3723 Franklin St Michigan City, IN 46360-7310
- Medical offices
- 14,132 SF
- 1.06 lot acres
Feb 15, 2022
Current Use by Public Records
- Dr. Anthony A. Umolu, MD / Doctor
- Dr. Danny C. Sardon, MD / Doctor
- Huma Mulk / Internist
- Dr. Vidya S. Kora, MD / Internist
- Dr. Jagjeevan R. Gandra, MD / Pediatrician
Property Details for 3723 Franklin St
- Year built
- 1954
- Construction
- WOOD
- Lot size
- 1.06 lot acres
- Property size
- 14,132 SF
- Property type
- Medical offices
- 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 Estimation
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CAP approach
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Alternative Use
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
