Steel Storage 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 Market60
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: Aug 4
Last Checked: Aug 6 at 4:06PM
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.
Built in 2022, this 1,218-square-foot commercial storage condo combines steel construction with a metal roof, LED lighting, and natural gas ceiling-mounted heat. The interior measures 20' x 57' and provides a 20-foot ceiling, while the overhead door is 18' high and 16' wide. These features create a functional configuration for storage use and access to larger equipment.
The property carries a Traverse City mailing address in Leelanau County, Michigan. On-site services support boat and RV ownership, including indoor and outdoor storage, winterizing, shrink-wrapping, and boat service. The unit is designed around practical storage needs while incorporating durable materials and dedicated access features.
The property carries a Traverse City mailing address in Leelanau County, Michigan. On-site services support boat and RV ownership, including indoor and outdoor storage, winterizing, shrink-wrapping, and boat service. The unit is designed around practical storage needs while incorporating durable materials and dedicated access features.
Key Highlights
- 1,218‑square‑foot commercial storage condo built in 2022
- 20‑foot ceiling with an 18' high by 16' wide overhead door
- 20' x 57' 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
6.97%
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
Property Profile
Current Use
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 - Modern steel construction offers heated storage with LED lighting and a wide overhead door.
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; 20‑foot ceiling with an 18' high by 16' wide overhead door; 20' x 57' interior floor dimensions
