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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4421 Franklin St Michigan City, IN 46360

    • Outlet malls
    • 23,500 SF
    • 1.94 lot acres
    For Sale
    View listing
    Last Sale
    Dec 01, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2275933
    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

    • Gordon Food Service Store / Grocery & Convenience Store / Food Market

    Property Details for 4421 Franklin St

    Year built
    1998
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.94 lot acres
    Property size
    23,500 SF
    Property type
    Outlet malls
    APN
    46-05-08-429-008.000-009
    APU
    460508429008000009

    Description

    This exceptional 1.2-acre commercial land parcel presents a unique investment opportunity in Michigan City, Indiana. Situated at 4421 Franklin St, this property boasts a highly desirable location within a major regional retail corridor, offering unparalleled accessibility and visibility. Its strategic placement provides easy access to I-94, ensuring high traffic volume and convenient access for customers and employees. The site is part of the Michigan City Town Center, representing the largest concentration of retail businesses within a 25-mile radius, surrounded by significant traffic generators. This prime location offers substantial potential for a variety of commercial developments, making it an ideal site for businesses seeking high visibility and strong customer traffic. The property is designated as an anchor building pad, perfect for a flagship store or a large-scale commercial project. This is a rare opportunity to acquire a substantial land parcel in a thriving retail hub, offering significant long-term growth potential. The address is 4421 Franklin St, Michigan City, IN 46360, in LaPorte County. The property's latitude and longitude coordinates are 41.6713266, -86.8954839 respectively. This is a for-sale opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,690,000
      6.5%
      $3,405,000
      7%
      $3,160,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,507,000
      Market price range: $763k - $2.84M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $1,865,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Michigan City
    County
    Laporte
    State
    Indiana
    Longitude
    -86.895
    Latitude
    41.6713
    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
    $48,249
    $632,300
    $974,800
    $1,607,100
    -
    $632,300
    $974,800
    $1,607,100

    Comparable in this City

    • Value Estimation
      $3,045,000
      129,367 SF

      5100 Franklin St

      WHOLESALE OUTLET, DISCOUNT STORE • 129,367 SF
      5100 Franklin St, Michigan City, IN 46360
      View Details
    • Value Estimation
      $595,000
      8,450 SF

      1001 Us Hwy 20

      WHOLESALE OUTLET, DISCOUNT STORE • 8,450 SF
      1001 Us Hwy 20, Michigan City, IN 46360-7467
      View Details
    • Value Estimation
      $850,000
      15,511 SF

      5400 Franklin St

      WHOLESALE OUTLET, DISCOUNT STORE • 15,511 SF
      5400 Franklin St, Michigan City, IN 46360-7374
      View Details
    • Value Estimation
      $15,760,000
      229,606 SF

      Franklin St

      WHOLESALE OUTLET, DISCOUNT STORE • 229,606 SF
      Franklin St, Michigan City, IN 46360
      View Details
    • Value Estimation
      $2,150,000
      115,064 SF

      4301 Franklin St

      WHOLESALE OUTLET, DISCOUNT STORE • 115,064 SF
      4301 Franklin St, Michigan City, IN 46360-7806
      View Details
    • Value Estimation
      $880,000
      10,575 SF

      4209 Franklin St

      WHOLESALE OUTLET, DISCOUNT STORE • 10,575 SF
      4209 Franklin St, Michigan City, IN 46360-7805
      View Details

    Similar Nearby for Sale

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      Retail space with equipment and upper level residence for sale.
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    Similar Nearby for Lease

    • $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
    • $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
    • Contact for pricing
      4,200 SF

      Retail Space in Lake Park

      Retail space available in a busy Michigan City plaza.
      4301-4361 Franklin St, Michigan City, IN 46360
      View Details
    • Contact for pricing
      9,240 SF

      US 20 Evergreen Center Retail Space

      High-traffic retail space available; 7,500 sq ft.
      0 Us Highway 20, Michigan City, IN 46360
      View Details
    • $8 SF/Yr

      Michigan City Retail/Office Space

      Highly visible retail or office space on US HWY 20.
      1706 E Us Highway 20, Michigan City, IN 46360
      View Details
    • $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
      View Details
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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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