Charming Multifamily Property in
205 Michigan Avenue Valparaiso, IN 46383
205 Michigan Avenue, Valparaiso, IN, 46383
$1,160,000
Pending
For Sale
$1,160,000
Pending
Well-maintained 9-unit property with diverse unit mix in Valparaiso.
Property Size9,246 SF
Days on Market60
Property Features for 205 Michigan Avenue
General Information
- Standard status
- Pending
- Size
- 9,246 SF
- Property subtype
- Commercial Sale / Multi Family
Building Details
- Year Built
- 1920
Listing Agency
Evolution Real Estate Solution
(219) 508-6541
Listed by
Madison Jirtle · License #RB14050646
(219) 508-6541
Source
Compass
Added: May 20 Checked: Jul 17 at 4:05 am
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 Evolution Real Estate Solution
Investment Insights
Based on property information with market context.
This well-maintained 9-unit multifamily property presents an investment opportunity. The building combines classic character with updates, creating a desirable living environment for tenants. The property features a diverse unit mix, ranging from studio to 3-bedroom apartments. Situated in Valparaiso, Indiana, the location offers proximity to shopping, dining, and transportation. The building has a history of stable occupancy. The property offers an ideal combination of charm and long-term growth potential for expanding portfolios or seeking a reliable income-producing asset. The property size is 9,246 square feet. Landlord pays for water and heat.
Key Highlights
- Turnkey, income‑producing 9‑unit multifamily property.
- Diverse unit mix from studio to 3‑bedroom apartments.
- Convenient location near shopping, dining, and transportation.
Local Financial Insights For Apartment 5plus
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 | $142.0k | $15.36 |
| − Vacancy | −$8.5k | −$0.92 |
| EGI | $133.5k | $14.44 |
| − OpEx | −$60.1k | −$6.50 |
| NOI | $73.4k | $7.94 |
9,246 SF · lease $15.36/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$917.8K – $1.22M
NOI $73,424 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$3.50M
$3.07M – $4.09M
NOI $245,302 @ 7.0% cap · market cap 21.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained 9-unit property with diverse unit mix in Valparaiso.
Where is this apartment building located?
The property is located at 205 Michigan Avenue Valparaiso, IN.
What is the asking price?
The asking price for this property is $1,160,000.
What are key features of this property?
This property features: Turnkey, income‑producing 9‑unit multifamily property.; Diverse unit mix from studio to 3‑bedroom apartments.; Convenient location near shopping, dining, and transportation.
