Storage Condominium with Overhead
For Sale
$229,000
Pending
6701 Grand Haven Road, Norton Shores, MI 49456
COMMERCIAL - Norton Shores, MI
Property Size1,500 SF
Days on Market52
Property Features for 6701 Grand Haven Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
PUD
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Grand Haven
Middle school district
Grand Haven
High school district
Grand Haven
Directions
US-31 to Pontaluna interchange, west to Grand Haven Road, South to property. Property on west side of Grand Haven Rd.
Standard status
Pending
APN
27-137-001-0005-00
Size
1,500 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
CITY OF NORTON SHORES 3RD STALL PROPERTIES CONDOMINIUM BUILDING A UNIT 5
Tax Annual Amount
4276
Legal Description
CITY OF NORTON SHORES 3RD STALL PROPERTIES CONDOMINIUM BUILDING A UNIT 5
Utilities
Utilities
Cable Available
Heating system
Forced Air
Amenities
private restroom
utility sink
overhead LED lighting
abundant electrical outlets
5-gallon electric water heater
heating
upgraded oversized ceiling fan
floor drain
50-amp RV outlet
Building Details
Year built
2024
Floors in Building
1
Number of units
1
Building materials
Aluminum Siding, Concrete
Roof type
Metal
Listing Agency:
Core Realty Partners LLC
(231) 375-5273
Listed By:
Steve Mastella · License #6502355876
(231) 375-5273
Added: Jul 9
Changed: Aug 4
Last Checked: Aug 29 at 11:06AM
MLS# 26035196
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale personal storage condominium offers 1,500 square feet of finished interior space arranged 25 feet wide by 60 feet deep. The unit includes durable steel skin walls and ceiling, an overhead LED lighting setup, and abundant electrical outlets. A private restroom is included, along with a utility sink, a floor drain, a 5-gallon electric water heater, and heating. An upgraded oversized ceiling fan adds comfort within the insulated space.
The property features a 16-foot by 16-foot overhead door for drive-in access and a 50-amp RV outlet for compatible equipment. Based on the included improvements, the space is suited for secure storage of vehicles and recreational items or for business inventory use within the enclosed, finished layout.
The property features a 16-foot by 16-foot overhead door for drive-in access and a 50-amp RV outlet for compatible equipment. Based on the included improvements, the space is suited for secure storage of vehicles and recreational items or for business inventory use within the enclosed, finished layout.
Key Highlights
- New construction (2024) personal storage condominium with 1,500 sq ft finished space (25' x 60').
- Includes a 16' x 16' overhead door for easy access and storage.
- Private fully insulated restroom with floor drain and utility sink.
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
$14,511
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
6.34%
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%
$290,220
$290.2K
Cap Rate 7%
$207,300
$207.3K
Cap Rate 9%
$161,233
$161.2K
Market Conditions
NOI Build-Up for 1,500 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
$22.0K $14.64/SF
− Vacancy
−$1.2K −$0.82/SF
EGI
$20.7K $13.82/SF
− OpEx
−$6.2K −$4.15/SF
NOI
$14.5K $9.67/SF
Area
Ottawa County, MI
Vacancy
5.60%
Lease Rate
$14.64 /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%
$290,220
Cap Rate 7%
$207,300
Cap Rate 9%
$161,233
Alternative Uses
Best Use
Warehouse
$360.8K
$315.7K – $420.9K
NOI $25,254 @ 7.0% cap · market cap 11.03%
Second Best
Self Storage
$207.3K
$181.4K – $241.9K
NOI $14,511 @ 7.0% cap · market cap 6.34%
Theoretical Best
Multifamily LT 5
$18.65M
$16.32M – $21.76M
NOI $1,305,703 @ 7.0% cap · market cap 570.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Explore this area
Business Placement
Demographics for 49456, MI
19,727
Population
9,776
Households
2
Avg Household Size
45
Median Age
47%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
780
Density / Sq Mi
$85,807
Median Household Income
$50,887
Median Earnings
$1,184
Median Rent
$294,500
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 - Finished storage unit includes a 16-by-16 overhead door, private restroom, and 50-amp RV outlet.
Where is this self storage facility located?
The property is located at 6701 Grand Haven Road Norton Shores, MI.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: New construction (2024) personal storage condominium with 1,500 sq ft finished space (25' x 60').; Includes a 16' x 16' overhead door for easy access and storage.; Private fully insulated restroom with floor drain and utility sink.
