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    3940 Franklin St Michigan City, IN 46360
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    Property profile & analytics

    3940 Franklin St Michigan City, IN 46360

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    • Retail space
    • 6,806 SF
    • 1.52 lot acres
    For Sale
    $799,900
    View Listing →
    Restaurant Property on Franklin Street For Sale
    $799,900
    1.52 Acres

    Restaurant Property on Franklin Street

    Restaurant property with frontage on Franklin Street, near Highway 20.

    3940 Franklin St, Michigan City, IN 46360
    View Listing
    Property ID
    US31-1666499
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Franklin Street Family Restaurant / Restaurant

    Property Details for 3940 Franklin St

    Year built
    1965
    Construction
    WOOD
    Lot size
    1.52 lot acres
    Property size
    6,806 SF
    Property type
    Retail space
    APN
    46-05-04-352-001.000-009
    APU
    460504352001000009

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,070,000
      6.5%
      $985,000
      7%
      $915,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $821,000
      Market price range: $221k - $822k

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

    Location Insight

    • Map
    • Local Demand
    City
    Michigan City
    County
    Laporte
    State
    Indiana
    Longitude
    -86.8929
    Latitude
    41.6824
    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
    $19,923
    $482,000
    $180,900
    $662,900
    -
    $482,000
    $180,900
    $662,900

    Comparable in this City

    • Value Estimation by Request
      3,660 SF

      1717 Elston St

      RETAIL STORES (PERSONAL SERVICES) • 3,660 SF
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      View Details
    • Value Estimation by Request
      776 SF

      701 Barker Ave

      RETAIL STORES (PERSONAL SERVICES) • 776 SF
      701 Barker Ave, Michigan City, IN 46360-5136
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    • Value Estimation by Request
      5,186 SF

      3636 Us-12

      Day care centers • 5,186 SF
      3636 Us-12, Michigan City, IN 46360
      View Details
    • Value Estimation by Request
      2,836 SF

      Beachwalk Ln

      RETAIL STORES (PERSONAL SERVICES) • 2,836 SF
      Beachwalk Ln, Michigan City, IN 46360
      View Details
    • Value Estimation
      $2,260,000
      17,016 SF

      5510 Franklin St

      RETAIL STORES (PERSONAL SERVICES) • 17,016 SF
      5510 Franklin St, Michigan City, IN 46360-7842
      View Details
    • Value Estimation
      $1,200,000
      9,048 SF

      5503 Franklin St

      RETAIL STORES (PERSONAL SERVICES) • 9,048 SF
      5503 Franklin St, Michigan City, IN 46360-7854
      View Details

    Similar Nearby for Sale

    • $1,000,000
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      Turn Key Retail Space ForSale

      Retail space with equipment and upper level residence for sale.
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      3,955 SF

      Michigan City Commercial Property For Sale

      Commercial property with ample parking and highway frontage available for sale.
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      Michigan City Industrial Building Portfolio

      Two properties available: industrial building and restaurant on US-20.
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    • $1,600,000
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      Mixed-Use Property Near Transportation

      Mixed-use property suitable for offices, retail, or residential conversion.
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      Versatile Mixed-Use Investment Opportunity

      Multi-tenant property near South Shore train station and luxury apartments.
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    Similar Nearby for Lease

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      Two 1,600 SF suites available for rent.
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      1,360 SF

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      Retail spaces available on heavily trafficked US Highway 421.
      5330-5360 Franklin St, Michigan City, IN 46360
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      2,729 SF

      Retail Space on Franklin Street

      5,756 SF retail space with high traffic and parking.
      3207-3299 Franklin St, Michigan City, IN 46360
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    • $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
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    • $12 SF/Yr

      Mixed-Use Property Near Transportation

      Mixed-use property suitable for offices, retail, or apartments.
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      View Details
    • $14,000 /Mo
      8,000 SF

      Prime Retail Space Available

      8,000 sq ft corner unit in thriving commercial corridor.
      5172 Franklin St, Michigan City, IN 46360
      View Details
    View Listing
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    Michigan City, IN 46360
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    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
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