Evergreen Plaza — Sale in Michigan City, IN

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Michigan City, IN 46360

Photos

Evergreen Plaza — Sale in Michigan City, IN, photo 1 of 3
Evergreen Plaza — Sale in Michigan City, IN, photo 2 of 3
Evergreen Plaza — Sale in Michigan City, IN, photo 3 of 3

Investment Figures

Cap rate
8.58%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is pleased to exclusively offer for sale a 23,780-square-foot neighborhood retail center located at 1700-1724 US Highway 20 in Michigan City, Indiana. Offered at $1,475,000, an attractive $62 per square foot, the property presents an opportunity to acquire a well-located neighborhood retail asset with a strong 8.58 percent going-in capitalization rate and significant near-term value creation through lease-up and rent growth. The center is currently 79.82 percent occupied by a complementary mix of established local and regional tenants providing daily-needs goods and services that are largely insulated from e-commerce competition. The tenant roster includes Memo's House of Pancakes, Cosmo Prof, Ladybug Cleaners, Spa Nails, and Kuttin Up, creating consistent customer traffic throughout the day while generating stable recurring cash flow. Strategically positioned along US Highway 20, which features over 19,000 vehicles per day, one of Michigan City's primary commercial corridors, the property benefits from outstanding visibility and excellent regional accessibility. The location provides convenient connectivity to Interstate 94, and the broader Northwest Indiana trade area, making it an established destination for both local residents and commuter traffic. The property offers a compelling value-add opportunity. Current average in-place gross rents of $8.85 per square foot remain below market, while approximately 4,800 square feet of vacant space (three 1,600-square-foot suites) provides an immediate opportunity to increase occupancy and cash flow. By leasing the remaining vacancies and capturing market rental rates upon tenant renewals, an investor can substantially increase property cash-flow and generate increasingly strong returns. Investment Highlights: • 79.82 Percent Occupied by a Diverse Mix of Service-Oriented Retail, Restaurant, and Personal Care Tenants. • Neighborhood-Oriented Tenancy Reduces Exposure to E-Commerce Disruption and Supports

Market Context

This retail in Michigan City, IN is listed for sale. It is offered at an approximate 8.6% capitalization rate, a key benchmark for income-producing retail assets. Compare it against other retail listings for sale in Michigan City, IN — view the full market.

Contact

Explore this market

Similar Retail Business for Sale in Michigan City, IN