3723 Franklin St Michigan City, IN 46360-7310
Property profile & analytics
3723 Franklin St, Michigan City, IN 46360-7310
- Medical Office Space
- 14,132 SF
- 1.06 lot acres
Property ID
US31-1804638
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.
Location Intelligence
Current Use by Public Records
- Dr. Anthony A. Umolu, MD / Physician
- Dr. Danny C. Sardon, MD / Physician
- Huma Mulk / Physician
- Dr. Vidya S. Kora, MD / Physician
- Dr. Jagjeevan R. Gandra, MD / Pediatrician / Medical Clinic
Property Details for 3723 Franklin St
- Year built
- 1954
- Construction
- WOOD
- Lot size
- 1.06 lot acres
- Property type
- Medical Office Space
- Property subtype
- Medical centers
- APN
- 46-05-05-426-027.000-009
- APU
- 460505426027000009
Description
This exceptional investment opportunity presents a fee-simple interest in a 14,132 square foot medical office building located at 3723 Franklin St, Michigan City, IN 46360. The property is 100% occupied by Franciscan Physician Network, a highly-rated ("AA" Fitch rating) tenant under a Net Lease (NN) structure with a remaining lease term of approximately 4 years, plus a 5-year option. The lease commenced December 1, 2018, and expires November 30, 2028, featuring a 2% annual rent increase. The asking price is $1,299,000, representing a compelling 9.19% cap rate and a price per square foot of $91.92. Built in 1954 and renovated in 2018, this two-story building sits on a 1.06-acre lot. The property benefits from its strategic location less than three miles from Franciscan Health Michigan City hospital and its position on a high-traffic retail corridor (35,600+ vehicles daily) with easy access to US-20 and I-94. Significant local development projects, including the Franklin Project ($150 million projected economic impact) and the SoLa Development ($680 million projected economic impact), promise continued growth in the area. The property's proximity to major employers and amenities, including Walmart, Meijer, Lighthouse Place Premium Outlets, and Ivy Tech Community College, further enhances its value. This presents a stable, long-term investment with minimal landlord responsibilities and significant upside potential. The NOI is $119,438. The property is a single building on a fee simple ownership.
Value Estimations
based on Realmo’s proprietary methodology
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Michigan City
- County
- Laporte
- State
- Indiana
- Longitude
- -86.8949
- Latitude
- 41.6855
- 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
$11,106
$167,800
$201,200
$369,000
-
$167,800
$201,200
$369,000
