8597 E Bingham Road, Traverse City, MI 49684

Building Details

Building Size 1,218 SF More

Year Built 2022 More

Construction Cold Form steel More

Listing Agency: Three West, LLC k***@threewest.com Show Phone

Listed By: David Coonrod · License #6501426180 Show Phone

Source: Carterassociatesrealty

Added: Jul 30 Changed: Nov 7 Last Checked: Nov 7 at 2:40AM

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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

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Investment Insights

Based on property information with market context.

Built in 2022, this 1,218-square-foot commercial storage condo has a cold-formed steel structure, LED lighting and a natural gas ceiling-mounted heater. The unit measures 20 feet by 57 feet, with a 20-foot ceiling and an overhead door described as 18 feet and 16 feet wide. Commercial zoning applies.

Located in Leelanau County, Michigan, the property offers on-site boat and RV concierge and maintenance services, including indoor and outdoor storage, winterizing, shrink-wrapping and boat service.

Key Highlights

• 1,218‑square‑foot commercial storage condo built in 2022
• Cold‑formed steel construction with LED lighting and natural gas ceiling‑mounted heat
• 20‑foot ceiling and 20‑foot by 57‑foot floor dimensions

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,693

Cap Rate

6.68%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$193,860 $193.9K

Cap Rate 7%

$138,471 $138.5K

Cap Rate 9%

$107,700 $107.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,218 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $18,521 @ 7.0% cap · market cap 12.77%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Warehouses

Suggested Use

Top Pick Building Supply HVAC Service Real Estate Agency Auto Repair Shop Storage Facility Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Average Price Trend$/SF for Warehouses in Traverse City, MI

$123 Jul

$123 Aug

$127 Sep

$124 Oct

Properties on Market for Warehouses in Traverse City

Jul

Aug

Sep

Oct

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Similar Off Market Nearby

• Bingham Storage — 8810 E Bingham Rd, Traverse City, MI 49684
• Leelanau Storage Space — 8700 E Bingham Rd, Traverse City, MI 49684

Frequently Asked Questions

What type of property is this?

Warehouse - A heated storage unit includes an oversized overhead door and on-site boat and RV services.

Where is this warehouse located?

The property is located at 8597 E 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 commercial storage condo built in 2022; Cold‑formed steel construction with LED lighting and natural gas ceiling‑mounted heat; 20‑foot ceiling and 20‑foot by 57‑foot floor dimensions