Flex Space with
For Sale
$1,100,000
1845 Willowcreek Road, Portage, IN 46368
Commercial Sale, Portage, IN
Property Size8,078 SF
Lot Size1.01 Acres
Price / SF$136.17
Days on Market278
Property Features for 1845 Willowcreek Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
10
Interior features
High Ceilings, Recessed Lighting
Lot features
Paved
Directions
Hwy 249 north to hwy 20 west to Willowcreek road north
Standard status
Active
APN
640501301002000016
Size
8,078 SF
Lot size
1.01 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PAR IN S232.20 N880.20 E188.07 W218.07 SW 1-36-7 1.01 TIF DR447 P236
Tax Annual Amount
6595
Legal Description
PAR IN S232.20 N880.20 E188.07 W218.07 SW 1-36-7 1.01 TIF DR447 P236
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1994
Listing Agency:
Evolution Real Estate Solution
(219) 462-0141
Listed By:
Kenneth Blaney · License #RB14050646
(219) 465-8511
Added: Dec 18, 2025
Changed: Sep 3
Last Checked: Sep 22 at 8:06PM
MLS# 832024
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 8,078-square-foot flex space combines finished offices with a steel warehouse under one roof. The office portion totals 3,278 square feet and includes six private offices, cubicle-style work areas, and additional administrative space. Approximately 4,800 square feet is dedicated to warehouse use, with high ceilings, three-phase electrical service, and air compressor piping throughout. A mezzanine adds storage capacity for parts, supplies, or materials.
Built in 1994, the property occupies 1.01 acres at 1845 Willowcreek Road in Portage, Indiana. Interior features include recessed lighting, while forced-air heating serves the building. Public water and public sewer are available. The layout and infrastructure support a range of office, service, production, contractor, distribution, and other operational uses identified for the property.
Built in 1994, the property occupies 1.01 acres at 1845 Willowcreek Road in Portage, Indiana. Interior features include recessed lighting, while forced-air heating serves the building. Public water and public sewer are available. The layout and infrastructure support a range of office, service, production, contractor, distribution, and other operational uses identified for the property.
Key Highlights
- 8,078 SF flex space on 1.01 acres
- 3,278 SF finished office area with 6 private offices
- Approximately 4,800 SF steel warehouse
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$97,043
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.82%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,940,860
$1.9M
Cap Rate 7%
$1,386,329
$1.4M
Cap Rate 9%
$1,078,256
$1.1M
Market Conditions
NOI Build-Up for 8,078 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$137.6K $17.04/SF
− Vacancy
−$8.3K −$1.02/SF
EGI
$129.4K $16.02/SF
− OpEx
−$32.3K −$4.00/SF
NOI
$97.0K $12.01/SF
Area
Porter County, IN
Vacancy
6.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,940,860
Cap Rate 7%
$1,386,329
Cap Rate 9%
$1,078,256
Alternative Uses
Best Use
Office B
$1.39M
$1.21M – $1.62M
NOI $97,043 @ 7.0% cap · market cap 8.82%
Second Best
Flex RnD
$685.8K
$600.0K – $800.1K
NOI $48,003 @ 7.0% cap · market cap 4.36%
Theoretical Best
Healthcare Medical
$3.06M
$2.68M – $3.57M
NOI $214,314 @ 7.0% cap · market cap 19.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46368, IN
39,837
Population
16,870
Households
2.4
Avg Household Size
39
Median Age
18%
College-Educated
90%
High-School Grad
25.3 sq mi
ZIP Area
1,575
Density / Sq Mi
$72,638
Median Household Income
$42,508
Median Earnings
$1,140
Median Rent
$213,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Combined office and warehouse configuration with three-phase electrical service and supplemental mezzanine storage.
Where is this flex space located?
The property is located at 1845 Willowcreek Road Portage, IN.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 8,078 SF flex space on 1.01 acres; 3,278 SF finished office area with 6 private offices; Approximately 4,800 SF steel warehouse
