Office Building with Multiple
For Sale
Under Contract
$699,900
4121 Franklin Street, Michigan City, IN 46360
SINGLE_FAMILY - Michigan City, IN
Property Size3,840 SF
Lot Size0.50 Acres
Price / SF$182.27
Days on Market258
Property Features for 4121 Franklin Street
General Information
Property type
Residential
Property subtype
Office
Zoning description
Commercial
Parking
24
Interior features
Entrance Foyer, Recessed Lighting, Laminate Counters
Exterior features
Lighting, Storage, Rain Gutters
Appliances
Microwave, Water Heater, Stainless Steel Appliance(s), Refrigerator
Lot features
Few Trees, Near Public Transit, Paved, Landscaped
View
City
Directions
US Route 20 to Franklin St. 421 South to Property
Standard status
Active Under Contract
APN
460508226013000009
Size
3,840 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PCE 150 X 150 FT IN E 1/2 NE 1/4 CMG. 1496.02 FT N OF 42.93 FT W OF E QTR. COR S8 T37 R4. .51 A.
Tax Annual Amount
11500
Legal Description
PCE 150 X 150 FT IN E 1/2 NE 1/4 CMG. 1496.02 FT N OF 42.93 FT W OF E QTR. COR S8 T37 R4. .51 A.
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
three separate entrances
lighted marquee
deck
entrance foyer
waiting area
meeting/gathering room or break room
LED lighting
restrooms
new furnaces
new central air conditioning
Building Details
Year built
1984
Additional Structures
Storage
Listing Agency:
Realty Executives Premier · Realty Executives International
(219) 462-2224
Listed By:
Annette McIntyre
(219) 363-1117
Added: Nov 14, 2025
Changed: Jul 30
Last Checked: Jul 30 at 6:06PM
MLS# 830817
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office building was previously used as a real estate office for 40 years and is currently being utilized as a school. The building provides 3,840 square feet with three separate entrances, an entrance foyer and waiting area, 11 offices, two restrooms, and a sizable meeting/gathering room or break room. New LED lighting has been added, and there is a deck at the back for outdoor breaks.
Set on a 0.5-acre lot with 150 ft. of frontage, the property includes 24 designated parking spaces and a lighted marquee for visibility. The building includes two brand new furnaces and two brand new central air conditioning units, each with its own meters.
Built in 1984, the property is serviced by public water and public sewer, with cable available. Heating is natural gas forced air. It is conveniently located near I-94 within an established shopping area of Michigan City.
Set on a 0.5-acre lot with 150 ft. of frontage, the property includes 24 designated parking spaces and a lighted marquee for visibility. The building includes two brand new furnaces and two brand new central air conditioning units, each with its own meters.
Built in 1984, the property is serviced by public water and public sewer, with cable available. Heating is natural gas forced air. It is conveniently located near I-94 within an established shopping area of Michigan City.
Key Highlights
- 3,840 SF office building with three separate entrances
- 0.5‑acre lot with 150 ft. of frontage
- 24 designated parking spaces plus lighted marquee
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Office units
Yes
Highway access
Yes
Paved road access
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
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Frequently Asked Questions
What type of property is this?
Office building - Office building with 11 offices and three separate entrances, plus 24 designated parking spaces.
Where is this office building 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 office building with three separate entrances; 0.5‑acre lot with 150 ft. of frontage; 24 designated parking spaces plus lighted marquee
