Multi-Entrance Office
For Sale
Under Contract
$699,900
4121 Franklin Street, Michigan City, IN 46360
Commercial Sale, Michigan City, IN
Property Size3,840 SF
Lot Size0.50 Acres
Price / SF$182.27
Days on Market289
Property Features for 4121 Franklin Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Parking
24
Interior features
Entrance Foyer, Recessed Lighting, Laminate Counters
Exterior features
Lighting, Storage, Rain Gutters
Appliances
Microwave, Water Heater, Stainless Steel Appliance(s), Refrigerator
Lot features
Few Trees, Near Public Transit, Paved, Landscaped
View
City
Directions
US Route 20 to Franklin St. 421 South to Property
Standard status
Active Under Contract
APN
460508226013000009
Size
3,840 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PCE 150 X 150 FT IN E 1/2 NE 1/4 CMG. 1496.02 FT N OF 42.93 FT W OF E QTR. COR S8 T37 R4. .51 A.
Tax Annual Amount
11500
Legal Description
PCE 150 X 150 FT IN E 1/2 NE 1/4 CMG. 1496.02 FT N OF 42.93 FT W OF E QTR. COR S8 T37 R4. .51 A.
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
Lighted Marquee
New Deck
New LED Lighting
New Furnaces
New Central Air Conditioning
Building Details
Year built
1984
Additional Structures
Storage
Listing Agency:
Realty Executives Premier · Realty Executives International
(219) 462-2224
Listed By:
Annette McIntyre · License #RB14030902
(219) 363-1117
Added: Nov 14, 2025
Changed: Aug 19
Last Checked: Aug 30 at 3:06PM
MLS# 830817
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.
The 3,840-square-foot office building sits on a 0.5-acre lot and is currently utilized as a school. Its layout includes 11 offices, three separate entrances, two restrooms, an entrance foyer with waiting area, and a meeting or gathering room that can also serve as a break room. A rear deck, storage, recessed lighting, laminate counters, and public water and sewer add to the existing improvements. Two brand-new furnaces and two brand-new central air conditioning units are separately metered.
The property provides 150 feet of frontage, 24 designated parking spaces, and a lighted marquee. It is positioned near I-94 within an established shopping area of Michigan City, with an annual average daily traffic count of approximately 23,000. The building was constructed in 1984 and includes natural-gas forced-air heating.
The property provides 150 feet of frontage, 24 designated parking spaces, and a lighted marquee. It is positioned near I-94 within an established shopping area of Michigan City, with an annual average daily traffic count of approximately 23,000. The building was constructed in 1984 and includes natural-gas forced-air heating.
Key Highlights
- 3,840‑square‑foot office building on a 0.5‑acre lot
- 11 offices, 2 restrooms, foyer, waiting area, and meeting or gathering room
- Three separate entrances support multiple occupants
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
$39,226
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
5.60%
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%
$784,520
$784.5K
Cap Rate 7%
$560,371
$560.4K
Cap Rate 9%
$435,844
$435.8K
Market Conditions
NOI Build-Up for 3,840 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
$57.6K $15.00/SF
− Vacancy
−$5.3K −$1.38/SF
EGI
$52.3K $13.62/SF
− OpEx
−$13.1K −$3.41/SF
NOI
$39.2K $10.22/SF
Area
LaPorte County, IN
Vacancy
9.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$784,520
Cap Rate 7%
$560,371
Cap Rate 9%
$435,844
Alternative Uses
Best Use
Office B
$560.4K
$490.3K – $653.8K
NOI $39,226 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.07M
$934.1K – $1.25M
NOI $74,727 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
575
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Configured with multiple office rooms, meeting space, separate entrances, and updated mechanical systems.
Where is this office building located?
The property is located at 4121 Franklin Street Michigan City, IN.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 3,840‑square‑foot office building on a 0.5‑acre lot; 11 offices, 2 restrooms, foyer, waiting area, and meeting or gathering room; Three separate entrances support multiple occupants
