Multi-Tenant Flex
For Sale
$495,000
1608 Firestone Ln, Valparaiso, IN 46383
Metal flex asset offers 14' clear height and three grade-level doors.
Property Size4,922 SF
Price / SF$100.57
Days on Market49
Property Features for 1608 Firestone Ln
General Information
Standard status
Active
Size
4,922 SF
Property subtype
Warehouse
Amenities
Partially Occupied 4,922-Square-Foot Multi-Tenant Flex Asset Situated on 0.34 Acres
Featuring Metal Construction, 14' Clear Height, Three Grade-Level Doors, Three-Phase Power and 25 Parking Spaces
2025 Renovations to 1,500 Square Feet of Office Space Occupied by Construction Company
3,422 Square Feet of Vacant Warehouse Space Available for Owner Use or Lease-Up Opportunity | Asset Priced Well-Below Replacement Costs
Close Proximity to U.S. 30 and S.R. 49 Interchange
Outperforming Porter County Submarket with 2.8 Percent Vacancy vs. 7.8 Percent National Average
Building Details
Building Size
4,922 SF
Year Built
1979
Listed By:
Aidan Mccue · License #License(s): IL: 475216481
(312) 327-5428
Source:
Marcusmillichap
Added: Jul 23
Changed: Aug 20
Last Checked: Sep 9 at 5:31AM
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 Aidan Mccue
Investment Insights
Based on property information with market context.
This partially occupied multi-tenant flex warehouse totals 4,922 square feet on 0.34 acres and features metal construction throughout. The facility offers 14' clear height, three grade-level doors, and three-phase power, supported by 25 parking spaces for employees and visitors. A total of 1,500 square feet of office space was renovated in 2025 and is currently occupied by a construction company.
The remaining 3,422 square feet of warehouse space is vacant and available for owner use or lease-up. The property’s location provides easy access to major thoroughfares, with close proximity to the interchange between U.S. Route 30 (East Morthland Drive) and Indiana State Road 49.
The remaining 3,422 square feet of warehouse space is vacant and available for owner use or lease-up. The property’s location provides easy access to major thoroughfares, with close proximity to the interchange between U.S. Route 30 (East Morthland Drive) and Indiana State Road 49.
Key Highlights
- 4,922‑SF multi‑tenant flex asset on 0.34 acres with 14' clear height
- Metal construction with three grade‑level doors and three‑phase power
- Partially occupied: 1,500 SF office space renovated in 2025 and occupied by a construction company
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
$29,249
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
5.91%
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%
$584,980
$585.0K
Cap Rate 7%
$417,843
$417.8K
Cap Rate 9%
$324,989
$325.0K
Market Conditions
NOI Build-Up for 4,922 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
$49.0K $9.96/SF
− Vacancy
−$4.0K −$0.82/SF
EGI
$45.0K $9.14/SF
− OpEx
−$15.7K −$3.20/SF
NOI
$29.2K $5.94/SF
Area
Porter County, IN
Vacancy
8.21%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$584,980
Cap Rate 7%
$417,843
Cap Rate 9%
$324,989
Alternative Uses
Best Use
Flex RnD
$417.8K
$365.6K – $487.5K
NOI $29,249 @ 7.0% cap · market cap 5.91%
Second Best
Warehouse
$339.3K
$296.9K – $395.8K
NOI $23,749 @ 7.0% cap · market cap 4.80%
Theoretical Best
Healthcare Medical
$1.87M
$1.63M – $2.18M
NOI $130,583 @ 7.0% cap · market cap 26.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
880
Businesses Nearby
Under-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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Metal flex asset offers 14' clear height and three grade-level doors.
Where is this flex space located?
The property is located at 1608 Firestone Ln Valparaiso, IN.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 4,922‑SF multi‑tenant flex asset on 0.34 acres with 14' clear height; Metal construction with three grade‑level doors and three‑phase power; Partially occupied: 1,500 SF office space renovated in 2025 and occupied by a construction company
