514 Lake Shore Dr, Michigan City, IN, 46360
About This Home
Investors—Income Opportunity in Sheridan Beach! 7 occupied units! Well maintained property! Welcome to 514 Lakeshore Drive, Michigan City, located in the desirable Sheridan Beach neighborhood, just one block from Lake Michigan. This DSCR-friendly property offers strong potential for long-term rental income, short-term rental use (buyer to verify), or portfolio growth. Consistent rental demand is supported by proximity to Sheridan Beach, Washington Park, the marina, Uptown Arts District, Blue Chip Casino, and the South Shore Train Station, offering convenient access for commuters to Chicago. Ideal for cash, DSCR, or portfolio investors seeking an income-producing property in one of Northwest Indiana's most sought-after lakefront areas. Located 1 block away from the beach!! This is a must see in-person.
Getting Around
Car-Dependent
Very Limited Transit
Somewhat BikeableSchools
Construction
Condition
- Year built: 1919
Materials
- Foundation: Basement
- Construction materials: Brick,Wood Siding
Type & Style
- Home type: MultiFamily
- Property subType: Multi Family
Interior
Basement
- Has basement: Yes
- Basement: Full,Block
Bedrooms & Bathrooms
- Bedrooms: 7
- Bathrooms: 7
- Full bathrooms: 7
Features
- Flooring: Mixed
- Finished area below ground: 0
- Finished area above ground: 3,714
Heating & Cooling
- Heating features: Multiple Heating Systems
- Cooling features: Window Unit(s)
Interior Area
- Total structure area: 5,244
- Total interior livable area: 3,714 sqft
Property
Details
- Parcel number: 460121311018.000022
Features
- Levels: Two
- Stories: 2
Lot
- Lot size: 3,484 sqft
- Features: Level
- Lot size dimensions: 48x76
Parking
- Total spaces: 4
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Cold Wave
- Tornado
- Hail
- Inland Flooding
- Lightning
- Strong Wind
- Winter Weather
- Tsunami
How This Home’s Risks Compare
FEMA Declared Disasters Across Indiana Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $4,545 | $54,540 |
| Home Insurance * | $606 | $7,272 |
| Property Taxes | $1,491 | $17,892 |
| Electricity | $340 | $4,085 |
| Total | $6,982 | $83,784 |
Income You'd Need if You Spent...
Indiana FAIR Plan Programs
Indiana Basic Property Insurance Underwriting Association
WildfireHailWindHow Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
No zestimate history available
Price History
| Date | Event | Price |
|---|---|---|
| 2026-03-02 | Price change | $950,000 |
| 2025-12-05 | Price change | $995,000 |
| 2025-11-08 | Listed for sale | $1,020,000 |
| 2025-02-27 | Listing removed | $775 |
| 2025-02-08 | Listed for rent | $775 |
| 2006-06-15 | Sold | $350,000 |
For Sale by Agent
View on Zillow