Single-Story Medical Office
For Sale
$950,000
2802 Leonard Drive, Valparaiso, IN 46383
All-brick medical office building with parking for 50 cars and 10 exam rooms plus a waiting room and kitchenette.
Property Size5,500 SF
Lot Size1.05 Acres
Price / SF$172.73
Days on Market529
Property Features for 2802 Leonard Drive
General Information
Standard status
Active
Size
5,500 SF
Total Parking Spaces
50
Lot size
1.05 Acres
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$15,421
Amenities
3
50 Parking Spaces. Asphalt.
Exterior Lighting.
Building Details
Year Built
2005
Stories
1
Listing Agency:
BHHS Indiana Realty
Listed By:
Debbie Miller · License #RB14018538
(219) 405-8648
Source:
Xome
Added: Mar 26, 2025
Changed: Sep 2
Last Checked: Sep 5 at 5:40AM
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 BHHS Indiana Realty
Investment Insights
Based on property information with market context.
This single-story, all-brick medical office building includes more than 5,500 square feet and is set up with a waiting room, two receptionist/workspace areas, and 10 exam rooms. The interior also features a large private office/conference room, three bathrooms, a large kitchenette, three storage rooms, and a utility room. The walls are noted as not load bearing, and the unit could be re-configured for a new layout.
The property is located in Valparaiso’s Eastport Center Commercial Park, about 1.5 miles from the intersection of Route 30 and State Road 49. Direct visibility from State Road 49 and on-site parking for 50 cars support straightforward patient and staff access.
From an operational standpoint, the configuration is designed around exam and support spaces, with ample administrative, storage, and utility components already in place for day-to-day medical office use.
The property is located in Valparaiso’s Eastport Center Commercial Park, about 1.5 miles from the intersection of Route 30 and State Road 49. Direct visibility from State Road 49 and on-site parking for 50 cars support straightforward patient and staff access.
From an operational standpoint, the configuration is designed around exam and support spaces, with ample administrative, storage, and utility components already in place for day-to-day medical office use.
Key Highlights
- All‑brick, single‑story medical office building with 5,500+ SF in Valparaiso's Eastport Center Commercial Park
- 1.05‑acre lot with direct visibility from St. Rd. 49 and easy access to major thoroughfares
- Parking for 50 cars with asphalt parking and exterior lighting
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
$66,073
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
6.96%
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%
$1,321,460
$1.3M
Cap Rate 7%
$943,900
$943.9K
Cap Rate 9%
$734,144
$734.1K
Market Conditions
NOI Build-Up for 5,500 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
$93.7K $17.04/SF
− Vacancy
−$5.6K −$1.02/SF
EGI
$88.1K $16.02/SF
− OpEx
−$22.0K −$4.00/SF
NOI
$66.1K $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%
$1,321,460
Cap Rate 7%
$943,900
Cap Rate 9%
$734,144
Alternative Uses
Best Use
Healthcare Medical
$2.08M
$1.82M – $2.43M
NOI $145,918 @ 7.0% cap · market cap 15.36%
Second Best
Office B
$943.9K
$825.9K – $1.10M
NOI $66,073 @ 7.0% cap · market cap 6.96%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Dr. Steve Violanti — 651 Eastport Center Dr, Valparaiso, IN 46383
- Rafols Danielle DVM — 651 Eastport Center Dr, Valparaiso, IN 46383
- McAfee Animal Hospital — 651 Eastport Center Dr, Valparaiso, IN 46383
Frequently Asked Questions
What type of property is this?
Medical Office Space - All-brick medical office building with parking for 50 cars and 10 exam rooms plus a waiting room and kitchenette.
Where is this medical office space located?
The property is located at 2802 Leonard Drive Valparaiso, IN.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: All‑brick, single‑story medical office building with 5,500+ SF in Valparaiso's Eastport Center Commercial Park; 1.05‑acre lot with direct visibility from St. Rd. 49 and easy access to major thoroughfares; Parking for 50 cars with asphalt parking and exterior lighting
