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    La Porte Office Building Opportunity Title is generated by Realmo AI

    Lincolnway 901, La Porte, IN

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    Three-story office building in La Porte's Downtown Business District.

    Type:OFFICE
    Lot size:
    1.28 Acres
    Added:
    Mar 10, 2025
    Days on Market:
    452
    Last Refresh:
    May 20 at 9:06 pm

    Property Features for Lincolnway 901

    General Information

    Standard status
    Active
    Lot size
    1.28 Acres
    Property subtype
    OFFICE

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    Listing Contact
    David A Lasser

    Listing agent David A Lasser

    Listing office Commercial In-Sites, LLC

    Listing date Mar 10, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Commercial In-Sites, LLC

    HighLights

    • Prime location at the busiest intersection in La Porte's Downtown Business District with street frontage on 4 sides and 2 stoplight corners.
    • Substantial square footage: 28,470 SF office space plus a 9,490 SF lower level.
    • Ideal for office building investors or retail redevelopment.
    • Proximity to the new $200 million Northwest Hospital.
    • High traffic counts: 18,318 cars/day on SR 2 and 20,275 cars/day on US 35.
    • Convenient access to major interstates: 7.5 miles from I‑94 and 8 miles from I‑80/94.

    Overview

    This three-story office building, constructed in 1989, offers a prime investment or retail redevelopment opportunity. The building provides 28,470 square feet of space, complemented by a 9,490-square-foot lower level that is equipped with a sprinkler system. The property is situated at the busiest intersection within La Porte's Downtown Business District, providing frontage on all four sides, including two stoplight corners. Parking lot access is available via Madison Street from S.R. 2/Lincolnway. The building is equipped with three rooftop HVAC units. The location is near the new $200 million, 227-bed Northwest Hospital and historic downtown, offering a blend of small-town charm and urban amenities. The area features a variety of dining, shopping, and entertainment options, along with attractions such as the La Porte County Historical Society Museum and the Civic Auditorium. The property is located 7 1/2 miles south of I-94 and 8 miles south of I-80/94. According to 2024 IDOT traffic counts, SR 2 west of U.S. 35 sees 18,318 cars per day, while US 35 north of S.R. 2 sees 20,275 cars per day.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    La Porte
    County
    LaPorte
    State
    Indiana
    Longitude
    -86.7233
    Latitude
    41.6105

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    FAQs

    What type of property is this?
    Office building - Three-story office building in La Porte's Downtown Business District.
    Where is this office building located?
    The property is located at Lincolnway 901 La Porte, IN.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: Prime location at the busiest intersection in La Porte's Downtown Business District with street frontage on 4 sides and 2 stoplight corners.; Substantial square footage: **28,470 SF office space plus a 9,490 SF lower level.**; Ideal for office building investors or retail redevelopment.
    (219) 795-1100 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    David A Lasser
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

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