205 Michigan Avenue, Valparaiso, IN 46383
- Added:
- May 20, 2026
- Days on Market:
- 48
- Last Refresh:
- Jul 6 at 6:06 am
Property Features for 205 Michigan Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Rooms
- Basement
- Parking
- 9
- Parking features
- Alley, Off Street
- Basement
- Partially Finished, Interior Entry, Storage Space
- Standard status
- Pending
- APN
- 640924331005000004
- Size
- 9,246 SF
- Lot size
- 0.20 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- O S S1/2 LOTS 1 & 2 BLK 9
- Tax Annual Amount
- 14337
Utilities
- Sewer type
- Public Sewer
- Water source
- Public
Building Details
- Year built
- 1920
Listing agent Madison Jirtle (219) 508-6541
Listing office Evolution Real Estate Solution 401 Lincolnway, Valparaiso, IN (219) 462-0141
Listing date May 20, 2026
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- 9‑unit multifamily property in Valparaiso with a unit mix ranging from studio to 3‑bedroom apartments
- Landlord pays for water & heat
- Public water and public sewer service
- Parking available via alley and off‑street parking
- Basement included
- Built in 1920
Overview
Located in the heart of Valparaiso, the building is positioned for convenience, with shopping, dining, and transportation nearby. The property has a history of stable occupancy, which can be attractive for buyers looking for a residential income asset with an established leasing track record.
For investors and buyers interested in expanding a portfolio, this 9-unit configuration provides multiple income streams within a single building. The blend of diverse unit types and a maintained condition can appeal to operators who value steadier rent potential and manageable property oversight. If you’re evaluating long-term growth opportunities in multifamily real estate, this property is a practical option to review.
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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Valparaiso
- County
- Porter
- State
- Indiana
- Longitude
- -87.058815
- Latitude
- 41.470318
