710 Franklin StMichigan City, IN 46360

Property Details for 710 Franklin St

Year built

1914

Construction

TYPE NOT SPECIFIED

Lot size

0.16 AC

Property size (Sq ft)

22,274 SF

Property type

Healthcare properties

Property subtype

Medical offices

APN

46-01-29-412-002.000-022

APU

460129412002000022

Description

This exceptional 21,730-square-foot retail space at 710 Franklin Street in Michigan City, Indiana, presents a unique investment opportunity. Located in LaPorte County, this multi-tenant building offers one available space, ideal for a variety of uses including pharmacy, drug store, storefront, or retail/office. The property benefits from its strategic location, just four blocks from the train station featuring a new double-track express line to Chicago. This proximity to the station, coupled with ongoing residential and commercial development, positions this property for significant growth. Michigan City's burgeoning status as a desirable location, only one hour from Chicago and 20 minutes from Michigan, further enhances its appeal. The property's proximity to Lake Michigan (1.2 miles) adds to its desirability within this thriving lakefront community. This is a Tax Increment Financing (TIF) and Opportunity Zone property, making it eligible for facade grants. Furthermore, future restaurant tenants may qualify for a three-way liquor license. The attached survey provides detailed information on the property's dimensions and layout. Don't miss this chance to be part of Michigan City's exciting future.

• CAP approach

  CAP return

  Valuation

  6%

  $7,158,229

  6.5%

  $6,607,596

  7%

  $6,135,624

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,901,188

  Geo Method

  $2,901,188

• Alternative Use

  Use

  Valuation

  Residential

  $8,193,419

  Hospitality

  $7,505,128

  Educational

  $6,244,178

  Medical

  $6,458,925

  Retail

  $9,713,166

Location Insight

City

Michigan City

County

Laporte

State

Indiana

Latitude

41.7148

Longitude

-86.9001

CBSA code

33140

CBSA name

MICHIGAN CITY-LA PORTE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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