Listing courtesy of Listing Leaders Executive Real Estate Group, LLC · Listing agent: Kimberly Sut
514 Lake Shore Drive
Michigan City, IN 46360
Original price $1,020,000 · Price reduced on October 6, 2026
- Basement
- Bedrooms
- 7
- Bathrooms
- 7
- Living area
- 3,714 sq ft
- Lot
- 0.08 ac
- Year built
- 1919
- Type
- Apartment
- Listed
- November 8, 2025
- MLS #
- 202545357
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.
Monthly payment estimate
$4,900/mo
- Principal & interest
- $4,652
- Homeowners insurance
- $248
- Rate: Freddie Mac's 30-year fixed average for the week of October 1, 2026.
- Taxes: the seller's 9919 bill as reported to the MLS. Yours may differ once your own deductions apply.
- Insurance: estimated at 0.35% of the price per year.
- An estimate, not a loan offer. Your rate and payment depend on your credit, loan program and down payment.
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Property details
Interior
- Levels
- Two
- Stories
- 2
- Total area
- 5,244 sq ft
- Finished area above grade
- 3,714 sq ft
- Unfinished area below grade
- 1,530 sq ft
- Below grade total
- 1,530 sq ft
- Bedrooms above grade
- 7
- Basement
- Full
- Flooring
- Mixed
- Heating
- Multiple Heating Systems
- Cooling
- Window Unit(s)
- Amenities
- Basement
Exterior & parking
- Construction
- Brick, Wood Siding
- Foundation
- Block
- Private pool
- No
- New construction
- No
Waterfront & lake
- Waterfront
- No
Lot
- Lot features
- Level
- Lot size (acres)
- 0.08 ac
- Lot dimensions
- 48x76
- County
- La Porte County
- Township
- Michigan
- Platted
- Yes
- Planned unit development
- No
- Directions
- From US 12 E turn left toward Franklin St, Franklin St turns right and becomes Lake Shore Dr. Home will be on the left.
Schools
- Elementary school
- Lake Hills
- Middle school
- Martin Krueger
- High school
- Michigan City
- School district
- Michigan City Area Schools
Taxes & terms
- Annual taxes
- $1
- Tax year
- 9919
- Possession
- Subject to tenants rights
- Parcel number
- 46-01-21-311-018.000-022
Included in the sale
- Included in sale
- Building
Utilities
- Water
- Public
- Sewer
- Public Sewer
Income & commercial
- Units
- 7
- Annual gross rent
- $71,761
- Net operating income
- $71,753
- Lease term
- Month To Month
- Parking spaces
- 4
- Pets allowed
- Yes
- Tenant pays
- Cooling, Electricity, Heat, Sewer, Water
- Insurance (annual)
- $1
- Water & sewer (annual)
- $1
- Electric (annual)
- $1
- Fuel (annual)
- $1
- Trash (annual)
- $1
- Maintenance (annual)
- $1