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    5200 Franklin St Michigan City, IN 46360-7372
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    Property profile & analytics

    5200 Franklin St Michigan City, IN 46360-7372

    View on Map
    • Strip malls
    • 8,640 SF
    • 1.60 lot acres
    Off-Market
    Last Sale Jul 12, 2021
    Property ID
    US31-2844047
    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

    • Lowe's Garden Center / Garden Center
    • Installation Services / General Contractor
    • Lowe's ProServices / Building Supply / Industrial Manufacturer
    • Lowe's Home Improvement / Building Supply / Hardware & Home Improvement
    • minuteKEY / Locksmith / (Bike/Boat/Book/etc) Store

    Property Details for 5200 Franklin St

    Year built
    2016
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.60 lot acres
    Property size
    8,640 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    46-05-09-151-033.000-009
    APU
    460509151033000009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Michigan City
    County
    Laporte
    State
    Indiana
    Longitude
    -86.8931
    Latitude
    41.6731
    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
    $42,885
    $558,600
    $870,900
    $1,429,500
    -
    $558,600
    $870,900
    $1,429,500

    Comparable in this City

    • Value Estimation
      $2,015,000
      118,686 SF

      4301 Franklin St

      SHOPPING CENTER, STRIP CENTER • 118,686 SF
      4301 Franklin St, Michigan City, IN 46360-7806
      View Details
    • Value Estimation
      $3,580,000
      18,600 SF

      5174 Franklin St

      SHOPPING CENTER, STRIP CENTER • 18,600 SF
      5174 Franklin St, Michigan City, IN 46360-7878
      View Details
    • Value Estimation
      $685,000
      28,750 SF

      3207 Franklin St

      SHOPPING CENTER, STRIP CENTER • 28,750 SF
      3207 Franklin St, Michigan City, IN 46360-7005
      View Details
    • Value Estimation by Request
      8,960 SF

      2000 Us Hwy 20th, Unit 2006

      SHOPPING CENTER, STRIP CENTER • 8,960 SF
      2000 Us Hwy 20th, Michigan City, IN 46360-7682
      View Details
    • Value Estimation by Request
      7,230 SF

      1401 Woodland Ave

      SHOPPING CENTER, STRIP CENTER • 7,230 SF
      1401 Woodland Ave, Michigan City, IN 46360-7172
      View Details
    • Value Estimation
      $565,000
      12,240 SF

      Franklin St

      SHOPPING CENTER, STRIP CENTER • 12,240 SF
      Franklin St, Michigan City, IN 46360
      View Details

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      Mixed-Use Property Near Train Station

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    • $750,000
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      Michigan City Commercial Property For Sale

      Commercial property for sale in Michigan City, Indiana.
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      Versatile Commercial Property in Michigan City

      4,702 SF commercial property on 0.79 acres in Michigan City.
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Active Plaza

      Retail space available in a high-traffic Michigan City plaza.
      4303-4361 Franklim St, Michigan City, IN 46360
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    • Contact for pricing
      1,400 SF

      Retail Space in Lake Park

      Retail space available in a busy Michigan City plaza.
      4301-4361 Franklin St, Michigan City, IN 46360
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      Retail Space Available For Rent

      Inline and outlot retail spaces available for rent or lease.
      210 Dunes Plz, Michigan City, IN 46360
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    • $8 SF/Yr
      1,600 SF

      Retail/Office Space on US HWY

      Two 1,600 SF suites available for rent.
      1702-1724 Us Highway 20, Michigan City, IN 46360
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    • $9 SF/Yr
      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
      View Details
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    Michigan City, IN 46360-7372
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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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