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Evergreen Plaza 1700-1724 E US Highway 20 23,780 SF 100% Leased Retail Building Michigan City, IN 46360 $1,475,000 ($62.03/SF) 8.58% Cap Rate



Investment Highlights
- 79.82% occupied by a diverse mix of service-oriented retail, restaurant, and personal care tenants
- Offered at $62 per square foot, representing an attractive entry basis well below today's replacement co
- Additional NOI growth is achievable through future renewal of below-market leases that stand at only $8.85 on gross leases
- Neighborhood-oriented tenancy reduces exposure to e-commerce disruption and supports long-term occupancy
- Immediate upside through lease-up of approximately 4,800 square feet of vacant space
- Direct frontage along US Highway 20 (19,000+VPD) with excellent visibility
Executive Summary
The center is currently 79.82% 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.
Property Facts
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- A & J Rehabilitation Svc Inc
- Health Care and Social Assistance
- -
- -
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Allstate began in 1931 as part of Sears, Roebuck and Co. and grew into a major U.S. insurance business. The company focuses on property and casualty insurance and offers coverage for autos, homes, renters, motorcycles, and related personal protection needs. The company also provides life insurance, business insurance, retirement and investment planning, and support services such as claims help, roadside assistance, and identity restoration. Allstate serves customers through branded agents, independent agents, and direct-to-consumer channels in the United States and Canada.
- Arbor Pointe Leasing, LLC
- Professional, Scientific, and Technical Services
- -
- -
- -
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Art & Frames is a Michigan City business centered on custom picture framing, framed art, and related display services. The firm operates as a picture-frame shop and specialty retailer in miscellaneous retail categories. The company has maintained a long-running presence in the area, and the business specializes in framing, matting, and a broader mix of art and home decor merchandise.
CosmoProf is a wholesale distributor of salon brands for licensed beauty professionals and students, with a business built around professional products, education, and service tools. The brand operates as part of Beauty Systems Group, which connects stores, sales consultants, and online channels to supply salon-use and resale products across North America. CosmoProf's assortment spans hair color, hair care, tools and appliances, salon supplies, skin and body care, nails, and barber products, and the company also supports customers with business-building resources and professional education. The company has been serving the beauty industry for more than 16 years and continues to focus on professional distribution rather than general consumer retail.
- Enterprise Rent-A-Car
- Rental and Leasing Services
- -
- -
- -
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Jazzercise began in 1969 when Judi Sheppard Missett created a jazz dance workout class in Illinois. After moving to California in 1971, the concept expanded rapidly through franchising. The company now operates thousands of franchise locations internationally. Jazzercise combines dance with strength training and cardio in various class formats. The brand has evolved over five decades while maintaining its core dance-fitness approach. Jazzercise supports a global network of franchisees through training programs and choreography updates.
- Little Caesars
- Accommodation and Food Services
- -
- -
- Triple Net
- Jun 2013
Mariner Finance traces a history to 1927 and operates as a consumer lender built around responsible access to credit and personalized service. The company offers personal loans, auto loans, debt consolidation loans, home improvement loans, vacation loans, and wedding loans, with options that include secured and unsecured installment lending. Mariner Finance also supports borrowers through online applications, personalized loan offers, and branch-based service for people seeking fixed-rate repayment terms. The company serves communities across the United States through a network of branches and affiliated lending operations while focusing on individual borrowing needs rather than commercial lending.
State Farm began in Illinois in 1922, when G.J. Mecherle founded the business around fairer auto insurance pricing for farmers. The company operates as a mutual insurer and has grown into a broad financial services firm. State Farm offers auto, home, renters, condo, life, health, disability, pet, commercial, and small business insurance, along with related financial products and services. The company maintains a significant U.S. market presence through an agent-based model and a long-running focus on helping customers manage everyday risks and recover from losses.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| A & J Rehabilitation Svc Inc | Health Care and Social Assistance | - | - | - | - | |
|
Finance and Insurance | - | - | - | - | |
| Arbor Pointe Leasing, LLC | Professional, Scientific, and Technical Services | - | - | - | - | |
| Art & Frames | Retailer | - | - | - | - | |
|
Retailer | - | - | - | - | |
| Enterprise Rent-A-Car | Rental and Leasing Services | - | - | - | - | |
|
Arts, Entertainment, and Recreation | - | - | - | - | |
| Little Caesars | Accommodation and Food Services | - | - | Triple Net | Jun 2013 | |
|
Finance and Insurance | - | - | - | - | |
|
Finance and Insurance | - | - | - | - |
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,016,300 | |
| Land Assessment | $214,000 | Total Assessment | $1,230,300 |
