Two-Story Office
For Sale
$349,500
Pending
2611 E Chicago Street, Valparaiso, IN 46383
Commercial Sale, Valparaiso, IN
Property Size2,624 SF
Lot Size0.17 Acres
Days on Market25
Property Features for 2611 E Chicago Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Business
Parking
42
Security features
Security System
Interior features
Ceiling Fan(s), Tray Ceiling(s), Entrance Foyer
Exterior features
Lighting
Appliances
Refrigerator, Water Heater
Subdivision
Silhavy Comm Park 1st Add
Directions
Off of La Porte Ave, take roundabout north on Silhavy, turn west (left) on Chicago Street. Office Park is on the north side, NW unit in rear building.
Standard status
Pending
APN
641019280004000004
Size
2,624 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SILHAVY COMM PARK 1ST ADD REPLAT LOT 3 GOOD CONDOS BLDG 2611 UNIT B TIF
Tax Annual Amount
5527
Legal Description
SILHAVY COMM PARK 1ST ADD REPLAT LOT 3 GOOD CONDOS BLDG 2611 UNIT B TIF
Utilities
Sewer type
Public Sewer
Heating system
Central, Forced Air, Natural Gas
Water source
Public
Building Details
Year built
2004
Listing Agency:
McColly Real Estate
(219) 462-2411
Listed By:
Michael Siwietz · License #RB14041675
(219) 229-2911
Added: Aug 3
Changed: Aug 21
Last Checked: Aug 27 at 9:06AM
MLS# 843324
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 2,624-square-foot professional office condominium spans two levels within a three-building, six-unit office park. The main floor includes a built-in reception desk with seating, two private offices, a conference room with tray ceilings and hardwood features, a kitchenette, mechanical room, and restroom. Upstairs, a loft-style landing leads to two additional offices. Central forced-air heating with natural gas, public water, and public sewer serve the property. Built in 2004, the office also includes ceiling fans, entrance foyer, lighting, a refrigerator, and water heater.
The office park provides 40+ parking spaces and monument signage along Chicago Street. The property offers access to Rt 49 and US 30, with major retailers along LaPorte Avenue and Valparaiso University nearby.
The office park provides 40+ parking spaces and monument signage along Chicago Street. The property offers access to Rt 49 and US 30, with major retailers along LaPorte Avenue and Valparaiso University nearby.
Key Highlights
- 2,624 SF two‑story professional office condominium
- Six‑unit office park with 40+ parking spaces
- Main level includes reception, two private offices, conference room, kitchenette, mechanical room, and restroom
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
$31,523
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
9.02%
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%
$630,460
$630.5K
Cap Rate 7%
$450,329
$450.3K
Cap Rate 9%
$350,256
$350.3K
Market Conditions
NOI Build-Up for 2,624 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
$44.7K $17.04/SF
− Vacancy
−$2.7K −$1.02/SF
EGI
$42.0K $16.02/SF
− OpEx
−$10.5K −$4.00/SF
NOI
$31.5K $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%
$630,460
Cap Rate 7%
$450,329
Cap Rate 9%
$350,256
Alternative Uses
Best Use
Office B
$450.3K
$394.0K – $525.4K
NOI $31,523 @ 7.0% cap · market cap 9.02%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$994.5K
$870.2K – $1.16M
NOI $69,616 @ 7.0% cap · market cap 19.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
798
Businesses Nearby
Explore this area
Business Placement
Demographics for 46383, IN
41,981
Population
18,343
Households
2.3
Avg Household Size
39
Median Age
38%
College-Educated
95%
High-School Grad
87.5 sq mi
ZIP Area
480
Density / Sq Mi
$75,575
Median Household Income
$43,065
Median Earnings
$1,144
Median Rent
$258,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional office condominium with reception, conference, private office, and kitchenette areas.
Where is this office units located?
The property is located at 2611 E Chicago Street Valparaiso, IN.
What is the asking price?
The asking price for this property is $349,500.
What are key features of this property?
This property features: 2,624 SF two‑story professional office condominium; Six‑unit office park with 40+ parking spaces; Main level includes reception, two private offices, conference room, kitchenette, mechanical room, and restroom
