For Sale
$1,890,000

1337 Mitchell StCadillac, MI 49601

High-Occupancy Self Storage Facility in Cadillac, MI

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a well-maintained, two-building self-storage facility located at 1337 N Mitchell St, Cadillac, MI 49601. Boasting 23,725 square feet on a 1.78-acre lot, the property includes 125 units and a separate office building. Constructed in 1970 and extensively renovated in 2022, the facility enjoys a 95% occupancy rate, generating a strong net operating income (NOI) of $130,415 and a 6.90% cap rate. The property's prime location in a thriving commercial area, near major retailers and businesses, ensures consistent demand. The single-story buildings offer easy access and management. This Class B, multi-tenant property is an owner/user investment opportunity with a proven track record of long-term tenants, exceeding 25 years in some cases. The strong local economy, with consistent job and population growth in Cadillac, further enhances the investment potential. The asking price is $1,890,000. The property's parcel number is 2209-SA0105-01.

Highlights

  • Exceptional investment opportunity: 23,725 SF self-storage facility on 1.78 acres in Cadillac, MI.
  • 125 units & separate office building; 95% occupancy.
  • $130,415 NOI, 6.90% cap rate, $1,890,000 asking price.
  • Renovated in 2022, Class B multi-tenant property with long-term tenants.
  • Prime Cadillac location near major retailers, strong local economy.

Property Details for 1337 Mitchell St

Property type
Office properties, Self storage facilities
Square Feet
23,725 SF
Class
B
Year Built/Renovated
1970/2022
Buildings
2
Stories
1
Lot Size (sq. ft)
77,537 SF
Units
125

Location Insight

City
Cadillac
County
Wexford
State
Michigan
Latitude
44.268542775809
Longitude
-85.406529531629
1337 Mitchell St, Cadillac, Michigan

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1337 Mitchell St
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