Flex Industrial Building with
551 S Franklin Street Valparaiso, IN 46383
For Sale
$499,000
Pending
Recently renovated heavy industrial building with a mix of office space and heated warehouse with overhead door.
Property Size3,744 SF
Days on Market434
Property Features for 551 S Franklin Street
General Information
Standard status
Pending
Size
3,744 SF
Property subtype
Commercial/Industrial
Building Details
Year Built
1978
Listing Agency:
Century 21 Alliance Group
(219) 405-8596
Listed By:
Nicholas Sommer · License #RB14050981
(219) 405-8596
Source:
Exitrealty
Added: May 20, 2025
Changed: Jul 23
Last Checked: Jul 27 at 2:29AM
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 Century 21 Alliance Group
Investment Insights
Based on property information with market context.
This recently renovated metal flex building is zoned for heavy industrial and combines office and warehouse space in one facility. The office portion is approximately 2,300 SF and includes five private offices, a showroom/reception area, a large conference room, and two restrooms. The warehouse portion is approximately 1,500 SF and features radiant heat, three-phase electrical service, and one 10-foot overhead door.
Located just south of downtown Valparaiso on Franklin Street, the property includes a paved/gravel parking lot with space for up to 20 vehicles.
The layout supports a combined operation where customer-facing office use and a heated, serviced warehouse area can work together under one roof.
Located just south of downtown Valparaiso on Franklin Street, the property includes a paved/gravel parking lot with space for up to 20 vehicles.
The layout supports a combined operation where customer-facing office use and a heated, serviced warehouse area can work together under one roof.
Key Highlights
- 3,744 SF heavy industrial metal building on Franklin Street, just south of downtown Valparaiso
- Recently renovated space includes about 2,300 SF office with 5 private offices, showroom/reception, and large conference room
- Warehouse area of about 1,500 SF with radiant heat and one 10 ft overhead door
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.8k | $17.04 |
| − Vacancy | −$3.8k | −$1.02 |
| EGI | $60.0k | $16.02 |
| − OpEx | −$15.0k | −$4.00 |
| NOI | $45.0k | $12.01 |
3,744 SF · lease $17.04/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$642.5K
$562.2K – $749.6K
NOI $44,977 @ 7.0% cap · market cap 9.01%
Second Best
Flex RnD
$317.8K
$278.1K – $370.8K
NOI $22,249 @ 7.0% cap · market cap 4.46%
Theoretical Best
Healthcare Medical
$1.42M
$1.24M – $1.66M
NOI $99,330 @ 7.0% cap · market cap 19.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Flex space - Recently renovated heavy industrial building with a mix of office space and heated warehouse with overhead door.
Where is this flex space located?
The property is located at 551 S Franklin Street Valparaiso, IN.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 3,744 SF heavy industrial metal building on Franklin Street, just south of downtown Valparaiso; Recently renovated space includes about 2,300 SF office with 5 private offices, showroom/reception, and large conference room; Warehouse area of about 1,500 SF with radiant heat and one 10 ft overhead door
