Five-Unit Multifamily
For Sale
$450,000
320 E 8th St, Michigan City, IN 46360
Five well-defined apartment units, including one efficiency, three 1-bedrooms, and one 2-bedroom, with period interior details.
Property Size2,945 SF
Price / SF$152.80
Days on Market130
Property Features for 320 E 8th St
General Information
Standard status
Active
Size
2,945 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$3,100
Listing Agency:
Coldwell Banker Realty
(269) 469-3950
Listed By:
Chad Gradowski · License #MI 6506040711
(219) 241-9083
Source:
Exprealty
Added: Jun 6
Changed: Oct 7
Last Checked: Oct 11 at 10:52AM
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.
This five-unit multifamily building offers a straightforward mix of apartment types: one efficiency unit, three 1-bedroom units, and one 2-bedroom unit. The interior includes a vintage foyer with an original staircase and tall ceilings, and large windows in each unit help bring in natural light. The building’s layout supports separate, tenant-ready living spaces across the unit mix.
Located in Michigan City, the property is described as being in the heart of the city, close to the new South Shore station. It is also positioned minutes from Washington Park and the beach, giving tenants and residents convenient access to local recreation and transportation.
For buyers seeking a small income property, the unit distribution provides flexibility for prospective tenant demand across studio through two-bedroom households. The period character in the common entry and the light-filled unit interiors are practical selling points for occupancies where in-unit comfort and everyday livability matter.
Located in Michigan City, the property is described as being in the heart of the city, close to the new South Shore station. It is also positioned minutes from Washington Park and the beach, giving tenants and residents convenient access to local recreation and transportation.
For buyers seeking a small income property, the unit distribution provides flexibility for prospective tenant demand across studio through two-bedroom households. The period character in the common entry and the light-filled unit interiors are practical selling points for occupancies where in-unit comfort and everyday livability matter.
Key Highlights
- 5‑unit apartment building built in 1875
- Unit mix includes 1 efficiency unit, 3 one‑bedroom units, and 1 two‑bedroom unit
- Vintage foyer features an original staircase
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,689
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$473,780
$473.8K
Cap Rate 7%
$338,414
$338.4K
Cap Rate 9%
$263,211
$263.2K
Market Conditions
NOI Build-Up for 2,945 SF
Gross rent
$44.2K $15.00/SF
− Vacancy
−$1.1K −$0.38/SF
EGI
$43.1K $14.63/SF
− OpEx
−$19.4K −$6.58/SF
NOI
$23.7K $8.04/SF
Area
LaPorte County, IN
Vacancy
2.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$473,780
Cap Rate 7%
$338,414
Cap Rate 9%
$263,211
Alternative Uses
Best Use
Apartment 5plus
$338.4K
$296.1K – $394.8K
NOI $23,689 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$818.7K
$716.4K – $955.2K
NOI $57,310 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,036
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five well-defined apartment units, including one efficiency, three 1-bedrooms, and one 2-bedroom, with period interior details.
Where is this apartment building located?
The property is located at 320 E 8th St Michigan City, IN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 5‑unit apartment building built in 1875; Unit mix includes 1 efficiency unit, 3 one‑bedroom units, and 1 two‑bedroom unit; Vintage foyer features an original staircase
