7-Unit Apartment
514 Lake Shore Drive, Michigan City, IN 46360
For Sale
$849,900
Seven occupied apartments are housed in a 1919 building near Lake Michigan.
Property Size3,714 SF
Price / SF$228.84
Days on Market15
Property Features for 514 Lake Shore Drive
General Information
Standard status
Size
Property subtype
Additional Details
Public Transit
Multifamily Units
Tenant in Place
Building Details
Year Built
Listing Agency:
Listing Leaders Executive Real Estate Group, LLC
Listed By:
Kimberly Sut
(219) 669-6081
Source:
Jmrealtyonline
Added: Oct 26
Changed: Nov 8
Last Checked: Nov 8 at 2:28PM
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 Listing Leaders Executive Real Estate Group, LLC
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Investment Insights
Based on property information with market context.
Built in 1919, this 3,714-square-foot apartment property contains seven occupied units. Its existing residential configuration is positioned near Lake Michigan, with the beach one block away.
Nearby destinations named include Washington Park, the marina, Uptown Arts District, Blue Chip Casino, and the South Shore Train Station, which provides commuter access to Chicago.
Nearby destinations named include Washington Park, the marina, Uptown Arts District, Blue Chip Casino, and the South Shore Train Station, which provides commuter access to Chicago.
Key Highlights
- Seven occupied units
- 3,714 square feet in a building constructed in 1919
- One block from Lake Michigan and the beach
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,874
Cap Rate
3.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$597,480
$597.5K
Cap Rate 7%
$426,771
$426.8K
Cap Rate 9%
$331,933
$331.9K
Market Conditions
NOI Build-Up for 3,714 SF
Gross rent
$55.7K $15.00/SF
− Vacancy
−$1.4K −$0.38/SF
EGI
$54.3K $14.63/SF
− OpEx
−$24.4K −$6.58/SF
NOI
$29.9K $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%
$597,480
Cap Rate 7%
$426,771
Cap Rate 9%
$331,933
Alternative Uses
Best Use
Apartment 5plus
$426.8K
$373.4K – $497.9K
NOI $29,874 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.03M
$903.4K – $1.20M
NOI $72,275 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
113
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Apartment building - Seven occupied apartments are housed in a 1919 building near Lake Michigan.
Where is this apartment building located?
The property is located at 514 Lake Shore Drive Michigan City, IN.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Seven occupied units; 3,714 square feet in a building constructed in 1919; One block from Lake Michigan and the beach
