High-Visibility Commercial Redevelopment
For Sale
$1,075,000
3417 Franklin Street Michigan, Michigan City, IN 46360
4,702 SF property with redevelopment potential in a prime location.
Property Size4,702 SF
Lot Size0.79 Acres
Price / SF$228.63
Days on Market125
Property Features for 3417 Franklin Street Michigan
General Information
Standard status
Active
Size
4,702 SF
Lot size
0.79 Acres
Property subtype
Office
Zoning
B-2
Amenities
4,702 SF building on a .79-acre site in a high-visibility commercial corridor.
Adjacent to McDonald’s and Biggby Coffee with over 19,340 VPD traffic exposure.
Currently configured as a tunnel car wash with updated equipment and loyal customer base.
Includes waiting area, reception/office space, and detailing service capability.
Zoned B-2, allowing flexible redevelopment for retail, office, restaurant, or medical use.
Estimated 14+ parking spaces with block and metal construction.
Building Details
Building Size
4,702 SF
Year Built
1959
Listing Agency:
RE/MAX
(219) 241-8401
Listed By:
Matt Evans · License #RB14034485
Source:
Remaxcommercial
Added: Apr 10
Changed: Aug 8
Last Checked: Aug 12 at 3:12AM
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 RE/MAX
Investment Insights
Based on property information with market context.
This 4,702 SF property is positioned in a high-visibility commercial corridor on a 0.79-acre site. The location benefits from strong daily exposure and consistent consumer flow, with an average daily traffic count of over 19,340 VPD (2025). Currently configured as a tunnel car wash with updated equipment and an established loyal customer base, the building includes a welcoming waiting area and reception/office space. It is also equipped to support vacuum services and full interior/exterior detailing operations. The property is adjacent to McDonald’s and Biggby Coffee. With B-2 (General Commercial) zoning, this property presents exceptional versatility for adaptive reuse. Potential redevelopment opportunities include retail, office, restaurant, medical, or service-oriented concepts. The property has an estimated 14+ parking spots and features block and metal construction. It offers the location, infrastructure, and flexibility to bring your vision to life.
Key Highlights
- High‑visibility location in a commercial corridor with 19,340+ VPD traffic count.
- Zoned B‑2 (General Commercial) allowing for flexible redevelopment opportunities.
- 4,702 SF building on a .79‑acre site.
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
$91,502
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
8.51%
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%
$1,830,040
$1.8M
Cap Rate 7%
$1,307,171
$1.3M
Cap Rate 9%
$1,016,689
$1.0M
Market Conditions
NOI Build-Up for 4,702 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
$127.0K $27.00/SF
− Vacancy
−$5.0K −$1.05/SF
EGI
$122.0K $25.95/SF
− OpEx
−$30.5K −$6.49/SF
NOI
$91.5K $19.46/SF
Area
LaPorte County, IN
Vacancy
3.90%
Lease Rate
$27.00 /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%
$1,830,040
Cap Rate 7%
$1,307,171
Cap Rate 9%
$1,016,689
Alternative Uses
Best Use
Specialty Retail
$1.31M
$1.14M – $1.53M
NOI $91,502 @ 7.0% cap · market cap 8.51%
Second Best
Retail
$632.6K
$553.5K – $738.0K
NOI $44,282 @ 7.0% cap · market cap 4.12%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
982
Businesses Nearby
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Car wash - 4,702 SF property with redevelopment potential in a prime location.
Where is this car wash located?
The property is located at 3417 Franklin Street Michigan Michigan City, IN.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: High‑visibility location in a commercial corridor with 19,340+ VPD traffic count.; Zoned B‑2 (General Commercial) allowing for flexible redevelopment opportunities.; 4,702 SF building on a .79‑acre site.
