Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3500 Franciscan Way Michigan City, IN 46360-0021

    • Medical offices
    • 384,556 SF
    • 88.01 lot acres
    OFF-MARKET
    Value Estimations
    $34,795,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1850171
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Medical offices

    Property Details for 3500 Franciscan Way

    Year built
    2018
    Construction
    CONCRETE
    Lot size
    88.01 lot acres
    Property size
    384,556 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    46-05-17-200-004.000-046
    APU
    460517200004000046

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $31,629,000
      Market price range: $9.09M - $31.6M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $30,535,000
      RESTAURANT
      $28,640,000
      RETAIL STORES
      $27,165,000
      COMMERCIAL (GENERAL)
      $24,425,000
      APARTMENT HOUSE (5+ UNITS)
      $23,350,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Michigan City
    County
    Laporte
    State
    Indiana
    Longitude
    -86.9004
    Latitude
    41.6609
    CBSA code
    33140
    CBSA name
    MICHIGAN CITY-LA PORTE, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $0.00
    $3,220,000
    $90,152,400
    $93,372,400
    -
    $3,220,000
    $90,152,400
    $93,372,400

    Comparable in this City

    • Value Estimation
      $7,375,000
      604,823 SF

      301 Homer St

      MEDICAL BUILDING • 604,823 SF
      301 Homer St, Michigan City, IN 46360-4358
      View Details
    • Value Estimation
      $505,000
      7,486 SF

      3727 Frontage Rd

      MEDICAL BUILDING • 7,486 SF
      3727 Frontage Rd, Michigan City, IN 46360-7678
      View Details
    • Value Estimation by Request
      1,642 SF

      5408 Johnson Rd

      MEDICAL BUILDING • 1,642 SF
      5408 Johnson Rd, Michigan City, IN 46360-9376
      View Details
    • Value Estimation by Request
      2,812 SF

      3025 Michigan Blvd

      MEDICAL BUILDING • 2,812 SF
      3025 Michigan Blvd, Trail Creek, IN 46360-6522
      View Details
    • Value Estimation
      $765,000
      11,900 SF

      312 Us Hwy 20

      MEDICAL BUILDING • 11,900 SF
      312 Us Hwy 20, Michigan City, IN 46360-7368
      View Details
    • Value Estimation by Request
      9,977 SF

      1213 Coolspring Ave

      MEDICAL BUILDING • 9,977 SF
      1213 Coolspring Ave, Michigan City, IN 46360-6319
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      23,166 SF

      Michigan City Office Building

      Prime Location, 23,166 SF Office Space
      126 4Th St, Michigan City, IN 46360
      View Details
    • Contact for pricing
      21,044 SF

      Michigan City Office Building

      21,044 SF Office Building, 2 Units
      1551 Woodland Ave, Michigan City, IN 46360
      View Details
    • $899,900

      Modern Office Space with Expansion Potential

      Modern, flexible office space on 4.5 acres near major highways.
      9856 W 400 N, Michigan City, IN 46360
      View Details
    • $199,000
      0.35 Acres

      Corner Parcel with Two Buildings

      Large corner parcel with two buildings in booming Dunes area.
      2702 W Dunes Hwy, Michigan City, IN 46360
      View Details
    • $1,600,000
      21,730 SF

      Mixed-Use Property Near Chicago Train

      Mixed-use property near train to Chicago with development potential.
      710 Franklin St, Michigan City, IN 46360
      View Details
    • $170,000
      1 SF

      Michigan City Storefront Opportunity

      Prime Retail Lot, High Visibility
      3072 Ohio St, Michigan City, IN 46360
      View Details

    Similar Nearby for Lease

    • $2,800 /Mo
      23,000 SF

      Uptown Arts District Commercial Space

      Prime commercial space in the heart of the Uptown Arts District.
      722 Franklin St, Michigan City, IN 46360
      View Details
    • $1,000 /Mo
      2,448 SF

      Michigan City Commercial Rental Opportunity

      Versatile commercial space near lakefront, shops, and new developments.
      230 Commerce Sq, Michigan City, IN 46360
      View Details
    • $8 SF/Yr

      Michigan City Retail/Office Space

      Highly visible retail or office space on US HWY 20.
      1706 E Us Highway 20, Michigan City, IN 46360
      View Details
    • $2,600 /Mo
      1,150 SF

      Prime Commercial Space For Lease

      Versatile commercial space in high-visibility location, surrounded by major businesses.
      5180 Franklin St, Michigan City, IN 46360
      View Details
    • $8 SF/Yr
      1,600 SF

      Retail/Office Space on US HWY

      Two 1,600 SF suites available for rent.
      1702-1724 Us Highway 20, Michigan City, IN 46360
      View Details
    • $600 /Mo
      23,000 SF

      Unique Commercial Spaces in Uptown

      Affordable commercial spaces in the heart of the Uptown Arts District.
      722 Franklin St, Michigan City, IN 46360
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3500 Franciscan Way
    Michigan City, IN 46360-0021
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.