Heated Self-Storage
For Sale
$145,000
8597 E Bingham Rd Unit 7 Traverse, Traverse City, MI 49684
Commercial storage condominium with secure access, vehicle-service support, and a heated interior for flexible storage use.
Property Size1,218 SF
Price / SF$119.05
Days on Market11
Property Features for 8597 E Bingham Rd Unit 7 Traverse
General Information
Standard status
Active
Size
1,218 SF
Property subtype
Self Storage
Warehouse & Industrial
Clear Height
20 ft
Warehouse Space
1,218 SF
Amenities
boat and RV concierge and maintenance services
secure unit
Building Details
Building Size
1,218 SF
Year Built
2022
Listing Agency:
Three West LLC
(231) 642-6300
Listed By:
David Coonrod · License #6501426180
(231) 642-6300
Source:
Thebrokerlist
Added: Aug 1
Changed: Aug 2
Last Checked: Aug 11 at 4:40AM
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 commercial storage condominium provides 1,218 square feet of enclosed space within a 2022-built facility. The unit measures 20' x 57' and includes a 20-foot ceiling, natural gas ceiling-mounted heat, LED lighting, and an overhead door measuring 18' high by 16' wide. These features support storage of larger equipment, vehicles, and inventory while maintaining a controlled interior environment.
On-site boat and RV concierge and maintenance services add operational convenience for users storing recreational vehicles. The property is positioned on the north side of Bingham Rd, east of South Lake Leelanau Dr., in Leelanau County, Michigan.
On-site boat and RV concierge and maintenance services add operational convenience for users storing recreational vehicles. The property is positioned on the north side of Bingham Rd, east of South Lake Leelanau Dr., in Leelanau County, Michigan.
Key Highlights
- 1,218 SF storage condominium built in 2022
- 20‑foot ceiling and 20' x 57' interior dimensions
- 18' high by 16' wide overhead door
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
7.01%
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 7.01%
Second Best
Warehouse
$138.5K
$121.2K – $161.6K
NOI $9,693 @ 7.0% cap · market cap 6.68%
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
Current Use
Lease Details
20 ft
Clear height
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Self storage facility - Commercial storage condominium with secure access, vehicle-service support, and a heated interior for flexible storage use.
Where is this self storage facility located?
The property is located at 8597 E Bingham Rd Unit 7 Traverse 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 SF storage condominium built in 2022; 20‑foot ceiling and 20' x 57' interior dimensions; 18' high by 16' wide overhead door
