Mixed-Use Property with
For Sale
$499,000
1115 Franklin Street, Michigan City, IN 46360
Commercial Sale, Michigan City, IN
Property Size5,737 SF
Lot Size0.06 Acres
Price / SF$86.98
Days on Market182
Property Features for 1115 Franklin Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking features
On Street
Basement
Full
Appliances
Gas Range, Refrigerator
Subdivision
Land Companys Add
Lot features
Corner Lot
View
City
Directions
North on Franklin from Highway 20
Standard status
Active
APN
460129466015000022
Size
5,737 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
42-01-29-466-015 LAND CO 23-1/2 FT S SD LTS 12 & 13 BLK 95 & 23-1/2 FT S SD LT 9 EX 15 FT W SD LT 9 BLK 95
Tax Annual Amount
4618
Legal Description
42-01-29-466-015 LAND CO 23-1/2 FT S SD LTS 12 & 13 BLK 95 & 23-1/2 FT S SD LT 9 EX 15 FT W SD LT 9 BLK 95
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1900
Listing Agency:
Blackrock Real Estate Services
(219) 262-0086
Listed By:
Kimberly Fowler
(219) 331-5496
Added: Mar 17
Changed: Sep 11
Last Checked: Sep 14 at 12:06AM
MLS# 835608
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property contains 5,737 square feet with a street-level retail area, two residential apartments, and a separate carriage house. One apartment has been renovated with modern finishes. The building also includes a basement, forced-air natural gas heating, public water, and public sewer service. Improvements include a new roof installed in 2024, a furnace, and 200 amp electrical service. Gas range and refrigerator appliances are included.
All units are currently rented with active leases in place. The property occupies 0.06 acres at 1115 Franklin Street in Michigan City, Indiana, and is located one block from the South Shore train station. On-street parking is available. Built in 1900, the property offers a combination of retail and residential space within a single commercial asset.
All units are currently rented with active leases in place. The property occupies 0.06 acres at 1115 Franklin Street in Michigan City, Indiana, and is located one block from the South Shore train station. On-street parking is available. Built in 1900, the property offers a combination of retail and residential space within a single commercial asset.
Key Highlights
- 5,737‑square‑foot mixed‑use property with street‑level retail and two residential apartments
- Separate carriage house adds a distinct secondary structure to the property
- All units are rented with active leases in place
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,854
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$777,080
$777.1K
Cap Rate 7%
$555,057
$555.1K
Cap Rate 9%
$431,711
$431.7K
Market Conditions
NOI Build-Up for 5,737 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$68.8K $12.00/SF
− Vacancy
−$6.7K −$1.16/SF
EGI
$62.2K $10.84/SF
− OpEx
−$23.3K −$4.06/SF
NOI
$38.9K $6.77/SF
Area
LaPorte County, IN
Vacancy
9.70%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$777,080
Cap Rate 7%
$555,057
Cap Rate 9%
$431,711
Alternative Uses
Best Use
Retail
$771.9K
$675.4K – $900.5K
NOI $54,030 @ 7.0% cap · market cap 10.83%
Second Best
Apartment 5plus
$659.2K
$576.8K – $769.1K
NOI $46,147 @ 7.0% cap · market cap 9.25%
Theoretical Best
Specialty Retail
$1.59M
$1.40M – $1.86M
NOI $111,643 @ 7.0% cap · market cap 22.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,069
Businesses Nearby
Explore this area
Business Placement
Demographics for 46360, IN
44,209
Population
21,652
Households
2
Avg Household Size
42
Median Age
23%
College-Educated
90%
High-School Grad
76.6 sq mi
ZIP Area
577
Density / Sq Mi
$59,641
Median Household Income
$36,738
Median Earnings
$924
Median Rent
$155,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased building combines street-level retail, two apartments, and a separate carriage house near the South Shore train station.
Where is this mixed-use property located?
The property is located at 1115 Franklin Street Michigan City, IN.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 5,737‑square‑foot mixed‑use property with street‑level retail and two residential apartments; Separate carriage house adds a distinct secondary structure to the property; All units are rented with active leases in place
