Renovated Office Units with Buildout
For Sale
$1,200,000
1910 Calumet Ave, Valparaiso, IN 46383
Renovated office space offers configurable suites, private entrances, restrooms, and gray-shell areas for customized interiors.
Property Size3,382 SF
Price / SF$354.82
Days on Market16
Property Features for 1910 Calumet Ave
General Information
Standard status
Active
Size
3,382 SF
Property subtype
Commercial
Additional Details
Furnished
No
Highway Access
Yes
Building Details
Year Built
1949
Stories
2
Listing Agency:
Century 21 Alliance Group
(219) 928-0759
Listed By:
Natalie Worstell · License #RB14044010
Source:
Jason.northwestindianahomelistings
Added: Aug 15
Changed: Aug 29
Last Checked: Aug 22 at 6:08AM
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.
Renovated office units total 4,366 square feet, including 3,382 square feet available on the main level. The layout can accommodate smaller or larger suites, with private entrances and restrooms available for a primary user leasing only part of the building. Gray-shell areas are prepared for custom buildouts, while the second-floor space provides storage and may be finished. A new facade, parking, and landscaping complete the property improvements.
The property is located at 1910 Calumet Ave in Valparaiso, Indiana, next to McDonalds and across from Walgreens/CVS and Taco Bell. Schools, parks, and shopping are within a few blocks, with access to SR-49 supporting convenient connectivity. The space is suited to office, health care, specialty group, retail, and restaurant uses identified for the property.
The property is located at 1910 Calumet Ave in Valparaiso, Indiana, next to McDonalds and across from Walgreens/CVS and Taco Bell. Schools, parks, and shopping are within a few blocks, with access to SR-49 supporting convenient connectivity. The space is suited to office, health care, specialty group, retail, and restaurant uses identified for the property.
Key Highlights
- 4,366‑square‑foot renovated office property with 3,382 square feet available on the main level
- Flexible suite configuration with private entrances and restrooms
- Gray‑shell areas ready for custom buildouts
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
$89,726
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
7.48%
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%
$1,794,520
$1.8M
Cap Rate 7%
$1,281,800
$1.3M
Cap Rate 9%
$996,956
$997.0K
Market Conditions
NOI Build-Up for 3,382 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
$159.1K $47.04/SF
− Vacancy
−$9.5K −$2.82/SF
EGI
$149.5K $44.22/SF
− OpEx
−$59.8K −$17.69/SF
NOI
$89.7K $26.53/SF
Area
Porter County, IN
Vacancy
6.00%
Lease Rate
$47.04 /SF/Yr
Expense Ratio
40.00%
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%
$1,794,520
Cap Rate 7%
$1,281,800
Cap Rate 9%
$996,956
Alternative Uses
Best Use
Healthcare Medical
$1.28M
$1.12M – $1.50M
NOI $89,726 @ 7.0% cap · market cap 7.48%
Second Best
Office B
$580.4K
$507.9K – $677.2K
NOI $40,629 @ 7.0% cap · market cap 3.39%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,101
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Renovated office space offers configurable suites, private entrances, restrooms, and gray-shell areas for customized interiors.
Where is this office units located?
The property is located at 1910 Calumet Ave Valparaiso, IN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,366‑square‑foot renovated office property with 3,382 square feet available on the main level; Flexible suite configuration with private entrances and restrooms; Gray‑shell areas ready for custom buildouts
