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    2814 Franklin St Michigan City, IN 46360

    View on Map
    Sponsored
    For Sale
    $749,000

    SINGLE_FAMILY - Michigan City, IN

    Type:Office
    Property size:
    3,960 SF
    Lot size:
    0.51 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 30 at 10:06 pm

    Property Features for 2814 Franklin St

    General Information

    Property type
    Residential
    Property subtype
    Office
    Standard status
    Active
    Security features
    Security System
    APN
    460133312022000022
    Parking
    27
    Parking features
    Alley, Off Street
    Size
    3,960 SF
    Lot size
    0.51 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1962

    We can help!

    Listing Contact
    Zane Galloway

    Coldwell Banker Residential

    Listing agent Zane Galloway

    Listing date Mar 30, 2026

    MLS# 836234

    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.

    Learn more

    Property Insight Report

    Overview

    Move-In Ready Office Building

    This move-in ready office building is located along Franklin Street in the Edgewood Neighborhood. Constructed of CMU block, brick, and stucco, the building underwent a full remodel in 1994 with the assistance of an architect and interior designer. A parking lot provides 27 spaces with multiple points of ingress and egress. The interior features a spacious waiting room and reception area with three reception windows. Skylights provide natural light throughout the halls. There are a total of 10 offices, with two large enough for conference use. Two small testing rooms are located between the hall and reception area. Additional storage rooms are available for organization and secure document storage. The utility room has both interior and exterior access. The building is ADA compliant, featuring two ADA bathrooms and ramp access from the parking lot. Employees have access to a break area and a designated employee bathroom. A new vinyl roof and underlayment insulation were installed in 2016, and an IB roof coating was applied in 2024. The landscaping and grass are irrigated. The building has an active security system. The building's layout allows for the potential of multiple tenants. The property has a size of 3960 square feet and sits on a lot of 0.5096 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Brennen Constance Counselor

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Michigan City
    County
    LaPorte
    State
    Indiana
    Longitude
    -86.893908
    Latitude
    41.698833

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    FAQs

    What type of property is this?
    Office building - Office building in Edgewood Neighborhood with ample parking.
    Where is this office building located?
    The property is located at 2814 Franklin St Michigan City, IN.
    What is the asking price?
    The asking price for this property is $749,000.
    What are key features of this property?
    This property features: - Large parking lot with 27 spaces and multiple access points.; - **Move-in ready condition** with a full remodel completed by an architect and interior designer.; - 10 offices, including two large enough for conference use.
    (847) 404-8900
    Request Owner's contact information
    2814 Franklin St Michigan City, IN 46360
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    Michigan City, IN 46360
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    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
    2814 Franklin St Michigan City, IN 46360
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    We can help!
    Listing Contact
    Zane Galloway
    Real Estate License ID: RB16000549
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