514 Lake Shore Drive, Michigan City, IN 46360
$899,000
Property Type:
Residential Income
Bedrooms:
7
Lot Size (sq. ft.):
3,648
Status:
Active
Current Price:
$899,000
List Date:
11/08/2025
Last Modified:
6/28/2026
Overview
Description
Listing Details MLS# 830554
General Property Information
- New Construction YN
- No
- Number Of Units Total
- 7
- Bedrooms Total
- 7
- Bathrooms Full
- 7
- Above Grade Finished Area
- 3714
- Below Grade Unfinished Area
- 1530
- Living Area Source
- Assessor
- Year Built
- 1919
- Garage YN
- No
- Lot Size Acres
- 0.0837
- Lot Size Square Feet
- 3648
- Lot Size Source
- Assessor
- Waterfront YN
- Yes
- Basement YN
- Yes
- Fireplace YN
- No
Property Features
Appliances:
None
Basement:
Unfinished
Cooling:
Other
Exterior Features:
None
Heating:
Other
Interior Features:
None
Levels:
2-Sty
Listing Terms:
Cash; Conventional; Other
Lock Box Information:
SentriLock
Lot Features:
Other
Owner Pays:
None
Pets Allowed:
No
Possession:
Subject To Tenant Rights
Sewer:
Public Sewer
Special Listing Conditions:
None
Tenant Pays:
All Utilities
Utilities:
Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected
View:
Neighborhood
Water Source:
Public
Contract Information
- Auction YN
- No
- Original List Price
- 1020000
- Property Sub Type
- Quadruplex
- Listing Agreement
- Exclusive Right To Sell
Location Tax and Legal
- Street Number
- 514
- Street Name
- Lake Shore
- Street Suffix
- Drive
- County
- La Porte
- State
- IN
- Postal Code
- 46360
- Subdivision Name
- Sheridan Bch Park Add
Remarks and Miscellaneous
- Public Remarks
- Rare 7-Unit Investment Opportunity in Sheridan Beach! Just one block from the shores of Lake Michigan, this fully occupied Studio units offers investors the chance to own an income-producing property in one of Northwest Indiana's most sought-after lakefront neighborhoods. All seven one-bedroom units are occupied, with tenants paying utilities, providing immediate rental income. Located minutes from Sheridan Beach, Washington Park, the marina, Uptown Arts District, Blue Chip Casino, and the South Shore Line with direct access to downtown Chicago, this property benefits from strong rental demand and exceptional long-term appreciation potential. Whether you're expanding your portfolio, completing a 1031 exchange, or seeking a premier Northwest Indiana investment, opportunities like this are increasingly rare. Schedule your private showing today and see why Sheridan Beach remains one of Michigan City's most desirable investment locations.
Status Change Information
- Major Change Timestamp
- 2026-06-12T21:41:52Z
- Major Change Type
- Price Reduced
- Price Change Timestamp
- 2026-06-12T21:41:52Z
- Status Change Timestamp
- 2025-11-08
More Information
Exemption Information
- Exemption YN
- No
Income and Expenses
- Cable TV Expense
- Yes
- Electric Expense
- Yes
- Expense Year
- 1000
- Gross Income
- 100000
- Gross Scheduled Income
- 100000
- Insurance Expense
- Yes
- Licenses Expense
- Yes
- Maintenance Expense
- Yes
- Manager Expense
- Yes
- Net Operating Income
- 71761
- New Taxes Expense
- Yes
- Operating Expense
- Yes
- Other Expense
- Yes
- Pest Control Expense
- Yes
- Professional Management Expense
- Yes
- Sewer Expense
- Yes
- Supplies Expense
- Yes
- Total Actual Rent
- 85860
- Trash Expense
- Yes
- Water Expense
- Yes
Unit Details
- Number Of One Bedroom Units
- 7
Unit 1
- Unit Description
- Studio
- Unit Number
- Yes
- Occupied YN
- Yes
- # Of Bedrooms
- Yes
- # Of Bathrooms
- Yes
Unit 2
- Unit Description
- Apartment
- Unit Number
- 2
- Occupied YN
- Yes
- # Of Bedrooms
- Yes
- # Of Bathrooms
- Yes
Unit 3
- Unit Description
- Apartment
- Unit Number
- 3
- Occupied YN
- Yes
- # Of Bedrooms
- Yes
- # Of Bathrooms
- Yes
Unit 4
- Unit Description
- Apartment
- Unit Number
- 4
- Occupied YN
- Yes
- # Of Bedrooms
- Yes
- # Of Bathrooms
- Yes
Unit 5
- Unit Description
- Apartment
- Unit Number
- 5
- Occupied YN
- Yes
- # Of Bedrooms
- Yes
- # Of Bathrooms
- Yes
Unit 6
- Unit Description
- Apartment
- Unit Number
- 6
- Occupied YN
- Yes
- # Of Bedrooms
- Yes
- # Of Bathrooms
- Yes
Unit 7
- Unit Description
- Apartment
- Occupied YN
- Yes
- # Of Bedrooms
- Yes
- # Of Bathrooms
- Yes
Showing Requirements
- Showing Instructions
- Use showingtime, appointment only
Location, Tax, and Legal
- School District
- Michigan City
- Tax Annual Amount
- 9674.7
- Tax Year
- 2024
- Tax Legal Description
- 42-01-21-311-018 SHERIDAN BCH PK ADD E END LTS 5 & 6 BLK 5
- Parcel Number
- 460121311018000022
- Township
- Michigan
- Directions
- From US 12 E turn left toward Franklin St, Franklin St turns right and becomes Lake Shore Dr. Home will be on the left.
Appliances
- None
- Yes
Basement
- Unfinished
- Yes
Cooling
- Other
- Yes
Exterior Features
- None
- Yes
Heating
- Other
- Yes
Interior Features
- None
- Yes
Levels
- 2-Sty
- Yes
Listing Terms
- Cash
- Yes
- Conventional
- Yes
- Other
- Yes
Lock Box Information
- SentriLock
- Yes
Lot Features
- Other
- Yes
Possession
- Subject To Tenant Rights
- Yes
Sewer
- Public Sewer
- Yes
Special Listing Conditions
- None
- Yes
Utilities
- Electricity Connected
- Yes
- Natural Gas Connected
- Yes
- Sewer Connected
- Yes
- Water Connected
- Yes
View
- Neighborhood
- Yes
Water Source
- Public
- Yes
Owner Pays
- None
- Yes
Pets Allowed
- No
- Yes
Tenant Pays
- All Utilities
- Yes
Listing Office:
Listing Leaders Executive RE
Last Updated: June - 28 - 2026
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. Copyright 2024 Triangle MLS, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.