Move-In Ready Office
2814 Franklin Street, Michigan City, IN 46360
SINGLE_FAMILY - Michigan City, IN
Type:Office
Property size:
3,960 SFLot size:
0.51 AcresPrice / SF:
$189/SF- Added:
- Mar 30, 2026
- Days on Market:
- 55
- Last Refresh:
- May 23 at 3:06 pm
Property Features for 2814 Franklin Street
General Information
- Property type
- Residential
- Property subtype
- Office
- Parking
- 27
- Parking features
- Alley, Off Street
- Security features
- Security System
- Standard status
- Active
- APN
- 460133312022000022
- Size
- 3,960 SF
- Lot size
- 0.51 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- 42-01-33-312-022 OAKLAWN ADD LOT 1 & VAC 15 FT ALLEY BTW LTS 1 & 2 BLK 3
- Tax Annual Amount
- 5871
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Forced Air
- Water source
- Public
Building Details
- Year built
- 1962
Listing agent Zane Galloway License #RB16000549 (219) 707-9282
Listing office Coldwell Banker Realty 10 N Whittaker St., New Buffalo, IN (269) 469-3950
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.
HighLights
- Large, private parking lot with 27 spaces and multiple access points.
- Move‑in ready, professionally remodeled office building.
- Roof replaced with new vinyl and IB coating for extended life.
- ADA compliant with ramp access and two ADA bathrooms.
- Ten offices, including two large conference‑sized rooms.
- Active security system.
Overview
This move-in ready office building is located along Franklin Street in the Edgewood neighborhood. Constructed of CMU block, brick, and stucco, the building was professionally designed and fully remodeled in 1994. A large, private parking lot provides 27 spaces with multiple points of ingress and egress. The interior features a bright and spacious waiting room and a large reception area that accommodates 4 support staff members. Skylights provide ample light and an open feel through 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 allow for maximum organization and secure storage. The utility room has interior and exterior access for easy building maintenance. The building is ADA compliant, featuring two ADA bathrooms and easy ramp access from the parking lot. Employees can utilize the break area and 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 through Sentinel Alarm. The building layout allows for the potential of multiple tenants. The property occupies a lot of 0.5096 acres and the building size is 3960 square feet.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$449.5K
NOI $40,451 @ 9.00% cap · cautious / downside scenario
Moderate
$577.9K
NOI $40,451 @ 7.00% cap · market / base-case scenario
Aggressive
$809.0K
NOI $40,451 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $59.4k | $15.00 |
| − Vacancy | −$5.5k | −$1.38 |
| EGI | $53.9k | $13.62 |
| − OpEx | −$13.5k | −$3.41 |
| NOI | $40.5k | $10.22 |
3,960 SF · lease $15.00/SF/yr · vacancy 9.20% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$577.9K
$505.6K – $674.2K
NOI $40,451 @ 7.0% cap · market cap 5.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.10M
$963.3K – $1.28M
NOI $77,063 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Brennen Constance
Counselor
Location Insight
- Map
- Local Demand
- City
- Michigan City
- County
- LaPorte
- State
- Indiana
- Longitude
- -86.893908
- Latitude
- 41.698833
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - Professionally designed office building in Edgewood neighborhood with ample parking.
Where is this office building located?
The property is located at 2814 Franklin Street 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, private parking lot with 27 spaces and multiple access points.; Move‑in ready, professionally remodeled office building.; Roof replaced with new vinyl and IB coating for extended life.
