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Property profile & analytics
OFF-MARKET
Estimated value
$2,295,000
Retail properties & Spaces
3901 Franklin St Michigan City, IN 46360-7314
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US31-1793490
Property profile
Verified
Property type
Retail properties & Spaces
Use group
DEPARTMENT STORE
Year built
1967
Construction
TYPE NOT SPECIFIED
Total area
110,692 SF
Lot
13.23 ac (576,429 SF)
APN
46-05-05-476-001.000-009
UPID
US31-1793490
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Sears Appliance Repair Home Appliance Store
-
Spirit Halloween (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.30M
Owner & transaction history
Tonn & Blank Construction LLC
Tonn & Blank Construction LLC
since 2026
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Michigan City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Michigan City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$21 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$40,719
Tax year 2023
Assessed value
$1,356,100
Assessed 2023
Previous assessed
$1,356,100
+0.0% YoY
Effective rate
3.00%
On assessed value
Assessed land
$839,000
Assessed improvement
$517,100
Land market value
$839,000
Improvement market value
$517,100
Total market value
$1,356,100
Applied tax rate
9.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail properties & Spaces
Use group
DEPARTMENT STORE
Status
Off-Market
Year built
1967
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
2
Total area
110,692 SF
Lot
13.23 ac (576,429 SF)
APN
46-05-05-476-001.000-009
UPID
US31-1793490
Jurisdiction
LA PORTE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1967
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
2
Lot
13.23 ac
Current owner
From public records · entity-resolved
Tonn & Blank Construction LLC
Entity
Mailing address
5407 TRILLIUM BLVD, HOFFMAN ESTATES, IL 60192-3413
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 12, 2026
$2,652,250
Tonn & Blank Construction LLC
Tf Michigan City In LLC
Quitclaim Deed
related
—
Jan 12, 2026
—
Tonn & Blank Construction LLC
Tf Michigan City In LLC
Quitclaim Deed
related
—
Dec 7, 2021
—
Tf Michigan City In LLC
—
Deed
related
$460,000,000 · Ubs Ag
Apr 25, 2019
—
Tf Michigan City In LLC
—
Deed
related
$800,000,000 · Hps Investment Partners LLC
Mar 18, 2019
—
Tf Michigan City In LLC
Src Facilities LLC
Limited Warranty Deed
$325,000,000 · Jpp LLC
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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