Five-Unit Apartment
For Sale
$425,000
806 Maple Avenue, La Porte, IN 46350
COMMERCIAL - La Porte, IN
Property Size4,061 SF
Lot Size0.16 Acres
Price / SF$104.65
Days on Market223
Property Features for 806 Maple Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
5
Subdivision
Wilsons First Add
Directions
Going east on lincolnway, turn right onto Michigan ave, then take another right onto maple ave and it is on your left.
Standard status
Active
APN
460635486003000043
Size
4,061 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
05-06-35-486-003 WILSON 1ST 71 1/2 X 97 FT W SD LT 14
Tax Annual Amount
3710
Legal Description
05-06-35-486-003 WILSON 1ST 71 1/2 X 97 FT W SD LT 14
Utilities
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Building Details
Year built
1900
Listing Agency:
LaPorte County Realty, Inc.
(219) 324-4600
Listed By:
John Christodaulakis
(219) 242-2780
Added: Jan 20
Changed: Aug 19
Last Checked: Aug 31 at 1:06AM
MLS# 833044
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 apartment building contains five units within a 4,061-square-foot property on 0.1581 acres. Constructed in 1900, the building is served by central heating, public water, and public sewer. The lower level offers an opportunity to add a studio unit, subject to applicable approvals and construction requirements.
The property is located at 806 Maple Avenue in La Porte, Indiana, within ZIP Code 46350. Its established multifamily configuration and existing utility services provide a clear physical profile for continued apartment use.
The property is located at 806 Maple Avenue in La Porte, Indiana, within ZIP Code 46350. Its established multifamily configuration and existing utility services provide a clear physical profile for continued apartment use.
Key Highlights
- Five‑unit apartment building
- 4,061 square feet on 0.1581 acres
- Lower level offers potential for a studio addition
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
$32,666
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
7.69%
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%
$653,320
$653.3K
Cap Rate 7%
$466,657
$466.7K
Cap Rate 9%
$362,956
$363.0K
Market Conditions
NOI Build-Up for 4,061 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
$60.9K $15.00/SF
− Vacancy
−$1.5K −$0.38/SF
EGI
$59.4K $14.63/SF
− OpEx
−$26.7K −$6.58/SF
NOI
$32.7K $8.04/SF
Area
LaPorte County, IN
Vacancy
2.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
45.00%
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%
$653,320
Cap Rate 7%
$466,657
Cap Rate 9%
$362,956
Alternative Uses
Best Use
Apartment 5plus
$466.7K
$408.3K – $544.4K
NOI $32,666 @ 7.0% cap · market cap 7.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.13M
$987.9K – $1.32M
NOI $79,028 @ 7.0% cap · market cap 18.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,282
Businesses Nearby
Explore this area
Business Placement
Demographics for 46350, IN
44,522
Population
19,576
Households
2.3
Avg Household Size
42
Median Age
24%
College-Educated
92%
High-School Grad
193.5 sq mi
ZIP Area
230
Density / Sq Mi
$75,311
Median Household Income
$44,309
Median Earnings
$920
Median Rent
$199,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit property with central heating and public water and sewer service.
Where is this apartment building located?
The property is located at 806 Maple Avenue La Porte, IN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Five‑unit apartment building; 4,061 square feet on 0.1581 acres; Lower level offers potential for a studio addition
