Office Building with Private
For Sale
$749,000
2814 Franklin Street, Michigan City, IN 46360
Commercial Sale, Michigan City, IN
Property Size3,960 SF
Lot Size0.51 Acres
Price / SF$189.14
Days on Market220
Property Features for 2814 Franklin Street
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
27
Parking features
Alley, Off Street
Security features
Security System
Subdivision
Oaklawn Add
Directions
From Hwy 20 Head North On Franklin St. Go through the stoplight at Coolspring Ave. Building will be on the right at the corner of Franklin St and Gardena
Standard status
Active
APN
460133312022000022
Size
3,960 SF
Lot size
0.51 Acres
Additional Details
Property Use
Office
Condition
Move-in Ready
Taxes and HOA fees
Tax Year
2024
Tax Description
42-01-33-312-022 OAKLAWN ADD LOT 1 & VAC 15 FT ALLEY BTW LTS 1 & 2 BLK 3
Tax Annual Amount
5871
Legal Description
42-01-33-312-022 OAKLAWN ADD LOT 1 & VAC 15 FT ALLEY BTW LTS 1 & 2 BLK 3
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
security system
skylights
irrigated landscaping
Building Details
Year built
1962
Buildings
1
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(269) 469-3950
Listed By:
Zane Galloway
(219) 707-9282
Added: Mar 30
Changed: Oct 28
Last Checked: Nov 4 at 5:06AM
MLS# 836234
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.
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Investment Insights
Based on property information with market context.
Located at 2814 Franklin Street in Michigan City, this 3,960-square-foot office building sits on 0.5096 acres and was built in 1962. The interior includes a waiting room, reception area sized for four support staff members, 10 offices, two testing rooms, storage areas, and two offices suitable for conference use. Skylights bring natural light into the hallway, while the break area and designated employee bathroom support daily operations.
The property includes a private 27-space parking lot with multiple ingress and egress points, ramp access, two ADA bathrooms, and an active security system. The building is served by public water and public sewer, with forced-air natural gas heating. Roofing improvements include a new vinyl roof and underlayment insulation in 2016, followed by an IB roof coating in 2024. The layout also supports potential occupancy by multiple tenants.
The property includes a private 27-space parking lot with multiple ingress and egress points, ramp access, two ADA bathrooms, and an active security system. The building is served by public water and public sewer, with forced-air natural gas heating. Roofing improvements include a new vinyl roof and underlayment insulation in 2016, followed by an IB roof coating in 2024. The layout also supports potential occupancy by multiple tenants.
Key Highlights
- 3,960‑square‑foot office building on 0.5096 acres
- Private parking lot with 27 spaces and multiple ingress and egress points
- 10 offices, two testing rooms, storage areas, and two conference‑sized offices
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,451
Cap Rate
5.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$809,020
$809.0K
Cap Rate 7%
$577,871
$577.9K
Cap Rate 9%
$449,456
$449.5K
Market Conditions
NOI Build-Up for 3,960 SF
Gross rent
$59.4K $15.00/SF
− Vacancy
−$5.5K −$1.38/SF
EGI
$53.9K $13.62/SF
− OpEx
−$13.5K −$3.41/SF
NOI
$40.5K $10.22/SF
Area
LaPorte County, IN
Vacancy
9.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$809,020
Cap Rate 7%
$577,871
Cap Rate 9%
$449,456
Alternative Uses
Best Use
Office B
$577.9K
$505.6K – $674.2K
NOI $40,451 @ 7.0% cap · market cap 5.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.10M
$963.3K – $1.28M
NOI $77,063 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
344
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?
Office building - Remodeled office facility with flexible rooms, accessible features, employee amenities, and a layout that can accommodate multiple tenants.
Where is this office building located?
The property is located at 2814 Franklin Street Michigan City, IN.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 3,960‑square‑foot office building on 0.5096 acres; Private parking lot with 27 spaces and multiple ingress and egress points; 10 offices, two testing rooms, storage areas, and two conference‑sized offices
