High-Clearance Warehouse
For Sale
$145,000
8597 Bingham Road, Traverse City, MI 49684
Heated storage unit with LED lighting, a wide overhead door, and on-site boat and RV services.
Property Size1,218 SF
Price / SF$119.05
Days on Market29
Property Features for 8597 Bingham Road
General Information
Standard status
Active
Size
1,218 SF
Property subtype
General Commercial
Additional Details
Clear Height
20 ft
Amenities
boat and RV concierge
maintenance services
21x58
Building Details
Year Built
2022
Construction
cold-formed steel
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
David Coonrod · License #6501426180
Source:
Xome
Added: Jul 27
Changed: Aug 23
Last Checked: Aug 23 at 10:42AM
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 Three West, LLC
Investment Insights
Based on property information with market context.
Built in 2022, this 1,218-square-foot warehouse condominium unit combines a cold-formed steel structure with practical storage improvements. The interior measures approximately 20 feet by 57 feet and includes a 20-foot ceiling, an 18-foot-high overhead door measuring 16 feet wide, modern LED lighting, and a ceiling-mounted natural gas heating unit.
The property is located at 8597 E Bingham Rd in Bingham Township, Leelanau County, Michigan. On-site services support boat and RV owners with indoor and outdoor storage, winterizing, shrink-wrapping, and boat maintenance. The property has a Bike Score of 18 and a Walk Score of 2, reflecting a car-dependent setting.
The property is located at 8597 E Bingham Rd in Bingham Township, Leelanau County, Michigan. On-site services support boat and RV owners with indoor and outdoor storage, winterizing, shrink-wrapping, and boat maintenance. The property has a Bike Score of 18 and a Walk Score of 2, reflecting a car-dependent setting.
Key Highlights
- 1,218‑square‑foot warehouse condominium unit built in 2022
- 20‑foot ceiling with an 18‑foot‑high overhead door spanning 16 feet wide
- 20‑foot by 57‑foot interior floor dimensions
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
$9,693
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
6.68%
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%
$193,860
$193.9K
Cap Rate 7%
$138,471
$138.5K
Cap Rate 9%
$107,700
$107.7K
Market Conditions
NOI Build-Up for 1,218 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
$12.1K $9.96/SF
− Vacancy
−$728 −$0.60/SF
EGI
$11.4K $9.36/SF
− OpEx
−$1.7K −$1.40/SF
NOI
$9.7K $7.96/SF
Area
Grand Traverse County, MI
Vacancy
6.00%
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%
$193,860
Cap Rate 7%
$138,471
Cap Rate 9%
$107,700
Alternative Uses
Best Use
Warehouse
$138.5K
$121.2K – $161.6K
NOI $9,693 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$264.6K
$231.5K – $308.7K
NOI $18,521 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
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.
Similar Off Market Nearby
- Leelanau Storage Space — 8700 E Bingham Rd, Traverse City, MI 49684
- Bingham Storage — 8810 E Bingham Rd, Traverse City, MI 49684
Frequently Asked Questions
What type of property is this?
Warehouse - Heated storage unit with LED lighting, a wide overhead door, and on-site boat and RV services.
Where is this warehouse located?
The property is located at 8597 Bingham Road Traverse City, MI.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: 1,218‑square‑foot warehouse condominium unit built in 2022; 20‑foot ceiling with an 18‑foot‑high overhead door spanning 16 feet wide; 20‑foot by 57‑foot interior floor dimensions
