636 Pne St Michigan City, IN 46360-3414

Property Details for 636 Pne St

Year built

1999

Construction

TYPE NOT SPECIFIED

Lot size

0.15 lot acres

Property size

7,680 SF

Property type

Office Properties & Spaces

APN

46-01-29-427-009.000-022

APU

460129427009000022

Description

Exceptional investment opportunity: A Class A, 6,240 sq ft office building in Michigan City, Indiana, fully occupied by the Social Security Administration (SSA) under a new 15-year lease with a 10-year firm term. The property, built in 1999 as a build-to-suit, features 20 parking spaces on a 0.67-acre lot. The GSA is investing over $773,000 in tenant improvements, creating a virtually new interior. This represents a significant commitment to the location and provides long-term stability for the investor. The asking price is $750,000, offering a 7.75% cap rate and a pro-forma cap rate of 9.56%. The property's strong financials are further enhanced by the SSA's AA+ S&P credit rating. The building is well-maintained and situated in a convenient location, approximately 50 miles east of Chicago and 40 miles west of South Bend, with easy access to public transportation. Michigan City boasts a low-income tax, moderate business costs, and a diverse resource base, contributing to its attractiveness for businesses. The construction drawings are complete, and the project bid totals $894,470. The GSA will pay $528,016 of the TI cost as a lump sum upon completion and acceptance of the improvements, with the remaining amount amortized over the lease term. This is a rare opportunity to acquire a stable, high-quality investment with a long-term, creditworthy tenant.

Location Insight

City

Michigan City

County

Laporte

State

Indiana

Longitude

-86.8991

Latitude

41.7157

CBSA code

33140

CBSA name

MICHIGAN CITY-LA PORTE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments