2701 Franklin StMichigan City, IN 46360

Property Details for 2701 Franklin St

Year built

1924

Construction

WOOD

Lot size

0.16 AC

Property size (Sq ft)

4,157 SF

Property type

Retail space

APN

46-01-32-436-008.000-022

APU

460132436008000022

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,963,834

  6.5%

  $1,812,770

  7%

  $1,683,286

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,364,452

  Geo Method

  $1,364,452

• Alternative Use

  Use

  Valuation

  Residential

  $1,529,139

  Hospitality

  $1,400,683

  Educational

  $1,165,352

  Medical

  $1,205,430

  Retail

  $1,812,770

Location Insight

City

Michigan City

County

Laporte

State

Indiana

Latitude

41.7

Longitude

-86.8946

CBSA code

33140

CBSA name

MICHIGAN CITY-LA PORTE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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