2701 Franklin St, Unit 03 Michigan City, IN 46360-6137
- Retail space
- 4,157 SF
- 0.16 lot acres
Current Use by Public Records
- DUNES OPTICAL / Optometrist / Eye Care Center
- Zaknoun Laura G OD / Optometrist
- Dr. Julie Dabkowski / Optometrist / Practitioner Service Location
- Laura Zaknoun / Optometrist
Property Details for 2701 Franklin St
- Year built
- 1924
- Construction
- WOOD
- Lot size
- 0.16 lot acres
- Property size
- 4,157 SF
- Property type
- Retail space
- APN
- 46-01-32-436-008.000-022
- APU
- 460132436008000022
Description
This exceptional Class A, 4,157 square foot storefront investment property, located at 2701 Franklin St, Michigan City, IN 46360, presents a compelling opportunity. Priced at $625,000, it boasts a strong 8.86% cap rate and a substantial net operating income (NOI) of $55,391. The property features two 100% occupied units under a triple net (NNN) lease with a remaining term of 4.3 years (expiring 2/28/2029). The lease commenced on 12/31/2019, and includes rent escalation clauses. Built in 1924 and extensively renovated in 2020-2021, this single-story building sits on a 6,686 square foot lot and offers 25 parking spaces. Modern updates include high-efficiency furnaces, three-phase electric, LED lighting, closed-cell insulation, and a Nova basement system. The B2 Commercial zoning ensures flexibility, and the prime corner location on bustling Franklin Street guarantees high visibility and foot traffic. This stabilized investment offers a secure and profitable venture with long-term tenants, including an optometry practice and a salon. The property's strong financials and desirable location make it an ideal addition to any portfolio.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Michigan City
- County
- Laporte
- State
- Indiana
- Longitude
- -86.8946
- Latitude
- 41.7
- CBSA code
- 33140
- CBSA name
- MICHIGAN CITY-LA PORTE, IN METROPOLITAN STATISTICAL AREA
