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Property profile & analytics
FOR LEASE
Theaters & concert halls
100 Meijer Dr Michigan City, IN 46360
Entity Owned
18-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-2073899
For Lease
1 / 4
$2,165,000
100 Meijer Dr, Michigan City, IN 46360
View Listing →
Property profile
Verified
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Year built
2004
Construction
TYPE NOT SPECIFIED
Total area
55,763 SF
Lot
11.51 ac (501,550 SF)
APN
46-05-09-151-027.000-009
UPID
US31-2073899
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Bicycle Rack Bicycle Rack
-
AMC CLASSIC Michigan City 14 Cinema Theater & Performing Art Venue
-
Volta Charging Station Electric Vehicle Charging Station
-
Riders First Motorcycle Safety Training - Michigan City Vocational School Training Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.17M
Owner & transaction history
National Retail Properties LP · 18 yrs held
National Retail Properties LP
since 2008
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$3.5M
+31.4%
Apartment house (5+ units)
$3.4M
+25.6%
Medical building
$3.0M
+10.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Michigan City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Michigan City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
THEATER (MOVIE)
$2,695,000
Current use
COMMERCIAL (GENERAL)
$3,540,000
Change: +31% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$3,385,000
Change: +26% · Conversion: Difficult
MEDICAL BUILDING
$2,985,000
Change: +11% · Conversion: Difficult
Blend value · Realmo final
$2.17M
Range $1.95M – $2.38M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$39 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$87,156
Tax year 2023
Assessed value
$3,984,400
Assessed 2023
Previous assessed
$3,984,400
+0.0% YoY
Effective rate
2.19%
On assessed value
Assessed land
$978,700
Assessed improvement
$3,005,700
Land market value
$978,700
Improvement market value
$3,005,700
Total market value
$3,984,400
Applied tax rate
9.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Status
For Lease
Year built
2004
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
55,763 SF
Lot
11.51 ac (501,550 SF)
APN
46-05-09-151-027.000-009
UPID
US31-2073899
Jurisdiction
LA PORTE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
THEATER (MOVIE) Current
Est. value
$2.7M
COMMERCIAL (GENERAL)
Est. value
$3.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.4M
MEDICAL BUILDING
Est. value
$3.0M
THEATER (MOVIE) Current
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2004
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
11.51 ac
Current owner
From public records · entity-resolved
National Retail Properties LP
Entity
Free & Clear · 18 yrs held
Mailing address
450 S ORANGE AVE STE #900, ORLANDO, FL 32801-3339
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 4, 2008
—
National Retail Properties LP
Kerasotes Showplace Theatres LLC
Correction Deed
related
—
Oct 4, 2007
—
Kerasotes Showplace Theatres LLC
Kerasotes Theatres INC
Quit Claim Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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