the asking price?

The asking price for this property is $155,000.

What are key features of this property?

This property features: 14' x 34' finished garage storage unit; 50 amp electrical service; 9' x 8' insulated overhead door with windows and remote opener