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    502 Locust St Valparaiso, IN 46383

    For Sale
    $499,900

    Apartment - Valparaiso, IN

    Type:Apartment
    Lot size:
    0.20 Acres
    Days on Market:
    17
    Last Refresh:
    Dec 5 at 1:06 pm

    Property Features for 502 Locust St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Standard status
    Active
    Security features
    Smoke Detector(s)
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    6
    Bathrooms
    5
    APN
    64 09 24 456 001 000 004
    Parking features
    Driveway, Garage, On Street
    Pets allowed
    Number Limit, Yes
    Exterior features
    Corner Lot
    Basement Y/N
    1
    Appliances
    Range, Refrigerator
    Lot size
    0.20 Acres

    Utilities

    Heating system
    Baseboard, Hot Water (Heating), Natural Gas

    Building Details

    Year built
    1880
    Floors in Building
    2
    Architectural style
    Other

    McColly Real Estate (219) 864-7200 [email protected]

    Listing agent Steve Likas (219) 663-3835 License #RB14051105

    Listing date Nov 19, 2025

    MLS# 831022 Listing URL

    Copyright © 2025 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.

    Overview

    Valparaiso Income Property Opportunity

    This two-story brick building in Valparaiso, Indiana, presents an investment opportunity. The property features five separate units, offering income potential. Each unit is well-maintained with functional layouts. Tenants have access to on-site parking, plus a two-car garage for additional storage or rental options. The property is located close to downtown Valparaiso, shopping, restaurants, schools, and major highways, providing accessibility and rental demand. The lot size is 0.2 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Restaurant Law Firm Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Valparaiso
    County
    Porter
    State
    Indiana
    Longitude
    -87.05467
    Latitude
    41.465652

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    FAQs

    What type of property is this?
    Apartment building - Five-unit income property in Valparaiso, close to downtown.
    Where is this apartment building located?
    The property is located at 502 Locust St Valparaiso, IN.
    What is the asking price?
    The asking price for this property is $499,900.
    What are key features of this property?
    This property features: - Solid two-story brick building with classic curb appeal.; - Prime location close to downtown Valparaiso, shopping, restaurants, schools, and major highways.; - Turnkey investment opportunity with consistent cash flow.
    (219) 663-3835
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    502 Locust St Valparaiso, IN 46383
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