N Mitchell St Storage | 1337 N Mitchell St
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N Mitchell St Storage 1337 N Mitchell St
23,725 SF 100% Leased Office Building Cadillac, MI 49601 $1,890,000 ($80/SF) 6.90% Cap Rate
Investment Highlights
- Historically over 90% occupied
- 2 occupied office spaces
- 123 Storage units
Executive Summary
North Mitchell Street Plaza is ideally situated at the corner of N Mitchell St (Bus 131) and E 13th St, in the heart of a thriving commercial hub surrounded by Big Box stores, restaurants, gas stations, and industrial businesses. With a strong track record of long-term tenants spanning over 25 years, this property offers excellent investment potential.
The plaza features a two-unit office building along with 125 self-storage units of various sizes, consistently maintaining over 90% occupancy.
The City of Cadillac continues to see consistent job growth in recent years. With the population growth over 3% year after year, it is the second most-populated city in the Northern Michigan region, after Traverse City.
The plaza features a two-unit office building along with 125 self-storage units of various sizes, consistently maintaining over 90% occupancy.
The City of Cadillac continues to see consistent job growth in recent years. With the population growth over 3% year after year, it is the second most-populated city in the Northern Michigan region, after Traverse City.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$175,218
|
$7.39
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$44,802
|
$1.89
|
| Net Operating Income |
$130,416
|
$5.50
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $175,218 |
| Annual Per SF | $7.39 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $44,802 |
| Annual Per SF | $1.89 |
| Net Operating Income | |
|---|---|
| Annual | $130,416 |
| Annual Per SF | $5.50 |
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
23,725 SF
Building Class
C
Year Built
1970
Price
$1,890,000
Price Per SF
$80
Cap Rate
6.90%
NOI
$130,416
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
23,725 SF
Building FAR
0.31
Lot Size
1.77 AC
Zoning
C-2 - Commercial
1 of 1
PROPERTY TAXES
| Parcel Number | 2209-SA0105-01 | Improvements Assessment | $0 (2024) |
| Land Assessment | $0 (2024) | Total Assessment | $495,200 (2024) |
PROPERTY TAXES
Parcel Number
2209-SA0105-01
Land Assessment
$0 (2024)
Improvements Assessment
$0 (2024)
Total Assessment
$495,200 (2024)
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N Mitchell St Storage | 1337 N Mitchell St
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