Redevelopment Opportunity
Special Purpose
for Sale
| Catylist Listing ID: |
30843925 |
| Property Subtypes: |
School/University
|
| Building Size (RSF): |
32,160 SF
|
| Gross Land Area: |
0.74 Acres
|
| Sale Price: |
$985,000 |
| In Opportunity Zone? |
Yes |
| Property Use Type: |
Vacant/Owner-User |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
6/1/2023 |
Overview / Comments
|
Redevelopment opportunity; currently serving as the St. Paul Lutheran School just one block from the expanding South Shore R/R Double Track, Michigan City Central Station Mixed-use project and within Arts District.
|
Additional Details
| Nearest MSA: |
Michigan City-La Porte |
| County: |
LaPorte |
| Tax ID/APN: |
46-01-29-433-014.000-022 |
| Zoning: |
CBD1 TOWNTOWN CORE |
| Property Visibility: |
Good |
| Feet of Frontage: |
180 |
| Site Description: |
Proposed site consists of Lots 10, 11 & 12 and partial vacated alley of Block 39 measuring approximately 180' x 180'. |
| Area Description: |
Centrally located in Michigan City's northern downtown, one block off the main north-south artery of Franklin Street which ties the beachfront of Lake Michigan to high density retail district at US Hwy 20 and on to the I-94 interchange. With close proximity to the South Shore Community Rail center currently under expansion, one of the last interurban rail lines in the US running from Chicago to South Bend. Subject sits within Michigan City's North TIF District, the City's Indiana Opportunity Zone and the Michigan City Transit Development District (TDD). Local Public Transportation is offered along Michigan City's Transit routes 1, 2 and 3. Several large new housing projects including the $80MM 12-story multi-family & retail project to be constructed in conjunction with the new R/R station between Pine and Franklin Streets along 10th and 11th Streets, the TRG Workforce Housing project at Michigan Blvd at 6th Street and several other mixed-use housing, hospitality and retail projects within a close radius. |
| Total Number of Buildings: |
1 |
| Number of Stories: |
2 |
| Property Condition: |
Good |
| Year Built: |
1957 |
| Year Renovated: |
1997 |
| Roof Type: |
Flat |
| Construction/Siding: |
Brick |
| Parking Type: |
Surface |
| Sprinklers: |
None |
| Zoning Description: |
CBD1 Downtown Core |
| Lot Frontage: |
180 |
| Lot Depth: |
180 |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
| Easements: |
Ingress/Egress, Utilities |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
16,382 |
36,152 |
43,328 |
| Median Age: |
36.26 |
38.77 |
40.17 |
| Households: |
6,493 |
14,144 |
17,059 |
|
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