Self Storage Facility with Full
For Sale
$275,000
71057 County Road 388 #25, South Haven, MI 49090
Private storage unit with kitchen, lofted lounge, utility connections, and large overhead access door.
Property Size1,750 SF
Price / SF$183.33
Days on Market25
Property Features for 71057 County Road 388 #25
General Information
Standard status
Active
Size
1,750 SF
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$1,351
Amenities
custom kitchen with quartz counters
full bathroom with tile shower
large closet
lofted lounge
utility sink
hot and cold running water
floor drain
40-gallon water heater
underground sprinkling
Building Details
Building Size
1,750 SF
Year Built
2008
Buildings
1
Stories
2
Units
1
Construction
frame
Listing Agency:
Jaqua REALTORS
(269) 214-1257
Listed By:
Amy O'Sullivan · License #6506040161
Source:
Erareardonrealty
Added: Aug 6
Changed: Aug 29
Last Checked: Aug 25 at 9:15AM
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 Jaqua REALTORS
Investment Insights
Based on property information with market context.
Unit 25 is a self-storage property built in 2008 with a custom kitchen, quartz countertops, full bathroom with tiled shower, clothing closet, and lofted lounge area. The unit also includes a utility sink, hot and cold running water, floor drain, 40-gallon water heater, and a 60,000 BTU natural gas furnace.
Construction includes 2x6 framing, R-22 insulated walls, R-44 insulated ceilings, and 5/8-inch drywall. Access is provided by a 36-inch entry door and a 14-by-14-foot insulated automatic overhead door. The property is located at 71057 Cr 388 Unit 25 in South Haven, near downtown South Haven. Grounds feature landscaping and underground sprinkling.
Construction includes 2x6 framing, R-22 insulated walls, R-44 insulated ceilings, and 5/8-inch drywall. Access is provided by a 36-inch entry door and a 14-by-14-foot insulated automatic overhead door. The property is located at 71057 Cr 388 Unit 25 in South Haven, near downtown South Haven. Grounds feature landscaping and underground sprinkling.
Key Highlights
- 30'x50' storage unit with kitchen, bathroom, closet, and lofted lounge
- Built in 2008 with 2x6 frame construction
- R‑22 insulated walls and R‑44 insulated ceilings
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
$14,647
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
5.33%
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%
$292,940
$292.9K
Cap Rate 7%
$209,243
$209.2K
Cap Rate 9%
$162,744
$162.7K
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
$22.5K $15.00/SF
− Vacancy
−$1.6K −$1.05/SF
EGI
$20.9K $13.95/SF
− OpEx
−$6.3K −$4.19/SF
NOI
$14.6K $9.76/SF
Area
Van Buren County, MI
Vacancy
7.00%
Lease Rate
$15.00 /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%
$292,940
Cap Rate 7%
$209,243
Cap Rate 9%
$162,744
Alternative Uses
Best Use
Self Storage
$209.2K
$183.1K – $244.1K
NOI $14,647 @ 7.0% cap · market cap 5.33%
Second Best
Warehouse
$134.4K
$117.6K – $156.8K
NOI $9,408 @ 7.0% cap · market cap 3.42%
Theoretical Best
Multifamily LT 5
$18.55M
$16.23M – $21.64M
NOI $1,298,307 @ 7.0% cap · market cap 472.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
68
Businesses Nearby
Explore this area
Business Placement
Demographics for 49090, MI
13,286
Population
8,904
Households
1.5
Avg Household Size
49
Median Age
31%
College-Educated
89%
High-School Grad
78.3 sq mi
ZIP Area
170
Density / Sq Mi
$64,643
Median Household Income
$40,067
Median Earnings
$914
Median Rent
$251,500
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 - Private storage unit with kitchen, lofted lounge, utility connections, and large overhead access door.
Where is this self storage facility located?
The property is located at 71057 County Road 388 #25 South Haven, MI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 30'x50' storage unit with kitchen, bathroom, closet, and lofted lounge; Built in 2008 with 2x6 frame construction; R‑22 insulated walls and R‑44 insulated ceilings
