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Property profile & analytics
OFF-MARKET
Estimated value
$2,120,000
Office Spaces
126 4th St Michigan City, IN 46360-3302
Entity Owned
5-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-2212627
Property summary
AI-generated overview
This exceptional two-story, 23,166 square foot former bank building presents a unique opportunity in Michigan City's thriving North corridor. The property offers flexible space, accommodating various needs from 5,000 to 23,166 contiguous square feet, making it ideal for traditional office, executive office, medical office, creative office, or coworking spaces. The building boasts 60 parking spaces and elevators for convenient access. Located in a revitalized area, it benefits from proximity to numerous restaurants and is surrounded by new developments, including a large multi-family building and a soon-to-be-constructed condo/hotel project featuring 170 luxury condos, 18 townhomes, restaurants, and shopping. Its strategic location offers easy access to Chicago (50 miles) and South Bend (40 miles). Enjoy the advantages of being near Lake Michigan, Indiana Dunes National Park, Washington Park (including its zoo and lighthouse), Lighthouse Place Premium Outlets, the Barker Mansion, and the Blue Chip Casino. Property taxes are $1 per square foot. This is an unparalleled opportunity to establish a presence in a dynamic and rapidly growing area.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1981
Construction
TYPE NOT SPECIFIED
Total area
23,166 SF
Lot
1.37 ac (59,685 SF)
APN
46-01-29-256-026.000-022
UPID
US31-2212627
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.42M
Comparable Approach
Comparable
$1.43M
Blend (final)
Blend
$2.12M
Owner & transaction history
Pine Plaza LLC · 5 yrs held
Pine Plaza LLC
since 2020
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
$2,615,000
6.5%
$2,415,000
7%
$2,240,000
Blend value · Realmo final
$2.12M
Range $1.91M – $2.33M · ±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
$92 / 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
$17,907
Tax year 2023
Assessed value
$1,041,200
Assessed 2023
Previous assessed
$1,041,200
+0.0% YoY
Effective rate
1.72%
On assessed value
Assessed land
$123,500
Assessed improvement
$917,700
Land market value
$123,500
Improvement market value
$917,700
Total market value
$1,041,200
Applied tax rate
42.0000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1981
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
3
Total area
23,166 SF
Lot
1.37 ac (59,685 SF)
APN
46-01-29-256-026.000-022
UPID
US31-2212627
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
Building & site characteristics
From public records
Year built
1981
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
3
Lot
1.37 ac
Current owner
From public records · entity-resolved
Pine Plaza LLC
Entity
Free & Clear · 5 yrs held
Mailing address
538 N WESTERN AVE, CHICAGO, IL 60612-1422
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 30, 2020
—
Pine Plaza LLC
Fifth Third Bank NA
Special Warranty 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.
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