Two-Unit Medical Office
For Sale
$324,900
1200 S Woodland Ave, Michigan City, IN 46360
Two-unit office building currently medical/office space and fully leased with 17 parking spaces.
Property Size2,512 SF
Price / SF$129.34
Days on Market165
Property Features for 1200 S Woodland Ave
General Information
Standard status
Active
Size
2,512 SF
Total Parking Spaces
17
Zoning
B2
Occupancy
100%
Building Details
Year Built
1987
Listing Agency:
@properties/Christie's Intl RE
Listed By:
Brian Volckmann
(219) 561-1505
Source:
Realtopiare
Added: Mar 28
Changed: Sep 8
Last Checked: Sep 8 at 3:55AM
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 @properties/Christie's Intl RE
Investment Insights
Based on property information with market context.
This two-unit commercial building is currently configured for medical/office use and is fully leased. The property offers a simple, income-producing setup with two distinct units within the same building.
Located on a busy corner on S Woodland Avenue in Michigan City, the site provides ample off-street parking with 17 spaces, supporting convenient tenant and visitor access. The property is zoned B2.
The offering is presented as a two-unit building with parking and an existing medical/office configuration, designed for continued occupancy under the current layout.
Located on a busy corner on S Woodland Avenue in Michigan City, the site provides ample off-street parking with 17 spaces, supporting convenient tenant and visitor access. The property is zoned B2.
The offering is presented as a two-unit building with parking and an existing medical/office configuration, designed for continued occupancy under the current layout.
Key Highlights
- Two‑unit commercial office building built in 1987, currently medical/office space
- Fully leased with gross rent of $36,000 annually
- Busy corner location with 17 on‑site parking spaces
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
$25,660
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
7.90%
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%
$513,200
$513.2K
Cap Rate 7%
$366,571
$366.6K
Cap Rate 9%
$285,111
$285.1K
Market Conditions
NOI Build-Up for 2,512 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
$37.7K $15.00/SF
− Vacancy
−$3.5K −$1.38/SF
EGI
$34.2K $13.62/SF
− OpEx
−$8.6K −$3.41/SF
NOI
$25.7K $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%
$513,200
Cap Rate 7%
$366,571
Cap Rate 9%
$285,111
Alternative Uses
Best Use
Healthcare Medical
$433.9K
$379.7K – $506.2K
NOI $30,374 @ 7.0% cap · market cap 9.35%
Second Best
Office B
$366.6K
$320.8K – $427.7K
NOI $25,660 @ 7.0% cap · market cap 7.90%
Theoretical Best
Specialty Retail
$698.3K
$611.1K – $814.7K
NOI $48,884 @ 7.0% cap · market cap 15.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
Under-served
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-unit office building currently medical/office space and fully leased with 17 parking spaces.
Where is this medical office space located?
The property is located at 1200 S Woodland Ave Michigan City, IN.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Two‑unit commercial office building built in 1987, currently medical/office space; Fully leased with gross rent of $36,000 annually; Busy corner location with 17 on‑site parking spaces
