Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    8597 Bingham Rd Traverse City, MI 49684

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Modern 1,218 sq ft storage unit, heated.

    Property size:
    1,218 SF

    Property Features for 8597 Bingham Rd

    General Information

    Property type
    Self storage facilities
    Square Feet
    1,218 SF

    Building Details

    Year Built
    2022
    Stories
    1

    We can help!

    Listing Contact
    Kevin Endres
    Kevin Endres

    Listing Agency: Three West, LLC Listing Agent: Kevin Endres

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 1,218-square-foot commercial storage condo, built in 2022, presents a lucrative investment opportunity in Traverse City, Michigan's picturesque Leelanau County. Located at 8597 E Bingham Rd, Unit 4, this single-story unit boasts a spacious layout (20' x 57'), perfect for diverse storage needs. The high ceilings (20 feet) and expansive 16-foot-wide by 18-foot-high overhead door provide easy access for large items. Modern LED lighting illuminates the entire space, enhancing functionality. A natural gas ceiling-mounted heating unit ensures year-round climate control. The property is zoned for commercial use and features convenient on-site boat and RV concierge and maintenance services. The asking price is $159,000, translating to $130.54 per square foot. The APN is 001-595-004-00. This secure unit offers a blend of convenience, functionality, and accessibility in a desirable location, making it an ideal investment. The property is privately owned.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Suggested Use

    Building Supply Auto Repair Shop Hotel & Motel Accounting Firm HVAC Service Storage Facility Daycare Center Bed & Breakfast

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Leelanau
    State
    Michigan
    Longitude
    -85.6819521
    Latitude
    44.8782855

    Nearby Similar for Sale

    • $675,000
      3,294 SF

      Traverse City Office Condominium

      Single-story office condominium in a wooded Traverse City office park.
      920 S Garfield Ave, Traverse City, MI 49686
      View Details
    • $985,000
      4,995 SF

      Traverse City Office Condominium

      Single-story office condominium in Traverse City, Michigan.
      920 S Garfield Ave, Traverse City, MI 49686
      View Details
    • $685,000
      4,789 SF

      Traverse City Redevelopment Opportunity

      Redevelopment or re-use project in Traverse City, Michigan.
      114 E Griffin St, Traverse City, MI 49684
      View Details
    • $749,000
      1,864 SF

      Traverse City Office Building For Sale

      1864 SF office building on 0.25 acres in Traverse City.
      1040 E Front St, Traverse City, MI 49686
      View Details
    • $899,000
      2,983 SF

      Remodeled Office Building in Old Town

      2,983 SF office building in high-traffic Old Town Traverse City.
      410 S Union St, Traverse City, MI 49684
      View Details
    • $610,050
      1,743 SF

      Retail Condo in Downtown Traverse

      New retail condo in Traverse City, completion June 2026.
      135 Pine St, Traverse City, MI 49684
      View Details
    • $625,000
      5,038 SF

      Remodeled Traverse City Office Building

      5,038 SF commercial building in Traverse City, Michigan.
      3639 Cass Rd, Traverse City, MI 49685
      View Details
    • $625,000
      5,038 SF

      Remodeled Office Building Investment Opportunity

      Recently remodeled 5,038 SF commercial building in Traverse City, MI.
      3639 Cass Rd, Traverse City, MI 49685
      View Details
    • $285,000
      1,386 SF

      Traverse City Office Condominium

      Single-story office condo in Traverse City with private entrance.
      920 S Garfield Ave, Traverse City, MI 49686
      View Details
    • $1,400,000
      5,064 SF

      Historic Traverse City Building For Sale

      Unique stand-alone building in prime location, ideal for business or living.
      601 Randolph St, Traverse City, MI 49684
      View Details
    • $749,000
      3,840 SF

      High-Visibility Corner Lot on US-31

      Corner lot on US-31 with high traffic and commercial zoning.
      305 S Us Highway 31, Traverse City, MI 49685
      View Details
    • $498,000
      2,843 SF

      Modern Office Space in Traverse

      Spacious office in Traverse City with ample parking.
      10161 E Pickwick Ct, Traverse City, MI 49684
      View Details

    FAQs

    What type of property is this?
    Self storage facility - Modern 1,218 sq ft storage unit, heated.
    Where is this self storage facility located?
    The property is located at 8597 Bingham Rd Traverse City, MI.
    What is the asking price?
    The asking price for this property is $159,000.
    What are key features of this property?
    This property features: $159,000 asking price for this 1,218 square foot storage condo.; Located at 8597 E Bingham Rd, Unit 4, Traverse City, MI 49684.; Built in 2022, this single-story, commercially zoned unit features 20-foot ceilings and an 18' x 16' overhead door.
    (231) 929-2955 Call to check price and availability
    Request Owner's contact information
    8597 Bingham Rd Traverse City, MI 49684
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    8597 Bingham Rd
    Traverse City, MI 49684
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    8597 Bingham Rd Traverse City, MI 49684
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Kevin Endres
    Kevin Endres
    Real Estate License ID: 6505352968
    (231) 929-2955 (231) 534-5225
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!