8597 E Bingham Rd Unit 7 Traverse, Traverse City, MI 49684

Building Details

Building Size 1,218 SF More

Year Built 2022 More

Listing Agency: Three West LLC

Listed By: David Coonrod · License MI #6501426180 Show Phone

Source: Thebrokerlist

Added: Aug 1 Changed: Nov 6 Last Checked: Nov 10 at 5:09AM

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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.

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.

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 / Yr

$10,166

Cap Rate

7.01%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$203,320 $203.3K

Cap Rate 7%

$145,229 $145.2K

Cap Rate 9%

$112,956 $113.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,218 SF

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 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 (±1% cap)

NOI $10,166 @ 7.0% cap · market cap 7.01%

Second Best

Warehouse

$138.5K

$121.2K – $161.6K (±1% cap)

NOI $9,693 @ 7.0% cap · market cap 6.68%

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

Current Use

Self storage facilities

Suggested Use

Top Pick Real Estate Agency Restaurant Grocery & Convenience Store Food Market Hotel & Motel

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

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 Self storage facilities in Grand Traverse County, MI

$118 Jul

$118 Aug

$132 Sep

$127 Oct

Properties on Market for Self storage facilities in Grand Traverse County

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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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