Michigan City Development Opportunity
For Sale
Contact for pricing
234 E 2nd Street, Michigan City, IN 46360
1.89-acre development site in Michigan City's Opportunity Zone.
Property Size25,000 SF
Lot Size1.89 Acres
Price / SF$51.60
Days on Market153
Property Features for 234 E 2nd Street
General Information
Standard status
Active
Size
25,000 SF
Lot size
1.89 Acres
Property subtype
Mixed Use, Industrial
Building Details
Year Built
1958
Listing Agency:
@properties/Christie's International Real Estate
Listed By:
Anna Radtke · License #RB16000758
Source:
Crexi
Added: Mar 5
Changed: Jul 6
Last Checked: Aug 4 at 11:11AM
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 International Real Estate
Investment Insights
Based on property information with market context.
This 1.89-acre development site is located north of Highway 12 in uptown Michigan City. The property is situated within Michigan City's Opportunity Zone, North End TIF District, Uptown Arts District, and Urban Enterprise Zone. This CBD1 site is approximately 1/4 mile from Washington Park and the Lake Michigan shoreline. The existing structure includes a +/- 25,000-square-foot brick warehouse. The property is well-suited for mixed-use development, multifamily/loft-style residential projects, or adaptive reuse of the existing warehouse, which offers Lake Michigan views from a third story. The property has a clean phase 1 environmental assessment, and the location offers possibilities for financial and redevelopment incentives.
Key Highlights
- 1.89‑acre development site in uptown Michigan City.
- Located within multiple incentive zones offering financial and redevelopment opportunities.
- Clean Phase 1 environmental assessment.
Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $150.0k | $6.00 |
| − Vacancy | −$14.1k | −$0.56 |
| EGI | $135.9k | $5.44 |
| − OpEx | −$20.4k | −$0.82 |
| NOI | $115.5k | $4.62 |
25,000 SF · lease $6.00/SF/yr · vacancy 9.40% · expense 15.00%
Alternative Uses
Best Use
Mixed Use
$2.42M
$2.12M – $2.82M
NOI $169,313 @ 7.0% cap · market cap 13.13%
Second Best
Warehouse
$1.65M
$1.44M – $1.93M
NOI $115,515 @ 7.0% cap · market cap 8.95%
Theoretical Best
Specialty Retail
$6.95M
$6.08M – $8.11M
NOI $486,506 @ 7.0% cap · market cap 37.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
853
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 1.89-acre development site in Michigan City's Opportunity Zone.
Where is this commercial land located?
The property is located at 234 E 2nd Street Michigan City, IN.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: 1.89‑acre development site in uptown Michigan City.; Located within multiple incentive zones offering financial and redevelopment opportunities.; Clean Phase 1 environmental assessment.
