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

    3502 Michigan Blvd Michigan City, IN 46360-6525

    • Auto shops
    • 29,116 SF
    • 5.36 lot acres
    OFF-MARKET
    Value Estimations
    $1,365,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2006015
    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

    • Joey's Mechanical Services / Construction Company
    • Caliber Collision / Auto Repair Shop
    • Choice Upholstery Shop / Auto Repair Shop

    Property Details for 3502 Michigan Blvd

    Year built
    1955
    Construction
    TYPE NOT SPECIFIED
    Lot size
    5.36 lot acres
    Property size
    29,116 SF
    Property type
    Auto shops
    APN
    46-01-35-152-001.000-022
    APU
    460135152001000022

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,170,000
      RETAIL STORES
      $2,055,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Michigan City
    County
    Laporte
    State
    Indiana
    Longitude
    -86.8517
    Latitude
    41.7048
    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
    $30,045
    $321,400
    $678,900
    $1,000,300
    -
    $321,400
    $678,900
    $1,000,300

    Comparable in this City

    • Value Estimation by Request
      600 SF

      114 Harrison St

      AUTO REPAIR, GARAGE • 600 SF
      114 Harrison St, Michigan City, IN 46360-6147
      View Details
    • Value Estimation by Request
      1,215 SF

      2802 Michigan Blvd

      AUTO REPAIR, GARAGE • 1,215 SF
      2802 Michigan Blvd, Trail Creek, IN 46360-5757
      View Details
    • Value Estimation by Request
      2,112 SF

      1200 Michigan Blvd

      AUTO REPAIR, GARAGE • 2,112 SF
      1200 Michigan Blvd, Michigan City, IN 46360-4823
      View Details
    • Value Estimation
      $765,000
      8,192 SF

      4461 Franklin St

      AUTO REPAIR, GARAGE • 8,192 SF
      4461 Franklin St, Michigan City, IN 46360-7396
      View Details
    • Value Estimation by Request
      1,830 SF

      Greenwood Ave

      AUTO REPAIR, GARAGE • 1,830 SF
      Greenwood Ave, Michigan City, IN 46360
      View Details
    • Value Estimation by Request
      3,142 SF

      3325 Franklin St

      AUTO REPAIR, GARAGE • 3,142 SF
      3325 Franklin St, Michigan City, IN 46360-7075
      View Details

    Similar Nearby for Sale

    • $170,000
      1 SF

      Michigan City Storefront Opportunity

      Prime Retail Lot, High Visibility
      3072 Ohio St, Michigan City, IN 46360
      View Details
    • $1,499,000
      1.72 Acres

      Highway 421 Commercial Corner Lot

      1.72-acre corner lot on Highway 421 in Michigan City, IN.
      Franklin St, Michigan City, IN 46360
      View Details
    • $3,250,000

      Michigan City Retail/Industrial Opportunity

      50,000+ sq. ft. retail/industrial building on 7.285 acres.
      432 St. John Rd, Michigan City, IN 46360
      View Details
    • $3,250,000
      50,600 SF

      Michigan City Retail/Industrial Opportunity

      50,000+ sq. ft. building on 7.285 acres for sale.
      432 Saint John Rd, Michigan City, IN 46360
      View Details
    • $620,000
      2,881 SF

      Commercial Space in Downtown

      Adaptable commercial space in the heart of Michigan City.
      600 Wabash St, Michigan City, IN 46360
      View Details
    • $1,000,000
      2,350 SF

      Turn Key Retail Space ForSale

      Retail space with equipment and upper level residence for sale.
      909 Franklin St, Michigan City, IN 46360
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,350 SF

      Franklin Street Station Retail

      Prime Michigan City retail space available.
      1073 Pine St, Michigan City, IN 46360
      View Details
    • Contact for pricing
      1,360 SF

      Retail Space on Franklin Street

      Retail spaces available on heavily trafficked US Highway 421.
      5330-5360 Franklin St, Michigan City, IN 46360
      View Details
    • $9 SF/Yr

      Retail Space Near Highway 80/94

      Retail space with open floor plan and high visibility.
      3207 Franklin St -, Michigan City, IN 46360
      View Details
    • $12 SF/Yr
      21,730 SF

      Michigan City Retail Space

      Prime Franklin St. location, 21,730 sq ft.
      710 Franklin St, Michigan City, IN 46360
      View Details
    • $5 SF/Yr
      50,600 SF

      Prime Michigan City Flex Space

      50,000 SF Warehouse/Flex Available
      432 St John Rd, Michigan City, IN 46360
      View Details
    • $9 SF/Yr
      28,750 SF

      Prime Retail Space, La Porte County

      5,756 SF Available, High Traffic Area
      3207 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.
    3502 Michigan Blvd
    Michigan City, IN 46360-6525
    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.