Office Building with Multiple
For Sale
$699,900
Pending
4121 Franklin St, Michigan City, IN 46360
Versatile building with three separate entrances, 11 offices, and 24 designated parking spaces.
Property Size3,840 SF
Lot Size0.50 Acres
Days on Market342
Property Features for 4121 Franklin St
General Information
Standard status
Pending
Size
3,840 SF
Total Parking Spaces
24
Lot size
0.50 Acres
Property subtype
Commercial
Site & Location
Traffic Count
23,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
11
Building Details
Year Built
1984
Listing Agency:
Realty Executives Premier
Listed By:
Annette McIntyre · License #RB14030902
(219) 363-1117
Source:
Nwindianahomesearcher
Added: Nov 14, 2025
Changed: Oct 4
Last Checked: Oct 20 at 9:47PM
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 Realty Executives Premier
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Investment Insights
Based on property information with market context.
This versatile office building was previously used as a real estate office for 40 years and is currently being utilized as a school. The property features three separate entrances, 11 offices, two restrooms, and a spacious entrance foyer with waiting area. There is also a sizable meeting or gathering room that can function as a break room, along with a new deck at the back for outdoor use. Recent improvements include new LED lighting and two brand-new furnaces, plus two brand-new central air conditioning units, each with its own meters.
The building sits on a 1/2-acre lot with 150 feet of frontage and includes 24 designated parking spaces. Visibility is supported by a lighted marquee, and the property is situated near I-94 within an established shopping area of Michigan City.
In addition to the building, 14 acres of land are available behind the property, zoned Commercial B2 (MLS 834427).
The building sits on a 1/2-acre lot with 150 feet of frontage and includes 24 designated parking spaces. Visibility is supported by a lighted marquee, and the property is situated near I-94 within an established shopping area of Michigan City.
In addition to the building, 14 acres of land are available behind the property, zoned Commercial B2 (MLS 834427).
Key Highlights
- 3,840 SF building on a 0.5‑acre lot with 150 ft of frontage
- Three separate entrances for multiple businesses to occupy
- 11 offices plus spacious entrance foyer and waiting area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,226
Cap Rate
5.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$784,520
$784.5K
Cap Rate 7%
$560,371
$560.4K
Cap Rate 9%
$435,844
$435.8K
Market Conditions
NOI Build-Up for 3,840 SF
Gross rent
$57.6K $15.00/SF
− Vacancy
−$5.3K −$1.38/SF
EGI
$52.3K $13.62/SF
− OpEx
−$13.1K −$3.41/SF
NOI
$39.2K $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%
$784,520
Cap Rate 7%
$560,371
Cap Rate 9%
$435,844
Alternative Uses
Best Use
Office B
$560.4K
$490.3K – $653.8K
NOI $39,226 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.07M
$934.1K – $1.25M
NOI $74,727 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Current Use
Lease Details
11
Office units
23,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
575
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 Office in Midwest region
Frequently Asked Questions
What type of property is this?
School - Versatile building with three separate entrances, 11 offices, and 24 designated parking spaces.
Where is this school located?
The property is located at 4121 Franklin St Michigan City, IN.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 3,840 SF building on a 0.5‑acre lot with 150 ft of frontage; Three separate entrances for multiple businesses to occupy; 11 offices plus spacious entrance foyer and waiting area
