For Sale
$625,000

2701 Franklin StMichigan City, IN 46360

High-return, multi-tenant retail property.

Property records and analytics

Overview

Added:
Dec 11, 2024
Days on market:
119
This exceptional Class A, 4,157 square foot storefront investment property, located at 2701 Franklin St, Michigan City, IN 46360, presents a compelling opportunity. Priced at $625,000, it boasts a strong 8.86% cap rate and a substantial net operating income (NOI) of $55,391. The property features two 100% occupied units under a triple net (NNN) lease with a remaining term of 4.3 years (expiring 2/28/2029). The lease commenced on 12/31/2019, and includes rent escalation clauses. Built in 1924 and extensively renovated in 2020-2021, this single-story building sits on a 6,686 square foot lot and offers 25 parking spaces. Modern updates include high-efficiency furnaces, three-phase electric, LED lighting, closed-cell insulation, and a Nova basement system. The B2 Commercial zoning ensures flexibility, and the prime corner location on bustling Franklin Street guarantees high visibility and foot traffic. This stabilized investment offers a secure and profitable venture with long-term tenants, including an optometry practice and a salon. The property's strong financials and desirable location make it an ideal addition to any portfolio.

Highlights

  • $625,000 asking price for a stabilized, Class A, multi-tenant retail storefront.
  • NNN lease, 100% occupancy with two tenants, 4.3 years remaining lease term (9.2 years original term).
  • 4,157 square feet, $150.35/sq ft, 8.86% cap rate, $55,391 NOI.
  • Located at 2701 Franklin St, Michigan City, IN 46360, on a 6,686 sq ft lot with 25 parking spaces.
  • Built in 1924, renovated 2020-2021, B2 Commercial zoning.

Property Details for 2701 Franklin St

Property type
Retail properties, Retail space
Square Feet
4,157 SF
Class
A
Year Built/Renovated
1924/2020
Buildings
1
Stories
1
Units
2

Location Insight

City
Michigan City
County
LaPorte
State
Indiana
Latitude
41.7000743
Longitude
-86.8945649
2701 Franklin St, Michigan City, Indiana

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FAQs

What type of property is this?
Retail property - High-return, multi-tenant retail property.
Where is the retail property located?
The property is located at 2701 Franklin St Michigan City, IN.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: $625,000 asking price for a stabilized, Class A, multi-tenant retail storefront.; NNN lease, 100% occupancy with two tenants, 4.3 years remaining lease term (9.2 years original term).; 4,157 square feet, $150.35/sq ft, 8.86% cap rate, $55,391 NOI.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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Contacts

Giorgios Karayannis
Giorgios Karayannis
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2701 Franklin St, Michigan City, Indiana, 46360

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Disclaimer

The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.

We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.

By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.

2701 Franklin St
  • Giorgios Karayannis
    Giorgios Karayannis
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