Warehouse Storage
For Sale
$139,000
E 8597 E Bingham Road Unit SourceFi, Traverse City, MI 49684
Built in 2022, this storage unit combines LED lighting, natural gas heat, and practical access for large equipment.
Property Size1,218 SF
Price / SF$114.12
Days on Market86
Property Features for E 8597 E Bingham Road Unit SourceFi
General Information
Standard status
Active
Size
1,218 SF
Property subtype
Industrial
Warehouse & Industrial
Clear Height
20 ft
Warehouse Space
1,218 SF
Amenities
on-site boat and RV concierge and maintenance services
3
Metal
2158
Building Details
Year Built
2022
Construction
Cold Form steel
Listing Agency:
Three West, LLC
(231) 642-6300
Listed By:
David Coonrod · License #6501426180
(231) 642-6300
Source:
Xome
Added: Jun 6
Changed: Aug 30
Last Checked: Aug 30 at 12:57AM
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.
This 1,218-square-foot warehouse storage condo was completed in 2022 and constructed with cold-form steel. The interior provides a 20-foot ceiling, a 20-by-57-foot floor area, LED lighting, and an 18-foot overhead door measuring 16 feet wide. A ceiling-mounted natural gas heating system supports year-round utility.
Located in Leelanau County near Traverse City, the property also offers access to on-site boat and RV concierge and maintenance services. Available services include indoor and outdoor boat storage, winterizing, shrink-wrapping, and boat service, providing added support for marine and recreational equipment.
Located in Leelanau County near Traverse City, the property also offers access to on-site boat and RV concierge and maintenance services. Available services include indoor and outdoor boat storage, winterizing, shrink-wrapping, and boat service, providing added support for marine and recreational equipment.
Key Highlights
- 1,218 square feet with a 20‑foot ceiling and 20‑by‑57‑foot floor area
- 18‑foot overhead door spanning 16 feet wide
- Completed in 2022 with cold‑form steel construction
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
$10,166
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
7.31%
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%
$203,320
$203.3K
Cap Rate 7%
$145,229
$145.2K
Cap Rate 9%
$112,956
$113.0K
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
$15.8K $12.96/SF
− Vacancy
−$1.3K −$1.04/SF
EGI
$14.5K $11.92/SF
− OpEx
−$4.4K −$3.58/SF
NOI
$10.2K $8.35/SF
Area
Grand Traverse County, MI
Vacancy
8.00%
Lease Rate
$12.96 /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%
$203,320
Cap Rate 7%
$145,229
Cap Rate 9%
$112,956
Alternative Uses
Best Use
Self Storage
$145.2K
$127.1K – $169.4K
NOI $10,166 @ 7.0% cap · market cap 7.31%
Second Best
Warehouse
$138.5K
$121.2K – $161.6K
NOI $9,693 @ 7.0% cap · market cap 6.97%
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
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
- 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 - Built in 2022, this storage unit combines LED lighting, natural gas heat, and practical access for large equipment.
Where is this warehouse located?
The property is located at E 8597 E Bingham Road Unit SourceFi 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 feet with a 20‑foot ceiling and 20‑by‑57‑foot floor area; 18‑foot overhead door spanning 16 feet wide; Completed in 2022 with cold‑form steel construction
