909 Franklin St Michigan City, IN 46360-3511
- Retail space
- 8,265 SF
- 0.09 lot acres
Current Use by Public Records
- Truffle Cake & Pastry Shoppe / Bakery
Property Details for 909 Franklin St
- Year built
- 1890
- Construction
- WOOD
- Lot size
- 0.09 lot acres
- Property size
- 8,265 SF
- Property type
- Retail space
- APN
- 46-01-29-458-011.000-022
- APU
- 460129458011000022
Description
This exceptional Michigan City, Indiana property, located at 909 Franklin St, offers a unique blend of commercial and residential space. Priced at $1,000,000, this 8,265 square foot building sits on a 0.089-acre lot and includes a 6-space parking area. Currently operating as a successful bakery for over 32 years, the main floor boasts custom display cases, a kitchen equipped with a walk-in cooler and freezer (freezer requiring repair), a large Middleby Marshall baking oven, prep tables, and sinks. The space is adaptable for various retail or professional office uses. An attached four-car garage, built in 2002, provides ample storage. The upper level features a charming apartment with hardwood floors, a custom kitchen (14'x14'), dining room (10'x14'), master bedroom (14'x14') with a master bath including a jacuzzi tub and his-and-hers sinks, a second bedroom (11'x15'), a second bath, and a den/third bedroom (10'x12'). A lower level offers additional storage. Recent improvements include a new roof on the garage, fresh paint in the apartment, and more. The property is currently 50% occupied, with the possibility of a short-term leaseback of the first floor. Its prime location, less than two blocks from the new train station, presents a fantastic opportunity for a new owner. Built in 1890, this property offers a rare combination of history, functionality, and potential. The building is currently configured as a single tenancy, with a gross lease type. The property is available for immediate sale.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $300,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $420,000
- 6.5%
- $405,000
- 7%
- $430,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $445,000
- Geo Method
- $390,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $415,000
- Retail
- $460,000
- Mixed-Use
- $510,000
- Hospitality
- $415,000
- Educational
- $410,000
- Residential Income
- $365,000
- Energy
- $420,000
- Income-Based Land
- $455,000
- Food Service
- $415,000
Location Insight
- Map
- Local Demand
- City
- Michigan City
- County
- Laporte
- State
- Indiana
- Longitude
- -86.8998
- Latitude
- 41.7123
- CBSA code
- 33140
- CBSA name
- MICHIGAN CITY-LA PORTE, IN METROPOLITAN STATISTICAL AREA
