Versatile Mixed-Use Investment
1416 Franklin St, Michigan City, IN 46360
For Sale
$599,000
Multi-tenant property near South Shore train station and luxury apartments.
Property Size12,470 SF
Price / SF$48.04
Days on Market229
Property Features for 1416 Franklin St
General Information
Standard status
Size
Building Details
Year Built
Listing Agency:
Coldwell Banker Real Estate Gr
Listed By:
Vince Kisala · License IN RB14046307
(312) 804-2193
Source:
Amyboston.realtopiare
Added: Mar 27
Changed: Oct 25
Last Checked: Oct 7 at 1:24PM
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 Coldwell Banker Real Estate Gr
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Investment Insights
Based on property information with market context.
This versatile mixed-use property is designed for multi-tenant use, offering investment and income potential. It is located three blocks from the new South Shore train Station and "The Franklin" luxury apartment development. The street level along Franklin Street features a spacious three-office suite and a separate standalone retail space, suitable for various business uses. The second floor includes a residential unit with 2 bedrooms and 1.5 bathrooms, ideal for owner occupancy or rental income. At the rear of the property on Ripley Street is an industrial building, formerly used by a bolt company, which includes a loading dock and warehouse space, making it suitable for storage, light manufacturing, or distribution. The main building has a new roof installed in 2025. Located in a rapidly developing area with increasing foot traffic and investment, this property offers possibilities for entrepreneurs and investors.
Key Highlights
- Multi‑tenant property with strong investment and income potential.
- Located 3 blocks from the new South Shore train Station and "The Franklin" luxury apartment development.
- Includes a street‑level three‑office suite and a separate retail space.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,451
Cap Rate
7.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$949,020
$949.0K
Cap Rate 7%
$677,871
$677.9K
Cap Rate 9%
$527,233
$527.2K
Market Conditions
NOI Build-Up for 12,470 SF
Gross rent
$74.8K $6.00/SF
− Vacancy
−$7.0K −$0.56/SF
EGI
$67.8K $5.44/SF
− OpEx
−$20.3K −$1.63/SF
NOI
$47.5K $3.81/SF
Area
LaPorte County, IN
Vacancy
9.40%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$949,020
Cap Rate 7%
$677,871
Cap Rate 9%
$527,233
Alternative Uses
Best Use
Office B
$1.82M
$1.59M – $2.12M
NOI $127,381 @ 7.0% cap · market cap 21.27%
Second Best
Retail
$1.68M
$1.47M – $1.96M
NOI $117,440 @ 7.0% cap · market cap 19.61%
Theoretical Best
Specialty Retail
$3.47M
$3.03M – $4.04M
NOI $242,669 @ 7.0% cap
Zoning and permitted uses should be independently verified with authorities.
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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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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-tenant property near South Shore train station and luxury apartments.
Where is this mixed-use property located?
The property is located at 1416 Franklin St Michigan City, IN.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Multi‑tenant property with strong investment and income potential.; Located 3 blocks from the new South Shore train Station and "The Franklin" luxury apartment development.; Includes a street‑level three‑office suite and a separate retail space.
