See other homes in:
Primary listing photo
Listing photo 2
Listing photo 3
Listing photo 4
Listing photo 5

1407 Franklin St, Michigan City, IN, 46360

3beds
2baths
--sqft
$299,000
--price/sqft
$2,092/moest. monthly cost
$83,680/yrincome needed

About This Home

Versatile mixed-use commercial property with classic architecture is ideally positioned near the new South Shore commuter train station and The Franklin at 11th Street Station, a landmark 12-story luxury apartment development bringing new energy, residents, and momentum to downtown Michigan City. With the South Shore Line connecting Chicago's Millennium Station near Millennium Park to the South Bend International Airport, this value-add asset offers exceptional visibility and accessibility for commuters, tourists, and local patrons alike. Whether your vision is a vibrant cafe or delicatessen for morning commuters, a boutique retail space showcasing local makers, or another business concept that serves Michigan City's growing downtown, this property provides the ideal canvas. The opportunity extends beyond the commercial space. The upper level features an impressive 2,000-square-foot residential unit with 3 bedrooms and 1 bath, offering flexibility for owner occupancy or potential short-term rental use. Sunlight fills the apartment through oversized windows, highlighting the original hardwood floors and timeless character throughout. The spacious living room includes a charming library nook, while the formal dining room creates an inviting setting for intimate gatherings and fireside conversations. From the scenic shores of Lake Michigan to downtown boutiques, restaurants, arts, entertainment, and the expanding commuter corridor, this property is surrounded by reasons for people to live, work, visit, and invest in Michigan City. Additional incentives may be available through local improvement grants connected to the Michigan City Urban Enterprise Zone and the federally designated Opportunity Zone.Bring your vision and a hammer to capture the moment to be a part of Michigan City's continued growth and position your business, investment, or lifestyle vision in one of the city's most exciting downtown locations.

Getting Around

87
WalkingVery Walkable
0
TransitVery Limited Transit
56
BikeBikeable

Schools

6/10
Knapp Elementary SchoolGrades PK-61.0 mi
3/10
Barker Middle SchoolGrades 7-80.4 mi
3/10
Michigan City High SchoolGrades 9-122.8 mi

Construction

Condition

  • Property condition: Fixer
  • Year built: 1928

Type & Style

  • Home type: MultiFamily
  • Property subType: Apartment

Interior

Appliances

  • Appliances included: Refrigerator,Microwave
  • Laundry features: Upper Level

Basement

  • Has basement: Yes
  • Basement: Storage Space,Unfinished

Bedrooms & Bathrooms

  • Bedrooms: 3
  • Bathrooms: 2
  • 1/2 bathrooms: 2

Features

  • Ceiling Fan(s),None
  • Number of fireplaces: 1
  • Fireplace features: Living Room
  • Fireplace: Yes
  • Finished area above ground: 4,336

Heating

  • Heating features: Baseboard,Forced Air

Property

Details

  • Parcel number: 460132228013000022
  • Zoning description: Commercial
  • Special condition: Standard

Features

  • Levels: Other
  • Exterior features: None
  • Has view: Yes
  • View description: City

Lot

  • Lot size: 2,278 sqft
  • Features: Near Public Transit

Parking

  • Parking features: On Street

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
    Cold WaveRelatively High
  • Tornado
    TornadoRelatively High
  • Hail
    HailModerate
  • Lightning
    LightningModerate
  • Strong Wind
    Strong WindModerate
  • Winter Weather
    Winter WeatherModerate
  • Tsunami
    TsunamiInsufficient Data

How This Home’s Risks Compare

Cold Wave
Tornado
Hail
Lightning
Strong Wind
Winter Weather
Tsunami

FEMA Declared Disasters Across Indiana Counties

Flood
Snowstorm

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

MonthlyAnnual
Mortgage $1,511$18,132
Home Insurance *$201$2,412
Property Taxes $196$2,352
Electricity $184$2,212
Total$2,092$25,104
*Does not include cost of any FAIR Plan premiums

Income You'd Need if You Spent...

35% on housing$71,725/yr
40% on housing$62,760/yr
45% on housing$55,786/yr

Indiana FAIR Plan Programs

Indiana Basic Property Insurance Underwriting Association

Covered
WildfireWildfire
Add-on available
HailHail
WindWind
Visit Website →
Current Policies
Residential: 810Commercial: 30
Total Premiums$1.77M
Total Exposure$1.82M

How 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.

Insurance Growth Rate5-year average: 9.8%
9.8%
0%30.0%
Electricity Growth Rate10-year average: 6.1%
6.1%
0%15.0%
Property Taxes Growth Rate2-year average: 1.6%
1.6%
0%15.0%
Income Spent on Housing
30%
30%45%

Comparing Against the Market

Price Per Sq Ft

--This listing

vs Other Active Listings

Avg $/sqft

ZIP 46360$175
LaPorte County$153

vs Homes Sold Last Month

Median $/sqft

ZIP 46360$151
LaPorte County$138

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)

Price History

DateEventPrice
2026-06-12Listed for sale$299,000
2025-10-04Listing removed$339,000
2024-09-14Listed for sale$339,000

For Sale by Agent

AgentGiorgios Karayannis
Brokerage@properties/Christie's Intl RE

Similar Homes