Steel Warehouse
For Sale
Under Contract
$139,000
8597 E Bingham Road, Traverse City, MI 49684
Commercial, Traverse City, MI
Property Size1,218 SF
Lot Size0.03 Acres
Price / SF$114.12
Days on Market109
Property Features for 8597 E Bingham Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Exterior features
Steel
Lot features
Inside Lot
Directions
North side of Bingham Rd between S Lake Leelanau Dr and S Center Hwy
Subdivision
Leelanau
Standard status
Active Under Contract
Size
1,218 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Description
UNIT 4 LEELANAU BOAT CONDO SEC 30 T29N R11W 0.026 A M/L MD 188
Legal Description
UNIT 4 LEELANAU BOAT CONDO SEC 30 T29N R11W 0.026 A M/L MD 188
Amenities
Boat and RV concierge and maintenance services
Building Details
Building materials
Steel
Roof type
Metal
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
David Coonrod · License #6501426180
(231) 642-6300
Added: Jun 8
Changed: Sep 1
Last Checked: Sep 24 at 2:06PM
MLS# 1946273
Copyright © 2026 Northern Great Lakes Realtors MLS. 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 commercial storage condo provides 1,218 square feet of enclosed storage space in a steel building completed in 2022. The unit includes LED lighting, a natural gas ceiling-mounted heating unit, and a floor area measuring 20' x 57'. A powered overhead door measures 18' high and 16' wide, while the 20-foot ceiling adds substantial vertical capacity for stored equipment and materials.
The property is located in Leelanau County, Michigan, with a Traverse City postal address. On-site services include boat and RV concierge support, indoor and outdoor boat storage, winterizing, shrink-wrapping, and boat service. The combination of enclosed storage, steel construction, heating, and service access supports a range of commercial storage needs.
The property is located in Leelanau County, Michigan, with a Traverse City postal address. On-site services include boat and RV concierge support, indoor and outdoor boat storage, winterizing, shrink-wrapping, and boat service. The combination of enclosed storage, steel construction, heating, and service access supports a range of commercial storage needs.
Key Highlights
- 1,218‑square‑foot commercial storage condo built in 2022
- 18' overhead door spanning 16' wide
- 20‑foot ceiling height and 20' x 57' floor area
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
6.97%
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 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$264.6K
$231.5K – $308.7K
NOI $18,521 @ 7.0% cap · market cap 13.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
27
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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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 - Commercial storage unit with LED lighting, natural gas heat, and a wide overhead door for convenient access.
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 $139,000.
What are key features of this property?
This property features: 1,218‑square‑foot commercial storage condo built in 2022; 18' overhead door spanning 16' wide; 20‑foot ceiling height and 20' x 57' floor area
