Insulated Steel Storage
For Sale
$199,000
6555 US-31, Charlevoix, MI 49720
Well-insulated steel storage unit includes water, township sewer, and natural gas hookups.
Property Size1,875 SF
Price / SF$106.13
Days on Market49
Property Features for 6555 US-31
General Information
Standard status
Active
Size
1,875 SF
Property subtype
Office, Industrial
Additional Details
Utilities to Site
Yes
Drive-In Doors
1
Building Details
Building Size
1,875 SF
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Drew Bartlett
(231) 526-6251
Source:
Cpix.resimplifi
Added: Jul 6
Changed: Aug 14
Last Checked: Aug 23 at 2:28AM
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 Graham Real Estate
Investment Insights
Based on property information with market context.
This steel storage unit is well insulated and served by water, township sewer, and natural gas. The building features a 20’ high door and is designed for straightforward, easy access.
The property is located with convenient access to US 31.
With ample enclosed space, the unit offers flexibility for personal storage and hobby use, including the ability to make the space your own.
The property is located with convenient access to US 31.
With ample enclosed space, the unit offers flexibility for personal storage and hobby use, including the ability to make the space your own.
Key Highlights
- Well‑insulated steel storage unit
- Includes water, township sewer, and natural gas hookups
- 20' high door for easy storage access
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
$14,286
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
7.18%
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%
$285,720
$285.7K
Cap Rate 7%
$204,086
$204.1K
Cap Rate 9%
$158,733
$158.7K
Market Conditions
NOI Build-Up for 1,875 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
$18.7K $9.96/SF
− Vacancy
−$1.9K −$1.00/SF
EGI
$16.8K $8.96/SF
− OpEx
−$2.5K −$1.34/SF
NOI
$14.3K $7.62/SF
Area
Charlevoix County, MI
Vacancy
10.00%
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%
$285,720
Cap Rate 7%
$204,086
Cap Rate 9%
$158,733
Alternative Uses
Best Use
Warehouse
$204.1K
$178.6K – $238.1K
NOI $14,286 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$379.5K
$332.1K – $442.8K
NOI $26,568 @ 7.0% cap · market cap 13.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
75
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49720, MI
9,127
Population
6,236
Households
1.5
Avg Household Size
52
Median Age
38%
College-Educated
97%
High-School Grad
95.5 sq mi
ZIP Area
96
Density / Sq Mi
$76,127
Median Household Income
$41,563
Median Earnings
$985
Median Rent
$265,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Charlevoix Mini Storage — 06795 US-31, Charlevoix, MI 49720
Frequently Asked Questions
What type of property is this?
Warehouse - Well-insulated steel storage unit includes water, township sewer, and natural gas hookups.
Where is this warehouse located?
The property is located at 6555 US-31 Charlevoix, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Well‑insulated steel storage unit; Includes water, township sewer, and natural gas hookups; 20' high door for easy storage access
