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    Commercial Building with Income Potential Title is generated by Realmo AI

    2710 Franklin Street, Michigan City, IN 46360

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    Claim this Listing
    New
    For Sale
    $369,900

    COMMERCIAL - Michigan City, IN

    Property size:
    2,544 SF
    Lot size:
    0.19 Acres
    Price / SF:
    $145/SF
    Added:
    May 8, 2026
    Days on Market:
    6
    Last Refresh:
    May 13 at 10:06 pm

    Property Features for 2710 Franklin Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Rooms
    Basement
    Parking
    10
    Parking features
    On Street, Garage
    Security features
    Security System
    Exterior features
    Private Yard
    Basement
    Full
    Accessibility
    Accessible Approach with Ramp
    Appliances
    Refrigerator
    Standard status
    Active
    APN
    460133309003000022
    Size
    2,544 SF
    Lot size
    0.19 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    42-01-33-309-003 SANBORNS 4TH LT 3 BLK 42.
    Tax Annual Amount
    3409

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Forced Air
    Water source
    Public

    Building Details

    Year built
    1904

    We can help!

    Listing Contact
    Cynthia Schoof

    Listing agent Cynthia Schoof

    Listing office McColly Real Estate 323 Pine Lake St, Schererville, IN

    Listing date May 8, 2026

    MLS# 838552

    Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Top notch location on Franklin Street.
    • Handicap accessible entrance and ramp.
    • Two‑bedroom apartment upstairs for extra income.
    • Six offices, two conference areas, reception area, and two bathrooms.
    • Garage and additional parking in the rear.
    • Alarm system for security.

    Overview

    This commercial building is in excellent condition and features an alarm system and a handicap entrance. The property includes a basement and a garage in the rear. For additional income, there is a two-bedroom apartment upstairs with a separate entrance in the back. The building features six offices facing Franklin Street, along with two conference areas, a bathroom, and a reception area. There are four enclosed offices adjacent to the waiting area. A large, open area can serve as a conference space, providing access to a second bathroom and another reception area. The back area includes a garage, a handicap-accessible ramp, and additional parking. The building has been used as a law office and a business office. The lot size is 0.1894 acres. The property size is 2544 square feet and is located in Michigan City, Indiana.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Law Firm Of Alan ... Law Firm Schmidt, Whitten & Whitten Law Firm Life Planning Inc Insurance Agency

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Michigan City
    County
    LaPorte
    State
    Indiana
    Longitude
    -86.893764
    Latitude
    41.699719

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    FAQs

    What type of property is this?
    Mixed-use property - Pristine commercial building with apartment and handicap access.
    Where is this mixed-use property located?
    The property is located at 2710 Franklin Street Michigan City, IN.
    What is the asking price?
    The asking price for this property is $369,900.
    What are key features of this property?
    This property features: Top notch location on Franklin Street.; Handicap accessible entrance and ramp.; Two‑bedroom apartment upstairs for extra income.
    (219) 363-9979
    We can help!
    Listing Contact
    Cynthia Schoof
    Learn More
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    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.

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