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    Charming Multifamily Property in Valparaiso Title is generated by Realmo AI

    205 Michigan Avenue, Valparaiso, IN 46383

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    For Sale
    $1,260,000

    Well-maintained 9-unit property with diverse unit mix in Valparaiso.

    Type:Commercial Sale / Multi Family
    Property size:
    9,246 SF
    Price / SF:
    $136/SF
    Added:
    May 20, 2026
    Days on Market:
    11
    Last Refresh:
    May 21 at 7:41 am

    Property Features for 205 Michigan Avenue

    General Information

    Standard status
    Active
    Size
    9,246 SF
    Property subtype
    Commercial Sale / Multi Family

    Building Details

    Year Built
    1920

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    Listing Contact
    Madison Jirtle

    Listing agent Madison Jirtle License #RB14050646

    Listing office Evolution Real Estate Solution

    Listing date May 20, 2026

    Source Compass

    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

    HighLights

    • Turnkey, income‑producing 9‑unit multifamily property.
    • Diverse unit mix from studio to 3‑bedroom apartments.
    • Convenient location near shopping, dining, and transportation.
    • History of stable occupancy.
    • Classic character with thoughtful updates.
    • Basement with interior entry, storage space, and partially finished area.

    Overview

    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.

    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 (±1% cap)
    NOI $73,424 @ 7.0% cap · market cap 5.83%
    Second Best
    no second resolved use
    Theoretical Best
    Healthcare Medical
    $3.50M
    $3.07M – $4.09M (±1% cap)
    NOI $245,302 @ 7.0% cap · market cap 19.47%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Valparaiso
    County
    Porter
    State
    Indiana
    Longitude
    -87.0588152
    Latitude
    41.4703186

    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 $1,260,000.
    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.
    More about this property
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