Office Building with Multiple
For Sale
$699,900
4121 Franklin Street, 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
Price / SF$182.27
Days on Market312
Property Features for 4121 Franklin Street
General Information
Standard status
Active
Size
3,840 SF
Total Parking Spaces
24
Lot size
0.50 Acres
Property subtype
Office
Site & Location
Traffic Count
23,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
11
Taxes and HOA fees
Annual Taxes
$11,500
Amenities
3
24 Parking Spaces. Paved Driveway, Concrete Driveway.
City
Exterior Lighting, Rain Gutters, Extra Storage.
Building Details
Year Built
1984
Listing Agency:
Realty Executives Premier
(219) 363-1117
Listed By:
Annette McIntyre · License #RB14030902
(219) 363-1117
Source:
Xome
Added: Oct 16, 2025
Changed: Aug 23
Last Checked: Aug 22 at 1:13PM
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
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
$39,226
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
5.60%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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?
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 Street 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
