521 Franklin Street, Michigan City, IN 46360 (MLS# 828505)

521 Franklin Street, Michigan City, IN 46360

$1,590,000

Property Type: Commercial Sale Square Footage: 21,057 Lot Size (sq. ft.): 12,371 Status: Active

Current Price: $1,590,000 List Date: 9/29/2025 Last Modified: 3/31/2026

Overview

Description

Prime Downtown Mixed-Use Building in the Arts District! Outstanding opportunity to own a 10-unit building right in the heart of the vibrant Arts District. The property features three street-level commercial spaces — two versatile office/retail storefronts and one restaurant space with established infrastructure. Upstairs, you'll find seven unique apartments, each with its own character and layout, offering a mix of options for tenants seeking something distinctive. With a mix of 0pen loft-style stuidos and one-bedroom units, these apartments attract long-term renters who value individuality and prime downtown living. The building sits on a highly visible block surrounded by galleries, shops, and restaurants, making it a sought-after location for both commercial and residential tenants. Strong income from a diverse range of tenants make this a great investment opportunity.

Listing Details MLS# 828505

General Property Information

Number Of Units Total: 10
Living Area: 21057
Building Area Source: Assessor
Year Built: 1880
Lot Size Acres: 0.284
Lot Size Square Feet: 12371.04
Lot Size Source: Assessor
Waterfront YN: No
Basement YN: Yes
Parking Total: 0

Property Features

Basement: Unfinished Building Features: Acoustical Ceiling(s); Business District Location; High Speed Internet; Mixed Use; Multi Tenant; Private Restrooms Business Type: Mixed; Professional/Office; Restaurant; Retail Construction Materials: Brick Cooling: Central Air Current Use: Commercial; Mixed Use; Office; Residential; Retail Electric: 200+ Amp Service Exterior Features: None Heating: Central Listing Terms: Cash; Conventional Lock Box Information: Call Listing Office Owner Pays: Insurance; Taxes Possession: Close Of Escrow; Subject To Tenant Rights Rail Availability: None Roof: Other Sewer: Public Sewer Special Listing Conditions: None Tenant Pays: Electricity Utilities: Cable Connected; Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Water Source: Public

Contract Information

Auction YN: No
Original List Price: 1650000
Property Sub Type: Mixed Use
Listing Agreement: Exclusive Agency
Occupant Type: Tenant

Location Tax and Legal

Street Number: 521
Street Name: Franklin
Street Suffix: Street
County: La Porte
State: IN
Postal Code: 46360

Remarks and Miscellaneous

Public Remarks: Prime Downtown Mixed-Use Building in the Arts District! Outstanding opportunity to own a 10-unit building right in the heart of the vibrant Arts District. The property features three street-level commercial spaces — two versatile office/retail storefronts and one restaurant space with established infrastructure. Upstairs, you'll find seven unique apartments, each with its own character and layout, offering a mix of options for tenants seeking something distinctive. With a mix of 0pen loft-style stuidos and one-bedroom units, these apartments attract long-term renters who value individuality and prime downtown living. The building sits on a highly visible block surrounded by galleries, shops, and restaurants, making it a sought-after location for both commercial and residential tenants. Strong income from a diverse range of tenants make this a great investment opportunity.

Status Change Information

Major Change Timestamp: 2026-03-08T19:13:57Z
Major Change Type: Price Reduced
Price Change Timestamp: 2026-03-08T19:13:57Z
Status Change Timestamp: 2025-09-29

More Information

Exemption Information

Exemption YN: No

Showing Requirements

Showing Instructions: Use ShowingTime. 48 hour notice minimum.

Location, Tax, and Legal

Tax Annual Amount: 11988
Tax Year: 2024
Tax Legal Description: EOS N SD LT 7 BLK 23 (2-11/8/96) TIF ASSMT #51 AND E O S 33 1/2 FT S SD LT 6 BLK 23. TIF ASSMT #51
Parcel Number: 460129404021000022
Additional Parcels YN: Yes
Additional Parcels Description: 460129404022000022
Township: Michigan
Directions: US Hwy 12 to south on Washington, west on 4th St, South on Franklin.

Basement

Unfinished: Yes

Construction Materials

Brick: Yes

Cooling

Central Air: Yes

Electric

200+ Amp Service: Yes

Exterior Features

None: Yes

Heating

Central: Yes

Listing Terms

Cash: Yes
Conventional: Yes

Lock Box Information

Call Listing Office: Yes

Possession

Close Of Escrow: Yes
Subject To Tenant Rights: Yes

Roof

Other: Yes

Sewer

Public Sewer: Yes

Special Listing Conditions

None: Yes

Utilities

Cable Connected: Yes
Electricity Connected: Yes
Natural Gas Connected: Yes
Sewer Connected: Yes
Water Connected: Yes

Water Source

Public: Yes

Owner Pays

Insurance: Yes
Taxes: Yes

Tenant Pays

Electricity: Yes

Current Use

Commercial: Yes
Mixed Use: Yes
Office: Yes
Residential: Yes
Retail: Yes

Building Features

Acoustical Ceiling(s): Yes
Business District Location: Yes
High Speed Internet: Yes
Mixed Use: Yes
Multi Tenant: Yes
Private Restrooms: Yes

Business Type

Mixed: Yes
Professional/Office: Yes
Restaurant: Yes
Retail: Yes

Rail Availability

None: Yes

Listing Office: Coldwell Banker Realty

Last Updated: March - 31 - 2026

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