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$995,000

  • For Sale
  • Active
  • Multi-Family
  • 7 Total Beds
  • Updated 5 hours ago
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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.

Full Property Details for 514 Lake Shore Dr

General

  • Price: $995,000
  • Taxes: $9,674 (2024)
  • Status: Active
  • Type: Multi-Family
  • Source: GNIAR
  • MLS ID: 830554
  • Updated: 1/18/2026
  • Added to Site: 71 day(s) ago

Interior

  • Interior Features: None
  • Appliances: None

Rooms

Bathrooms

  • Total Bathrooms: 7
  • Full Bathrooms: 7

Bedrooms

  • Total Bedrooms: 7

Exterior

  • Exterior Features: None

Location

  • County: La Porte
  • Township: Michigan
  • Subdivision: Sheridan Bch Park Add
  • Driving 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.

School Information

  • High School District: Michigan City

Heating & Cooling

  • Heating Type: Other

Structural Information

  • Year Built: 1919

Lot Features

  • Lot Size (Acres): 0.0837
  • Lot Size (Sq. Ft.): 3,648
  • Lot Features: Other

Financial Considerations

  • Tax Amount: $9,674.7
  • Tax Year: 2024
  • Terms: Cash, Other, Conventional

Disclosures and Reports

  • Legal Description: 42-01-21-311-018 SHERIDAN BCH PK ADD E END LTS 5 & 6 BLK 5
  • Property ID: 460121311018000022

Listed by Listing Leaders Executive RE

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— 514 Lake Shore Dr —

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NMLS#: 1598647

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Save up to an additional 20% by bundling your home and auto together!

Schools serving 514 Lake Shore Dr

School District:Michigan City Area Schools
NameGradesDistance
Lake Hills Elementary School, Michigan City, IN
201 Ferguson Road, Michigan City, IN 46360
K-60.2 mi
Martin T Krueger Middle School
2001 Springland Avenue, Michigan City, IN 46360
7-82.2 mi
Michigan City High School
8466 West Pahs Road, Michigan City, IN 46360
9-123.9 mi
Disclaimer: School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 514 Lake Shore Dr Get Price Alerts and Save Property

Date
Details
Price
Change
Source
12/05/2025
Price Reduced
$995,000
-2.45%
MLS
11/08/2025
Listed
$1,020,000
133.14%
MLS
6/13/2006
Sold
$437,500
—
Public Record
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Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 514 Lake Shore Dr

Year
Property Taxes
Change
Tax Assessment
Change
2024
$9,675
7%
$441,500
—
2023
$9,025
-5%
$441,500
-7%
2022
$9,474
37%
$473,400
5%
2020
$6,930
—
$452,300
—
2019
$6,930
18%
$452,300
38%
2018
$5,868
-6%
$327,300
17%
2017
$6,240
—
$280,800
-12%
2016
$6,253
—
$319,800
-5%
2015
$6,253
—
$338,400
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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Listed by Listing Leaders Executive RE

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514 Lake Shore Drive, Michigan City, IN 46360 (MLS# 830554) is a Multi-Family property with units containing 7 bedrooms and 7 full bathrooms. 514 Lake Shore Drive is currently listed for $995,000 and was received on November 08, 2025. Want to learn more about 514 Lake Shore Drive? Do you have questions about finding other Multi-Family real estate for sale in Michigan City? You can browse all Michigan City real estate or contact a Coldwell Banker agent to request more information.

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