Self-Storage Unit with
For Sale
$275,000
71057 Cr 388, South Haven, MI 49090
Finished unit combines vehicle storage with a kitchen, bathroom, utility sink, and lofted lounge.
Property Size1,750 SF
Price / SF$157.14
Days on Market346
Property Features for 71057 Cr 388
General Information
Standard status
Active
Size
1,750 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$1,351
Amenities
3
Building Details
Year Built
2008
Listing Agency:
Jaqua REALTORS
(269) 214-1257
Listed By:
Amy O'Sullivan · License #6506040161
(269) 214-1257
Source:
Xome
Added: Sep 9, 2025
Changed: Aug 20
Last Checked: Aug 20 at 4:17AM
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 1,750-square-foot self-storage facility completed in 2008, offering enclosed space for multiple cars, boats, or a motorhome. The interior includes a custom kitchen with quartz countertops, a full bathroom with tiled shower, a large closet, and a lofted lounge area. Utility features include a sink, hot and cold water, a floor drain, and a 40-gallon water heater.
Construction includes 2x6 framing, R-22 wall insulation, R-44 ceiling insulation, and 5/8-inch drywall. A 60,000 BTU natural gas furnace provides heating, while access is supported by a 36-inch entry door and a 14-foot by 14-foot insulated automatic overhead door. The property is located at 71057 Cr 388 in South Haven, close to downtown. Landscaped grounds with underground sprinkling complete the site improvements.
Construction includes 2x6 framing, R-22 wall insulation, R-44 ceiling insulation, and 5/8-inch drywall. A 60,000 BTU natural gas furnace provides heating, while access is supported by a 36-inch entry door and a 14-foot by 14-foot insulated automatic overhead door. The property is located at 71057 Cr 388 in South Haven, close to downtown. Landscaped grounds with underground sprinkling complete the site improvements.
Key Highlights
- 1,750‑square‑foot Unit 25 with enclosed vehicle storage
- 30' x 50' unit accommodates multiple cars, boats, or a motorhome
- Custom kitchen with quartz counters, full bathroom, closet, and lofted lounge
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
$17,089
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
6.21%
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%
$341,780
$341.8K
Cap Rate 7%
$244,129
$244.1K
Cap Rate 9%
$189,878
$189.9K
Market Conditions
NOI Build-Up for 1,750 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
$26.3K $15.00/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$24.4K $13.95/SF
− OpEx
−$7.3K −$4.19/SF
NOI
$17.1K $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%
$341,780
Cap Rate 7%
$244,129
Cap Rate 9%
$189,878
Alternative Uses
Best Use
Self Storage
$244.1K
$213.6K – $284.8K
NOI $17,089 @ 7.0% cap · market cap 6.21%
Second Best
Warehouse
$156.8K
$137.2K – $182.9K
NOI $10,976 @ 7.0% cap · market cap 3.99%
Theoretical Best
Multifamily LT 5
$21.64M
$18.93M – $25.24M
NOI $1,514,692 @ 7.0% cap · market cap 550.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
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Frequently Asked Questions
What type of property is this?
Self storage facility - Finished unit combines vehicle storage with a kitchen, bathroom, utility sink, and lofted lounge.
Where is this self storage facility located?
The property is located at 71057 Cr 388 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: 1,750‑square‑foot Unit 25 with enclosed vehicle storage; 30' x 50' unit accommodates multiple cars, boats, or a motorhome; Custom kitchen with quartz counters, full bathroom, closet, and lofted lounge
