Office Building with Multiple
4121 Franklin St Michigan City, IN 46360
4121 Franklin St, Michigan City, IN, 46360
$699,900
For Sale
$699,900
Versatile building with three separate entrances, 11 offices, and 24 designated parking spaces.
Property Size3,840 SF
Lot Size0.50 Acres
Price / SF$182.27
Days on Market249
Property Features for 4121 Franklin St
General Information
- Standard status
- Active
- Size
- 3,840 SF
- Lot size
- 0.50 Acres
Listing agency
Realty Executives Premier
(219) 363-1117
Listed by
Annette McIntyre
(219) 363-1117
Source
Exprealty
Added: Nov 14, 2025 Updated: Jul 21 at 8:20AM Checked: Jul 21 at 8:20AM
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
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
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $57.6k | $15.00 |
| − Vacancy | −$5.3k | −$1.38 |
| EGI | $52.3k | $13.62 |
| − OpEx | −$13.1k | −$3.41 |
| NOI | $39.2k | $10.22 |
3,840 SF · lease $15.00/SF/yr · vacancy 9.20% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Carla Ebert-Kienitz Realtor ...
Real Estate Agency
Real Estate Licensing ...
Vocational School
Annette McIntyre, Realty ...
Real Estate Agency
Nikki Agorichas Realtor ...
Real Estate Agency
Barry Younggreen, Century ...
Real Estate Agency
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FAQs
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
