718-726 N Franklin Street, Michigan City, IN 46360 (MLS# 454133)

718-726 N Franklin Street, Michigan City, IN 46360

$1,000,000

Property Type: Commercial Sale Square Footage: 27,000 Lot Size (sq. ft.): 20,295 Status: Closed

Current Price: $1,000,000 List Date: 5/17/2019 Last Modified: 2/24/2024

Overview

Description

Expansive, Flagship commercial building, in the heart of Michigan City's burgeoning Arts District, offers endless possibilities for restaurant, retail, offices, and continued use as renowned arts building. The two-story building has five store fronts on Franklin Street at one of the busiest blocks directly across from Art Space and the future Civic Plaza. Upstairs, there's nearly 30 suites ranging in square footage with some great common areas. These suites have been used by local artists for decades, and more recently are home to creative professionals as well. Several of the suites have oversized window overlooking Franklin Street. There is parking lot adjacent to the building. This Gem is centrally located between the beautiful shores of Lake Michigan, Amtrak, South Shore commuter train, Outlet all, Blue Chip Casino, hotel Spa and conference center, all within a mile. Michigan City is growing! Just 90 minutes from Downtown Chicago, via commuter train, Amtrak or 94.

Listing Details MLS# 454133

General Property Information

Living Area: 27000
Building Area Source: Builder
Year Built: 1938
Lot Size Acres: 0.4659
Lot Size Square Feet: 20295
Lot Size Dimensions: 84' x 165' & 41'X165'
Stories: 2

Property Features

Building Features: Acoustical Ceiling(s); Business District Location; Enclosed Stair(s); Exterior Lighting; Inside Corridor(s); Meeting Room; Mixed Use; Multi Tenant; Passenger Elevator(s); Private Restrooms; Public Restrooms; Suspended Ceiling(s) Construction Materials: Block; Brick; Stone Cooling: Central Air Current Use: Mixed Use; Office Flooring: Carpet; Terrazzo; Tile; Varies Foundation Details: Concrete Perimeter Heating: Central; Electric; Forced Air; Hot Water; Natural Gas; Radiant Interior Features: Elevator Listing Terms: Cash; Conventional Parking Features: Private Possible Use: Commercial; Medical/Dental; Mixed Use; Multi-Family; Office; Place of Worship; Recreational; Retail; Other Rail Availability: None Road Frontage Type: City Street Roof: Flat; Other Security Features: Other Utilities: Cable Available; Electricity Available; Electricity Connected; Natural Gas Available; Natural Gas Connected Water Source: Public Showing Requirements: 24 Hour Notice; Listing Agent Must Accompany

Contract Information

Auction YN: No
Original List Price: 1290000
Property Sub Type: Mixed Use
Property Attached YN: No
Listing Agreement: Exclusive Right To Sell
Owner Name: Arnold Besse Trust
Occupant Type: Owner
Occupant Name: Multiple

Location Tax and Legal

Street Number: 718-726
Street Direction Prefix: N
Street Name: Franklin
Street Suffix: Street
County: La Porte
State: IN
Postal Code: 46360
Subdivision Name: Elstons

Remarks and Miscellaneous

Public Remarks: Expansive, Flagship commercial building, in the heart of Michigan City's burgeoning Arts District, offers endless possibilities for restaurant, retail, offices, and continued use as renowned arts building. The two-story building has five store fronts on Franklin Street at one of the busiest blocks directly across from Art Space and the future Civic Plaza. Upstairs, there's nearly 30 suites ranging in square footage with some great common areas. These suites have been used by local artists for decades, and more recently are home to creative professionals as well. Several of the suites have oversized window overlooking Franklin Street. There is parking lot adjacent to the building. This Gem is centrally located between the beautiful shores of Lake Michigan, Amtrak, South Shore commuter train, Outlet all, Blue Chip Casino, hotel Spa and conference center, all within a mile. Michigan City is growing! Just 90 minutes from Downtown Chicago, via commuter train, Amtrak or 94.
Exclusions: Yes

Status Change Information

Major Change Timestamp: 2019-12-13T13:32:51Z
Major Change Type: Status Change
Status Change Timestamp: 2019-12-13
Offer Acceptance Date: 2019-12-13
Close Date: 2019-12-13
Close Price: 1000000
Concessions: No
Buyer Financing: Conventional

More Information

Building Features

Building Dimensions: 84' x 165'
Acoustical Ceiling(s): Yes
Business District Location: Yes
Enclosed Stair(s): Yes
Exterior Lighting: Yes
Inside Corridor(s): Yes
Meeting Room: Yes
Mixed Use: Yes
Multi Tenant: Yes
Passenger Elevator(s): Yes
Private Restrooms: Yes
Public Restrooms: Yes
Suspended Ceiling(s): Yes

Exemption Information

Exemption YN: Y

Frontage Type

Frontage Length: 125

Income and Expenses

New Taxes Expense: 11190
Electric Expense: 0
Gross Income: 0
Gross Scheduled Income: 0
Insurance Expense: 0
Maintenance Expense: 0
Manager Expense: 0
Net Operating Income: 0
Other Expense: 0
Professional Management Expense: 0
Sewer Expense: 0
Supplies Expense: 0
Total Actual Rent: 0
Trash Expense: 0
Water Expense: 0

Showing Requirements

Showing Instructions: Use Showingtime, 24 hours preferred. Don't approach tenants.
24 Hour Notice: Yes
Listing Agent Must Accompany: Yes

Historical Information

Public Historical Remarks: Utilities: On, Frontage Access: Public Road, Fire Protect: Fire Extinguishers

Location, Tax, and Legal

Postal Code +4: 3506
Tax Legal Description: Legal Description: 42-01-29-412-013 ELSTON ORIGINAL SURVEY S1/2 LT 3 & ALL LT 6 BLK 32
Parcel Number: 460129412013000022
Township: Michigan
Directions: From 94 travel north on 421/Franklin to property. Franklin is one way going North at that point.
Cross Street: 8th Street

Construction Materials

Block: Yes
Brick: Yes
Stone: Yes

Cooling

Central Air: Yes

Flooring

Carpet: Yes
Terrazzo: Yes
Tile: Yes
Varies: Yes

Foundation Details

Concrete Perimeter: Yes

Heating

Central: Yes
Electric: Yes
Forced Air: Yes
Hot Water: Yes
Natural Gas: Yes
Radiant: Yes

Interior Features

Elevator: Yes

Listing Terms

Cash: Yes
Conventional: Yes

Parking Features

Private: Yes

Road Frontage Type

City Street: Yes

Roof

Flat: Yes
Other: Yes

Security Features

Other: Yes

Utilities

Cable Available: Yes
Electricity Available: Yes
Electricity Connected: Yes
Natural Gas Available: Yes
Natural Gas Connected: Yes

Water Source

Public: Yes

Auction

Minimum Opening Bid: 0
Buyer Premium Amount: 0

Current Use

Mixed Use: Yes
Office: Yes

Possible Use

Commercial: Yes
Medical/Dental: Yes
Mixed Use: Yes
Multi-Family: Yes
Office: Yes
Place of Worship: Yes
Recreational: Yes
Retail: Yes
Other: Yes

Rail Availability

None: Yes

Listing Office: Ryan Keller, Broker

Last Updated: February - 24 - 2024

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