514 Lake Shore Drive Michigan City, IN ^$ 995,000

514 Lake Shore Drive

^$ 995,000

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514 Lake Shore Drive

Michigan City, IN, 46360

^$ 995,000

Bedrooms7 Baths7.0

Monthly Estimate*

^$ 6,126

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Multi-Family Home for sale in Michigan City, IN

for $995,000 with 7 bedrooms and 7 full baths. This home was built in 1919 on a lot size of 0.0837.

nvestors--Income Opportunity in Sheridan Beach! 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.

Multi-Family Active

Price

^$ 995,000

Bedrooms

Full Bath

Property Type

Multi-Family

Taxes

^$ 9,674

Style

Apartment

Lot Size

0.0837

Year Built

1919

Town/City

Michigan City

County/Region

La Porte

MLS | Web ID

830554

Features

Interior

Interior Amenities None

Fireplace Y/N N

Above Grade Finished Area 3714

Total Bedrooms 7

Total Baths 7

General

Sewer Public Sewer

Heating Other

Utilities Electricity Connected Water Connected Sewer Connected Natural Gas Connected

Appliances None

Pets Allowed No

Year Built 1919

View Neighborhood

Township Michigan

Levels Two

Property Subtype Apartment

Tax Year 2024

Gross Income 100000

County La Porte

Net Operating Income 1

Insurance Expense 1

New Construction N

Property Type Residential Income

MaintenanceExpense 1

Subdivision Name Sheridan Bch Park Add

Garage Y/N N

Full Baths 7

Status Active

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.

City Michigan City

High School District Michigan City

Lot Size Square Feet 3648

Listing Terms Cash Other Conventional

Tax Annual Amount 9674.7

Electric Expense 1

Trash Expense 1

Standard Status Active

Total Actual Rent 100000

Taxes 1

Legal Description 42-01-21-311-018 SHERIDAN BCH PK ADD E END LTS 5 & 6 BLK 5

Exterior

Exterior Amenities None

Lot Features Other

Water Source Public

Lot Size Acres 0.0837

Lot Size Source Assessor

Waterfront Y/N N

* Excluded Features

List By

Kimberly Sut

Listing Agent

Listing Leaders Executive Re

Broker

kimberlysutnwi@gmail.com

Affordability Calculator

$6,933

Per Month

Monthly Principal & Interest: $6,126
Monthly Property Taxes: $806
Monthly Home Insurance: --

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Down Payment

Loan Term

Interest Rate

Yearly Property Taxes

Yearly Home Insurance

Default based on a 30-year fixed rate of 6.25% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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Nearby

Trends
Schools

Multi-family listings in Michigan City, IN

Average List Price ^$634,000

Percent of Sale Price 36%

About Michigan City, IN

42,412 Population

-7% Since 2002

^$42,478 Median Income

40.4 Median Age

25% Households with Children

View more area information

Trends Information provided by ATTOM Data Solutions.

4001580 Elementary School

4001645 Middle School

Unknown High School High School

See complete school information

Pricing History

Date	Price	Price Change	Description
12/5/2025	$995,000	-2.45%	Price Down
11/8/2025	$1,020,000		Listed Price

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514 Lake Shore Drive, Michigan City, IN, 46360 is a Multi-Family Home for sale at $995,000 with a lot size of 0.0837. 514 Lake Shore Drive has 7 bedrooms, 7.0 baths, and was built in 1919. The property's zip code is 46360 which is in Michigan City, IN

*Information deemed reliable but not guaranteed.

Financial calculator disclaimer: Default based on a 30-year fixed rate of 6.25% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

Listing data provided courtesy of the Internet Data Exchange Program of the Greater Northwest Indiana Multiple Listing Service.

The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the Greater Northwest Indiana Multiple Listing Service. Real Estate listings held by brokerage firms (licensees) other than Weichert Realtors include the name of the listing brokers.

The information being provided is for consumers' personal, non-commercial use and may not be reproduced or redistribute. Its sole purpose is to be used for no other purpose than to identify prospective properties consumers may be interested in purchasing.

Data is updated as of 1/25/2026.

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514 Lake Shore Drive

Multi-Family Home for sale in Michigan City, IN

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