Mixed-Use Property Near Train
1115 Franklin St, Michigan City, IN 46360
For Sale
$499,000
Fully leased mixed-use property with retail and residential units.
Property Size5,737 SF
Price / SF$86.98
Days on Market229
Property Features for 1115 Franklin St
General Information
Standard status
Size
Building Details
Year Built
Listing Agency:
Blackrock Real Estate Services
Listed By:
Kimberly Fowler · License IN RB21000186
(219) 331-5496
Source:
Amyboston.realtopiare
Added: Mar 27
Changed: Nov 9
Last Checked: Nov 8 at 8:44AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Blackrock Real Estate Services
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Investment Insights
Based on property information with market context.
This mixed-use property is located in downtown Michigan City, one block from the south shore train station. The property features a street-level retail space with high visibility and foot traffic. Above the retail space are two residential apartments, one of which has been renovated with modern finishes. A separate carriage house adds to the property's versatility. All units are currently rented with active leases. This property is positioned as an investment opportunity in a desirable location, offering immediate cash flow and long-term potential.
Key Highlights
- Prime downtown Michigan City location, one block from the South Shore train station.
- Fully leased, mixed‑use property providing immediate cash flow.
- Street‑level retail space with excellent visibility and foot traffic.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,854
Cap Rate
7.79%
Suggested Prices Based on Cap Rates
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
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 Rate 5%
$777,080
Cap Rate 7%
$555,057
Cap Rate 9%
$431,711
Alternative Uses
Best Use
Mixed Use
$555.1K
$485.7K – $647.6K
NOI $38,854 @ 7.0% cap · market cap 7.79%
Second Best
—
—
no second resolved use
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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,069
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased mixed-use property with retail and residential units.
Where is this mixed-use property located?
The property is located at 1115 Franklin St 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: Prime downtown Michigan City location, one block from the South Shore train station.; Fully leased, mixed‑use property providing immediate cash flow.; Street‑level retail space with excellent visibility and foot traffic.
