Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    600 Wabash St Michigan City, IN 46360-3416
    Back to Search
    Property profile & analytics

    600 Wabash St, Michigan City, IN 46360-3416

    View on Map
    • Turn key restaurants
    • 2,881 SF
    • 0.47 lot acres
    Off-Market
    Property ID
    US31-2371708
    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

    • Lighthouse Restaurant / Restaurant

    Property Details for 600 Wabash St

    Year built
    2003
    Construction
    WOOD
    Lot size
    0.47 lot acres
    Property type
    Turn key restaurants
    APN
    46-01-29-406-002.000-022
    APU
    460129406002000022

    Description

    This exceptional 2,888 square foot restaurant, built in 2003, is located on a 0.47-acre lot at 600 Wabash St, Michigan City, IN 46360. Situated directly across from the Lighthouse Premium Outlets, this single-unit property enjoys unparalleled visibility and high foot traffic. The CBD1 zoning allows for a variety of uses. The property features a spacious dining area, a well-appointed kitchen, and a unique, grandfathered-in drive-thru window. Ample off-street parking is available for customers. The 100% occupancy rate speaks to the property's desirability. This prime location offers easy access to major highways and benefits from the proximity to Lake Michigan and the thriving Central Business District. The asking price is $1,199,000 ($415.17/sq ft). This presents a significant opportunity for restaurateurs seeking a high-visibility location with established customer traffic. The potential to add a special district liquor license further enhances the investment potential. This is a rare opportunity to acquire a well-established restaurant in a booming tourist area.

    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
    -86.9037
    Latitude
    41.7151
    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
    $12,896
    $119,900
    $287,100
    $407,000
    -
    $119,900
    $287,100
    $407,000

    Comparable in this City

    • Value Estimation by Request
      0.60 Acres

      3966 Frontage Rd

      RESTAURANT
      3966 Frontage Rd, Michigan City, IN 46360-2932
      View Details
    • Value Estimation by Request
      4,527 SF

      7396 Johnson Rd

      RESTAURANT
      7396 Johnson Rd, Michigan City, IN 46360-2926
      View Details
    • Value Estimation
      $4,245,000
      6,006 SF

      4353 Franklin St

      RESTAURANT
      4353 Franklin St, Michigan City, IN 46360-7806
      View Details
    • Value Estimation
      $1,260,000
      17,282 SF

      2030 Tryon Rd

      RESTAURANT
      2030 Tryon Rd, Michigan City, IN 46360-2814
      View Details
    • Value Estimation by Request
      3,520 SF

      4960 Us Hwy 20

      RESTAURANT
      4960 Us Hwy 20, Michigan City, IN 46360-6639
      View Details
    • Value Estimation by Request
      2,579 SF

      4357 Franklin St

      RESTAURANT
      4357 Franklin St, Michigan City, IN 46360-7895
      View Details

    Similar Nearby for Sale

    • $1,075,000
      4,702 SF

      Versatile Commercial Property in Michigan City

      4,702 SF commercial property on 0.79 acres in Michigan City.
      3417 Franklin St, Michigan City, IN 46360
      View Details
    • Contact for pricing
      3,955 SF

      Michigan City Commercial Property For Sale

      Commercial property with ample parking and highway frontage available for sale.
      402 W Us Highway 20, Michigan City, IN 46360
      View Details
    • Contact for pricing
      3,677 SF

      Prime Location Commercial Building

      Established commercial building in Beverly Shores, near Chicago and Lake Michigan.
      2 W Dunes Hwy, Michigan City, IN 46360
      View Details
    • $1,075,000

      High-Visibility Commercial Redevelopment Opportunity

      4,702 SF property with redevelopment potential in a prime location.
      3417 Franklin St, Michigan City, IN 46360
      View Details
    • Contact for pricing
      2,350 SF

      Turn Key Retail Space ForSale

      Retail space with equipment and upper level residence for sale.
      909 Franklin St, Michigan City, IN 46360
      View Details
    • Contact for pricing

      Restaurant Property on Franklin Street

      Restaurant property with frontage on Franklin Street, near Highway 20.
      3940 Franklin St, Michigan City, IN 46360
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Mixed-Use Development with Retail Space

      Premier mixed-use development featuring retail and residential spaces.
      1073 Pine St, Michigan City, IN 46360
      View Details
    • $4,000 /Mo
      5,775 SF

      Restaurant Space in Uptown Arts

      Established restaurant space in Michigan City's Uptown Arts District.
      521 Franklin St, Michigan City, IN 46360
      View Details
    • Contact for pricing
      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
    • 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
      View Details
    • Contact for pricing

      Retail Space on Franklin Street

      Retail space available near attractions and amenities.
      3207 Franklin St, Michigan City, IN 46360
      View Details
    • Contact for pricing
      1,150 SF

      Prime Commercial Space For Rent

      Versatile commercial space in high-visibility location, surrounded by major businesses.
      5180 Franklin St, Michigan City, IN 46360
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    600 Wabash St
    Michigan City, IN 46360-3416
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    600 Wabash St, Michigan City, IN, 46360
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!