Downtown Mixed-Use
For Sale
$639,000
731 Washington St, Michigan City, IN 46360
Brick corner property combines residential space with a restaurant and commercial kitchen.
Property Size4,495 SF
Price / SF$142.16
Days on Market176
Property Features for 731 Washington St
General Information
Standard status
Active
Size
4,495 SF
Property subtype
Commercial
Additional Details
Patio
Yes
Building Details
Year Built
1870
Buildings
1
Construction
brick
Listing Agency:
Coldwell Banker Realty
Listed By:
Daren Huber · License #RB15000509
(847) 404-8900
Source:
Nwindianahomesearcher
Added: Apr 23
Changed: Oct 7
Last Checked: Oct 12 at 8:34PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This brick mixed-use building combines a residential unit with a restaurant area in a single property. The residence includes modern furnishings, stainless appliances, and abundant natural light. The restaurant component features a commercial kitchen, indoor and outdoor dining areas, and a separate office. A large exterior deck provides additional space connected to the dining operation.
Positioned on a corner in downtown Michigan City at 731 Washington St, the property benefits from exposure to both pedestrian and vehicle traffic. The restaurant occupies a corner setting with frequent foot traffic, while the residential and commercial components create a distinctly combined layout.
Positioned on a corner in downtown Michigan City at 731 Washington St, the property benefits from exposure to both pedestrian and vehicle traffic. The restaurant occupies a corner setting with frequent foot traffic, while the residential and commercial components create a distinctly combined layout.
Key Highlights
- Brick mixed‑use building with residential and restaurant components
- Residential unit with modern furnishings, stainless appliances, and abundant natural light
- Commercial kitchen with indoor and outdoor dining areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,442
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$608,840
$608.8K
Cap Rate 7%
$434,886
$434.9K
Cap Rate 9%
$338,244
$338.2K
Market Conditions
NOI Build-Up for 4,495 SF
Gross rent
$53.9K $12.00/SF
− Vacancy
−$5.2K −$1.16/SF
EGI
$48.7K $10.84/SF
− OpEx
−$18.3K −$4.06/SF
NOI
$30.4K $6.77/SF
Area
LaPorte County, IN
Vacancy
9.70%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$608,840
Cap Rate 7%
$434,886
Cap Rate 9%
$338,244
Alternative Uses
Best Use
Specialty Retail
$1.25M
$1.09M – $1.46M
NOI $87,474 @ 7.0% cap · market cap 13.69%
Second Best
Mixed Use
$434.9K
$380.5K – $507.4K
NOI $30,442 @ 7.0% cap · market cap 4.76%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,091
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick corner property combines residential space with a restaurant and commercial kitchen.
Where is this mixed-use property located?
The property is located at 731 Washington St Michigan City, IN.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Brick mixed‑use building with residential and restaurant components; Residential unit with modern furnishings, stainless appliances, and abundant natural light; Commercial kitchen with indoor and outdoor dining areas
