5172 Franklin St, Michigan City, IN 46360

Property Details for 5172 Franklin St

Year built

1996

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents the chance to acquire the fee simple interest in Michigan City Marketplace, a thriving 18,500-square-foot retail center in Michigan City, Indiana. Currently boasting 100% occupancy with six diverse tenants including AT&T, ATI Physical Therapy, American Mattress, Insure One, and MC Nutrition, the property generates a substantial net operating income (NOI) of $351,843, representing an 8.00% cap rate on the $4,313,975 asking price. Built in 1996, this single-story, 18,500-square-foot building sits on a prime location at 5172 Franklin Street, benefiting from high visibility and accessibility with 93 parking spaces. The property enjoys a strategic position along Franklin Street, a major retail corridor with 22,554 vehicles passing daily, and is shadow-anchored by significant retailers like Meijer and Lowe's Home Improvement, further enhancing its appeal and driving consistent traffic. The property's location within a thriving retail hub, alongside other national retailers such as Menards, Kohl's, and Walmart, solidifies its position as a key destination in Northwest Indiana. The expansive trade area encompasses a population of 190,323, with an average household income of $87,689, providing a robust consumer base. Furthermore, Michigan City's ongoing economic development, including the SoLa Development project, promises continued growth and increased foot traffic. The property is offered free and clear of existing debt, providing flexibility for future investors. This is a stabilized investment with a strong tenant mix and significant upside potential. The property is being sold "as is".

Location Insight

City

Michigan City

County

LaPorte

State

Indiana

Longitude

-86.8936

Latitude

41.6738