Medical Office Building with Exam
For Sale
$750,000
2801 Leonard Drive, Valparaiso, IN 46383
Commercial Sale, Valparaiso, IN
Property Size3,000 SF
Lot Size1.05 Acres
Price / SF$249
Days on Market46
Property Features for 2801 Leonard Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
21
Interior features
Entrance Foyer, Recessed Lighting, Laminate Counters
Exterior features
Lighting
Appliances
Dryer, Water Heater, Washer, Refrigerator
Lot features
Back Yard, Paved, Landscaped, Front Yard, Few Trees
Directions
LaPorte Ave to Mariposa Dr, turn south. Turn onto Leonard Dr.
Standard status
Active
APN
641029154001000029
Size
3,012 SF
Lot size
1.05 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
REPLAT OF LOT 4 EASTPORT CENTRE FOR COMMERCE & INDUSTRY LOT 4A 1.05A TIF
Tax Annual Amount
8705
Legal Description
REPLAT OF LOT 4 EASTPORT CENTRE FOR COMMERCE & INDUSTRY LOT 4A 1.05A TIF
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air, Energy Star Qualified Equipment (Heating)
Water source
Public
Amenities
skylights
lighted signage
Building Details
Year built
2008
Listing Agency:
Seramur Properties, LLC
(219) 548-8800
Listed By:
Kristen Stemple
(219) 510-2519
Added: Jul 31
Changed: Sep 2
Last Checked: Sep 14 at 11:06PM
MLS# 843198
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.
Built in 2008, this medical office property occupies 1.05 acres and includes a reception area, waiting room, six exam rooms, one procedure room, multiple offices, a central lab and nursing station, conference and break areas, a large filing and utility room, and two accessible restrooms. A gurney-sized door, three skylights, recessed lighting, laminate counters, and lighted signage at both the front and rear add practical functionality. Two new high-efficiency commercial-grade HVAC systems and a new water heater have been installed. The metal roof dates to 2007 and was resealed in 2024, while the parking lot is resealed every other year.
The property is located at 2801 Leonard Drive in Valparaiso’s Eastport Center Commercial Park, with access from Rt 30 and Rt 2/LaPorte Ave. Rt 49 is located behind the property. Public water and public sewer serve the building, with natural gas forced-air heating. The layout is suited to medical, therapeutic, or professional office operations, including accounting, insurance, and financial planning uses.
The property is located at 2801 Leonard Drive in Valparaiso’s Eastport Center Commercial Park, with access from Rt 30 and Rt 2/LaPorte Ave. Rt 49 is located behind the property. Public water and public sewer serve the building, with natural gas forced-air heating. The layout is suited to medical, therapeutic, or professional office operations, including accounting, insurance, and financial planning uses.
Key Highlights
- 1.05‑acre medical office property in Eastport Center Commercial Park
- Six exam rooms, 1 procedure room, multiple offices, lab/nursing station, and two accessible restrooms
- Two new high‑efficiency, commercial‑grade HVAC systems and new water heater
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
$36,184
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
4.82%
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%
$723,680
$723.7K
Cap Rate 7%
$516,914
$516.9K
Cap Rate 9%
$402,044
$402.0K
Market Conditions
NOI Build-Up for 3,012 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
$51.3K $17.04/SF
− Vacancy
−$3.1K −$1.02/SF
EGI
$48.2K $16.02/SF
− OpEx
−$12.1K −$4.00/SF
NOI
$36.2K $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%
$723,680
Cap Rate 7%
$516,914
Cap Rate 9%
$402,044
Alternative Uses
Best Use
Healthcare Medical
$1.14M
$998.9K – $1.33M
NOI $79,910 @ 7.0% cap · market cap 10.65%
Second Best
Office B
$516.9K
$452.3K – $603.1K
NOI $36,184 @ 7.0% cap · market cap 4.82%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
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?
Medical Office Space - The property includes high-efficiency commercial-grade HVAC, accessible restrooms, and a clinical layout for medical office use.
Where is this medical office space located?
The property is located at 2801 Leonard Drive Valparaiso, IN.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 1.05‑acre medical office property in Eastport Center Commercial Park; Six exam rooms, 1 procedure room, multiple offices, lab/nursing station, and two accessible restrooms; Two new high‑efficiency, commercial‑grade HVAC systems and new water heater
