626 Luther St Luther, MI 49656-5102

Property Details for 626 Luther St

Lot size

0.56 lot acres

Property type

Commercial real estate

APN

43-101-002-00

APU

4310100200

Description

This exceptional value-add self-storage investment opportunity encompasses two strategically located facilities in Luther and Le Roy, Michigan. The portfolio comprises four buildings totaling 6,068 square feet, housing 42 units ranging in size from 5' x 10' to 18' x 36'. Currently boasting 95.6% occupancy (as of July 2, 2024), the properties generate a Net Operating Income (NOI) of $16,871. However, a pro-forma NOI of $30,213 reflects significant upside potential through rental rate increases, aligning with market averages. The Luther location enjoys a monopoly within a 10-mile radius, while the Le Roy location benefits from a downtown position. Both sites are conveniently situated near US Route 131, between Cadillac and Reed City, offering excellent accessibility. The asking price is $325,000, representing $53.56 per square foot and $7,738 per unit. The current cap rate stands at 5.19%, with a pro-forma cap rate projected at 9.30%, highlighting the substantial return on investment potential. This presents a compelling opportunity for investors seeking strong cash flow and significant appreciation potential in a growing market. The properties offer substantial expansion possibilities, further enhancing their long-term value.

Location Insight

City

Luther

County

Lake

State

Michigan

Longitude

-85.6833

Latitude

44.0405

Property Tax & Assessments