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Property profile & analytics
OFF-MARKET
Estimated value
$760,000
Medical Office Space
8865 400th N Michigan City, IN 46360-9222
Entity Owned
13-yr Hold
~
Est. High Equity
Property ID
US31-2027515
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1996
Construction
TYPE NOT SPECIFIED
Total area
20,414 SF
Lot
3.32 ac (144,532 SF)
APN
46-05-10-300-018.000-046
UPID
US31-2027515
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Dobben Richard L MD Physician Medical Clinic
-
Dr. Mark A. Nelson, MD Physician
-
Kroczek Stephen MD Physician
-
Best Michael J MD Pediatrician Physician
-
Doctor Biehl Pediatrician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$480k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.03M
Blend (final)
Blend
$760k
Owner & transaction history
Franciscan Alliance INC · 13 yrs held
Franciscan Alliance INC
since 2013
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$1.2M
+13.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Michigan City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Michigan City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$480,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,095,000
Current use
APARTMENT HOUSE (5+ UNITS)
$1,240,000
Change: +13% · Conversion: Moderate
Blend value · Realmo final
$760k
Range $684k – $836k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$37 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Assessed value
$1,431,800
Assessed 2023
Previous assessed
$1,431,800
+0.0% YoY
Assessed land
$132,700
Assessed improvement
$1,299,100
Land market value
$132,700
Improvement market value
$1,299,100
Total market value
$1,431,800
Applied tax rate
11.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1996
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
20,414 SF
Lot
3.32 ac (144,532 SF)
APN
46-05-10-300-018.000-046
UPID
US31-2027515
Jurisdiction
LA PORTE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.2M
MEDICAL BUILDING Current
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1996
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
3.32 ac
Current owner
From public records · entity-resolved
Franciscan Alliance INC
Entity
Mailing address
1515 W DRAGOON TRL, MISHAWAKA, IN 46544-4710
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 28, 2013
—
Franciscan Alliance INC
Franciscan Alliance INC
Quit Claim Deed
related
—
Oct 1, 2010
—
Sisters Of St Francis Health Servic
Indiana Regional Specialty Group Ll
Corporation Deed
—
Mar 1, 2007
$300
City Of Michigan City
Indiana Regional Specialty Group Ll
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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