Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    401 Medical Plz Michigan City, IN 46360

    View on Map
    Loading data...
    Loading data...
    Loading data...
    Pending
    Contact for pricing

    Mixed-use building in Enterprise and Opportunity Zone, near Lake.

    Property size:
    3,320 SF
    Lot size:
    0.62 Acres

    Property Features for 401 Medical Plz

    General Information

    Standard status
    Pending
    Size
    3,320 SF
    Lot size
    0.62 Acres

    Building Details

    Year built
    1987

    We can help!

    Listing Contact
    Kathleen Carr
    Source: Exitrealty

    Listing Agency: Coldwell Banker Real Estate Gr Listing Agent: Kathleen Carr

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Michigan City Mixed-Use Opportunity

    This property presents a development and investment opportunity, situated within both a Michigan City Enterprise Zone and an Opportunity Zone. Zoned R3B (Multi-Unit, Mixed Use), the location may qualify for TIF dollars. The property includes a building and 0.62 acres at the intersection of Michigan Boulevard and Pine Street. The building, formerly a Social Security office and currently used as a church, features a blacktop parking lot with 20 parking spaces. The property is located within walking distance of Lake Michigan, the Outlet Mall, Trail Creek Marina, and Blue Chip Casino. The building size is 3,320 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Grocery & Convenience Store Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Michigan City
    County
    LaPorte
    State
    Indiana
    Longitude
    -86.8677
    Latitude
    41.687

    Nearby Similar for Sale

    • $620,000
      2,881 SF

      Commercial Space in Downtown

      Adaptable commercial space in the heart of Michigan City.
      600 Wabash St, Michigan City, IN 46360
      View Details
    • $324,900
      Pending

      Mixed-Use Property in Michigan City

      Income property with apartments and storefront in central location.
      205 E Garfield St, Michigan City, IN 46360
      View Details
    • $95,000
      Pending

      Michigan City Duplex For Sale

      Duplex with two units, each featuring 2 bedrooms and 1 bathroom.
      241 S Porter St, Michigan City, IN 46360
      View Details
    • New
      $300,000
      0.28 Acres

      Michigan City Investment Property

      Four-unit multifamily property in Michigan City, Indiana.
      401 E Garfield St, Michigan City, IN 46360
      View Details
    • $1,600,000
      21,730 SF

      Mixed-Use Property Near Chicago Train

      Mixed-use property near train to Chicago with development potential.
      710 Franklin St, Michigan City, IN 46360
      View Details
    • $999,000
      6,400 SF

      Established Sports Bar for Sale

      Full-service sports bar with licenses and outdoor patio.
      204 W Barker Ave, Michigan City, IN 46360
      View Details
    • $1,600,000
      21,730 SF

      Mixed-Use Property Near Transportation

      Mixed-use property suitable for offices, retail, or residential conversion.
      710 Franklin St, Michigan City, IN 46360
      View Details
    • Contact for pricing

      Restaurant Property on Franklin Street

      Restaurant property with frontage on Franklin Street, near Highway 20.
      3940 Franklin St, Michigan City, IN 46360
      View Details
    • Contact for pricing
      3,955 SF

      Michigan City Commercial Property For Sale

      Commercial property with ample parking and highway frontage available for sale.
      402 W Us Highway 20, Michigan City, IN 46360
      View Details
    • $3,300,000
      79,052 SF

      Michigan City Industrial Complex

      79,052 SF Industrial Space, $3.3M
      301 Kieffer Rd, Michigan City, IN 46360
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building in Enterprise and Opportunity Zone, near Lake.
    Where is this mixed-use property located?
    The property is located at 401 Medical Plz Michigan City, IN.
    What are key features of this property?
    This property features: - Prime location at the intersection of Michigan Boulevard & Pine Street.; - Located in Michigan City Enterprise Zone and Opportunity Zone, offering potential tax benefits and incentives.; - Zoned R3B (Multi-Unit, Mixed Use), providing diverse development possibilities.
    (219) 464-3531
    Request Owner's contact information
    401 Medical Plz Michigan City, IN 46360
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    401 Medical Plz
    Michigan City, IN 46360
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    401 Medical Plz Michigan City, IN 46360
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Kathleen Carr
    Real Estate License ID: RB14045051
    (219) 464-3531
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!