Redevelopment Opportunity

Special Purpose for Sale
Sale Pending/Contingent
Catylist Listing ID: 30843925
Property Subtypes: School/University
Status: Pending/Contingent
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: 11/16/2023

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.

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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

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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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