1416 Franklin St Michigan City, IN 46360-3708

Property Details for 1416 Franklin St

Year built

1947

Construction

WOOD

Lot size

0.42 lot acres

Property size

6,173 SF

Property type

Commercial real estate

APN

46-01-32-229-011.000-022

APU

460132229011000022

Description

This exceptional commercial investment opportunity, located at 1416 Franklin Street in Michigan City, Indiana, presents a unique blend of office and warehouse space. The property, encompassing nearly half a city block (0.42 acres), features two buildings constructed in 1947 and totaling 10,418 net rentable square feet. Currently, the complex boasts six units with 25% occupancy, offering significant potential for increased rental income. The property's zoning is B2, allowing for diverse commercial uses. The main building, situated on Franklin Street, includes two street-facing office spaces (1416 & 1418), and one occupied rental unit. Additionally, there's an office on Ripley Street, two warehouse entrances with separate addresses (110-112 Ripley St), overhead doors, a loading dock, alley access, and dry basements. A courtyard and billboard rental further enhance income streams. The property is conveniently located three blocks from the South Shore train station, providing excellent accessibility. A recent survey (November 2022) is available. The asking price is $498,500, and the lease type is net. This is a multi-tenant property with significant upside potential. Don't miss this chance to acquire a substantial commercial property in a thriving location.