Brick Mixed-Use
For Sale
$639,000
731 Washington Street, Michigan City, IN 46360
Commercial Sale, Michigan City, IN
Property Size4,495 SF
Lot Size0.14 Acres
Price / SF$142.16
Days on Market167
Property Features for 731 Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
2
Parking features
On Street
Basement
Storage Space
Subdivision
Elstons
Lot features
Corner Lot
Directions
Franklin St. to 8th St. Building on corner of 8th and Washington.
Standard status
Active
APN
460129410016000022
Size
4,495 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
42-01-29-410-016 E O S E 1/2 EX 10 FT N SD LT 8 BLK 34. TIF ASSMT #51
Tax Annual Amount
4202
Legal Description
42-01-29-410-016 E O S E 1/2 EX 10 FT N SD LT 8 BLK 34. TIF ASSMT #51
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
deck
office space
Building Details
Year built
1870
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(269) 469-3950
Listed By:
Daren Huber · License #RB15000509
(760) 685-6839
Added: Apr 23
Changed: Sep 5
Last Checked: Oct 6 at 6:06PM
MLS# 837603
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.
Built in 1870, this 4,495-square-foot brick mixed-use property combines residential and restaurant components within a corner-lot setting. The residential unit includes modern furnishings, stainless appliances, and abundant natural light. The restaurant area features a commercial kitchen, indoor dining, outdoor dining, a separate office, and a large deck.
The property occupies 0.1355 acres at 731 Washington Street in downtown Michigan City, with exposure to both pedestrian and vehicle traffic. On-street parking is available, and the building is served by public water and public sewer. Additional physical features include forced-air heating and a basement.
The property occupies 0.1355 acres at 731 Washington Street in downtown Michigan City, with exposure to both pedestrian and vehicle traffic. On-street parking is available, and the building is served by public water and public sewer. Additional physical features include forced-air heating and a basement.
Key Highlights
- 4,495‑square‑foot mixed‑use building on 0.1355 acres
- Brick corner‑lot property at 731 Washington Street in downtown Michigan City
- Residential unit with modern furnishings, stainless appliances, and abundant natural light
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.
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 - Combines a residential unit with a restaurant, commercial kitchen, and indoor and outdoor dining areas.
Where is this mixed-use property located?
The property is located at 731 Washington Street 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: 4,495‑square‑foot mixed‑use building on 0.1355 acres; Brick corner‑lot property at 731 Washington Street in downtown Michigan City; Residential unit with modern furnishings, stainless appliances, and abundant natural light
