$995,000
$25K PRICE DROP

514 Lake Shore Dr Michigan City, IN 46360

Estimated payment $6,040/month

Total Views 3,252
7 Beds
7 Baths
3,714 Sq Ft
$268 Price per Sq Ft

About This Home

Investors! - Income-Producing Opportunity 1 block from Sheridan Beach! Welcome to 514 Lakeshore Drive, Michigan City, Indiana -- a prime investment opportunity just minutes from Lake Michigan, downtown shops, and the vibrant Uptown Arts District. This property offers excellent potential for steady rental income, short-term rentals, or future redevelopment in a sought-after area near the beach and marina. Whether you're looking to expand your investment portfolio or secure your first cash-flowing property, this location provides consistent tenant demand thanks to its proximity to Blue Chip Casino, Washington Park, and the South Shore Train Station with easy access to Chicago commuters. Property Highlights: Located in the heart of Michigan City's growth corridor Walking distance to Lake Michigan beaches Minutes from shopping, dining, and entertainment Solid potential for value appreciation as redevelopment continues nearby Don't miss this opportunity to own property in one of Northwest Indiana's hottest investment markets. Updates have been made the units, roof and major mechanicals.

Listing Agent

Kimberly Sut

Listing Leaders Executive RE License #RB19000325 Listed on: 11/08/2025

Listing Leaders Executive RE

Property Details

Home Type

  • Condominium

Est. Annual Taxes

  • $9,675

Year Built

  • Built in 1919

Interior Spaces

  • 3,714 Sq Ft Home
  • 2-Story Property
  • Neighborhood Views
  • Basement

Bedrooms and Bathrooms

  • 7 Bedrooms
  • 7 Full Bathrooms

Listing and Financial Details

  • Tenant pays for all utilities
  • Assessor Parcel Number 460121311018000022

Community Details

Overview

  • 7 Units
  • Sheridan Bch Park Add Subdivision

Pet Policy

  • No Pets Allowed

Property Details

Home Type

Condominium

Est. Annual Taxes

$9,675

Year Built

Built in 1919

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Year Built: 1919
  • Reso Property Sub Type: Apartment
  • ResoLotFeatures: Other
  • Reso View: Neighborhood
  • Co List Office Mls Id: NRA2081
  • Subdivision Name: Sheridan Bch Park Add
  • Above Grade Finished Sq Ft: 3714
  • Garage Yn: No
  • Unit Levels: Two
  • New Construction: No
  • AuctionYN: No
  • Special Features: None
  • Property Sub Type: Condos

Interior Features

  • Appliances: None
  • Interior Amenities: None
  • Basement: Unfinished
  • Basement YN: Yes
  • Full Bathrooms: 7
  • Total Bedrooms: 7

Exterior Features

  • Exterior Features: None
  • Acres: 0.0837
  • Waterfront: No

Utilities

  • Sewer: Public Sewer
  • Utilities: Electricity Connected, Water Connected, Sewer Connected, Natural Gas Connected
  • Cooling: Other
  • Heating: Other
  • Water Source: Public

Schools

  • Junior High Dist: Michigan City

Lot Info

  • Lot Size Sq Ft: 3648
  • Parcel #: 460121311018000022

Rental Info

  • Pets Allowed: No
  • Tenant Pays: All Utilities
  • Owner Pays: None

Tax Info

  • Year: 2024
  • Tax Annual Amount: 9674.7

Multi Family

  • Number Of Units Total: 7
  • Total Actual Rent: 75900

Map

Range of Values:

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Value Increase
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
12/05/2025 12/05/25 Price Changed $995,000 -2.5% $268 / Sq Ft
11/08/2025 11/08/25 For Sale $1,020,000 -- $275 / Sq Ft
Source: Northwest Indiana Association of REALTORS®

Source: Northwest Indiana Association of REALTORS®

MLS Number: 830554

Northwest Indiana Association of REALTORS®