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    710 Franklin Street Michigan City, IN 46360

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    Claim this Listing
    Pending
    $1,600,000

    SINGLE_FAMILY - Michigan City, IN

    Type:Retail
    Property size:
    21,730 SF
    Lot size:
    0.46 Acres
    Added:
    Nov 20, 2024
    Days on Market:
    516
    Last Refresh:
    Apr 20 at 4:06 pm

    Property Features for 710 Franklin Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Rooms
    Basement
    Parking
    28
    Parking features
    Off Street, Parking Lot
    Interior features
    Storage
    Exterior features
    Lighting
    Basement
    Concrete
    Standard status
    Pending
    APN
    640924133002000004
    Size
    21,730 SF
    Lot size
    0.46 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    42-01-29-412-002 E O S N 1/2 LT 3 BLK 32. TIF ASSMT #51
    Tax Annual Amount
    10190

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1914
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Michael Becze

    Listing agent Michael Becze License #RB22000047

    Listing office McColly Real Estate 850 Deer Creek Dr, Schererville, IN

    Listing date Nov 20, 2024

    MLS# 814372

    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.

    Overview

    Mixed-Use Property Near Chicago Train

    This property presents multiple options and is currently offered for lease. Its highest and best use is for mid to large offices or businesses, with an average price of $12.00 per square foot annually. The property is suitable for conversion into apartments or lofts on the second floor, with commercial retail on the first floor, and development of the parking lot. The area is best suited for mixed-use development. The building is located four blocks from the train, which offers express service to Chicago, and is near new residential and commercial developments. Michigan City is approximately one hour from Chicago and 20 minutes from Michigan, and 1.2 miles from Lake Michigan. The building has 600 AMP service and is located in a TIF and opportunity zone. Facade grants are available. Future restaurant owners or tenants can obtain a 3-way liquor license. The lot size is 0.46 acres and the property size is 21730 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dr. Jay T. ... Pediatrician Coinhub Bitcoin ATM ... Atm Brittanie Lee Patel Dental Office Dr. John Avila Dental Office Gaurav Desai Dental Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Michigan City
    County
    LaPorte
    State
    Indiana
    Longitude
    -86.900097
    Latitude
    41.714795

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property near train to Chicago with development potential.
    Where is this mixed-use property located?
    The property is located at 710 Franklin Street Michigan City, IN.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: Prime location: Just 4 blocks to the train with express service to Chicago, and near new residential/commercial development.; Mixed‑use potential: Ideal for conversion to apartments/lofts, retail, and parking lot development.; Investment incentives: Located in a TIF and opportunity zone with facade grants available.
    (219) 378-8308
    We can help!
    Listing Contact
    Michael Becze
    Real Estate License ID: RB22000047
    Learn More
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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
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