Move-In Ready Office
For Sale
$749,000
2814 Franklin St, Michigan City, IN 46360
Bright, fully remodeled office building with ADA access and a 27-space private parking lot.
Property Size3,960 SF
Price / SF$189.14
Days on Market141
Property Features for 2814 Franklin St
General Information
Standard status
Active
Size
3,960 SF
Total Parking Spaces
27
Additional Details
Office Units
10
Taxes and HOA fees
Annual Taxes
$5,871
Building Details
Year Renovated
1994
Listing Agency:
Coldwell Banker Realty
(219) 707-9282
Listed By:
Zane Galloway · License #6501434991
(219) 707-9282
Source:
Exprealty
Added: Mar 30
Changed: Aug 14
Last Checked: Aug 16 at 12:59PM
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 Realty
Investment Insights
Based on property information with market context.
Move-in ready office building constructed with CMU block, brick, and stucco, professionally designed and fully remodeled in 1994. The interior features a bright waiting room and a large reception area with space for four support staff members, with skylights that carry natural light through the hallways. The office layout includes 10 offices, including two sized for conference use, as well as two small testing rooms between the hall and reception area. Additional storage rooms support organized and secure storage of sensitive documents. A utility room offers both interior and exterior access for easier building maintenance.
Located along Franklin St in the Edgewood neighborhood, the property is supported by a large private parking lot with 27 spaces and multiple points of ingress and egress. The building provides ADA compliance with two ADA bathrooms and ramp access from the parking lot. There is also a designated break area and employee bathroom.
This property is well suited for an owner-occupant or a professional services user that needs a reception-centric front area, multiple private offices, and dedicated testing or consultation rooms. The layout also allows for the potential of multiple tenants, while updates including a new vinyl roof and underlayment insulation in 2016, an IB roof coating in 2024, irrigated landscaping, and an active security system via Sentinel Alarm help support day-to-day operations.
Located along Franklin St in the Edgewood neighborhood, the property is supported by a large private parking lot with 27 spaces and multiple points of ingress and egress. The building provides ADA compliance with two ADA bathrooms and ramp access from the parking lot. There is also a designated break area and employee bathroom.
This property is well suited for an owner-occupant or a professional services user that needs a reception-centric front area, multiple private offices, and dedicated testing or consultation rooms. The layout also allows for the potential of multiple tenants, while updates including a new vinyl roof and underlayment insulation in 2016, an IB roof coating in 2024, irrigated landscaping, and an active security system via Sentinel Alarm help support day-to-day operations.
Key Highlights
- Move‑in ready office building professionally remodeled in 1994 on Franklin St in the Edgewood neighborhood
- 27‑space private parking lot with multiple points of ingress/egress
- 10 offices plus a large reception area and waiting room, with 2 offices sized for conference use
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
$40,451
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
5.40%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
10
Office units
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 Office 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?
Office building - Bright, fully remodeled office building with ADA access and a 27-space private parking lot.
Where is this office building located?
The property is located at 2814 Franklin St 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: Move‑in ready office building professionally remodeled in 1994 on Franklin St in the Edgewood neighborhood; 27‑space private parking lot with multiple points of ingress/egress; 10 offices plus a large reception area and waiting room, with 2 offices sized for conference use
