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    Michigan City Multi-Family Property Title is generated by Realmo AI

    115 Greenwood Avenue, Michigan City, IN 46360

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    For Sale
    $149,999

    MULTI_FAMILY - Michigan City, IN

    Property size:
    2,184 SF
    Lot size:
    0.13 Acres
    Price / SF:
    $68/SF
    Added:
    May 20, 2026
    Days on Market:
    3
    Last Refresh:
    May 22 at 9:06 am

    Property Features for 115 Greenwood Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 1
    Parking
    4
    Parking features
    Alley
    Window features
    Wood Frames
    Patio and Porch features
    Porch
    Pets allowed
    Dogs OK, Cats OK
    Interior features
    Laminate Counters
    Exterior features
    Private Yard
    Basement
    Unfinished, Storage Space, Full
    Appliances
    Dryer, Washer, Refrigerator, Gas Range
    Standard status
    Active
    APN
    460133301005000022
    Size
    2,184 SF
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    42-01-33-301-005 SANBORNS 4TH LT 3 BLK 31
    Tax Annual Amount
    1169

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Water source
    Public

    Building Details

    Year built
    1917
    Floors in Building
    2

    We can help!

    Listing Contact
    C. Allen Watkins

    Listing agent C. Allen Watkins

    Listing office McColly Real Estate 3235 Willowcreek Road, Schererville, IN

    Listing date May 20, 2026

    MLS# 839237 Listing URL

    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

    • Two‑unit property in the heart of Michigan City.
    • Four bedrooms and three bathrooms total.
    • Roof and two energy‑efficient furnaces are only 5 years old.
    • Two central air units.
    • Full basement.
    • Private yard with white vinyl privacy fence.

    Overview

    This two-unit multi-family property is located in Michigan City, Indiana. The building features a total of four bedrooms and three baths within its 2,184 square feet. The first floor is currently rented below market value at $500 with no lease in place. The second floor is owner-occupied. The property includes a full basement and two 100 amp circuit breaker boxes. The roof is composed of architectural shingles and is approximately 5 years old. The property is equipped with two energy-efficient furnaces, also 5 years old, and two central air units. A white vinyl privacy fence surrounds the property, which sits on a 0.1277-acre lot. The property requires some updates and cosmetic improvements.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Michigan City
    County
    LaPorte
    State
    Indiana
    Longitude
    -86.893498
    Latitude
    41.702271

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    FAQs

    What type of property is this?
    Duplex - Two-unit property with four bedrooms and three baths.
    Where is this duplex located?
    The property is located at 115 Greenwood Avenue Michigan City, IN.
    What is the asking price?
    The asking price for this property is $149,999.
    What are key features of this property?
    This property features: Two‑unit property in the heart of Michigan City.; Four bedrooms and three bathrooms total.; **Roof and two energy‑efficient furnaces are only 5 years old.**
    (219) 307-1159
    We can help!
    Listing Contact
    C. Allen Watkins
    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.

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