Listing Agency: McColly Real Estate w***@mccolly.com Show Phone

Listed By: Wendy Van Denburgh Show Phone

Source: Exprealty

Added: Apr 7, 2025 Changed: Oct 4 Last Checked: Oct 16 at 10:38AM

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Investment Insights

Based on property information with market context.

Located at 704 Lincolnway in Valparaiso, this two-story mixed-use property offers a flexible combination of commercial and residential potential. R/T zoning supports commercial and professional activities alongside residential or mixed-use applications. The building was most recently configured as two rental units, with one two-bedroom unit on each floor.

Parking includes a private area behind the building, additional on-street spaces, and an oversized two-car garage. Its position near Valparaiso University and downtown Valparaiso provides access to established institutional and downtown surroundings. The property can accommodate a range of retail, service, and professional concepts, while retaining a residential configuration for income-producing use.

Key Highlights

• R/T zoning permits commercial, professional, residential, and mixed‑use applications
• Two‑story building was configured as two rental units with a two‑bedroom unit on each floor
• Oversized two‑car garage included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,181

Cap Rate

5.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$403,620 $403.6K

Cap Rate 7%

$288,300 $288.3K

Cap Rate 9%

$224,233 $224.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,202 SF

Gross rent

$34.4K $15.60/SF

− Vacancy

−$2.1K −$0.94/SF

EGI

$32.3K $14.66/SF

− OpEx

−$12.1K −$5.50/SF

NOI

$20.2K $9.17/SF

Area

Porter County, IN

Vacancy

6.00%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$403,620

Cap Rate 7%

$288,300

Cap Rate 9%

$224,233

Alternative Uses

Best Use

Mixed Use

$288.3K

$252.3K – $336.4K (±1% cap)

NOI $20,181 @ 7.0% cap · market cap 5.94%

Second Best

Multifamily LT 5

$286.6K

$250.7K – $334.3K (±1% cap)

NOI $20,059 @ 7.0% cap · market cap 5.90%

Theoretical Best

Healthcare Medical

$834.6K

$730.3K – $973.7K (±1% cap)

NOI $58,420 @ 7.0% cap · market cap 17.19%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Dental Office Locksmith Grocery & Convenience Store Catering Service Florist Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,629

Businesses Nearby

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 Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - R/T zoning permits commercial, professional, residential, and mixed-use applications.

Where is this mixed-use property located?

The property is located at 704 Lincolnway Valparaiso, IN.

What is the asking price?

The asking price for this property is $339,900.

What are key features of this property?

This property features: R/T zoning permits commercial, professional, residential, and mixed‑use applications; Two‑story building was configured as two rental units with a two‑bedroom unit on each floor; Oversized two‑car garage included