Two-Story Professional Office
For Sale
$750,000
214 Aberdeen Drive, Valparaiso, IN 46385
Renovated workspace offers private offices, open areas, conference rooms, and a finished lower level with daylight windows.
Property Size4,894 SF
Price / SF$153.25
Days on Market117
Property Features for 214 Aberdeen Drive
General Information
Standard status
Active
Size
4,894 SF
Class
A
Property subtype
Office - General Office
Occupancy
100%
Net Operating Income
$70,740
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
9.43%
Sprinkler System
Yes
Amenities
covered porch
handicap ramp
Building Details
Building Size
4,894 SF
Year Built
1998
Year Renovated
2000
Buildings
1
Stories
2
Units
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
Commercial In-Sites
(219) 795-1100
Listed By:
David A. Lasser
Source:
Commercialcafe
Added: May 8
Changed: Aug 30
Last Checked: Aug 31 at 1:46PM
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 Commercial In-Sites
Investment Insights
Based on property information with market context.
This professional office property provides 4,894 SF across two above-grade floors and a finished lower level. The 1,686 SF first floor includes reception, conference, cubicle, copy, and private-office areas, along with an ADA restroom. The 1,532 SF second floor contains three private offices and an open work area overlooking the lower level. A 1,676 SF lower level adds conference, kitchen, restroom, storage, and office areas, with a sprinkler system serving that level. A covered porch and handicap ramp are also included.
Constructed in 1998 and renovated in 2000, the building features custom wood molding, LED lighting, perimeter windows, and interior glass walls. Updates in 2021 included first-floor windows and exterior siding. The property is 100% leased with a lease term expiring March 31, 2029; the tenant may vacate if a purchaser wants to occupy the building. It is situated on SR 2, 2 miles south of US 30, 3.5 miles west of SR 49, and 12 miles from I-65 and I-94 via SR 49.
Constructed in 1998 and renovated in 2000, the building features custom wood molding, LED lighting, perimeter windows, and interior glass walls. Updates in 2021 included first-floor windows and exterior siding. The property is 100% leased with a lease term expiring March 31, 2029; the tenant may vacate if a purchaser wants to occupy the building. It is situated on SR 2, 2 miles south of US 30, 3.5 miles west of SR 49, and 12 miles from I-65 and I-94 via SR 49.
Key Highlights
- 4,894 SF office building with 1,686 SF first floor, 1,532 SF second floor, and 1,676 SF finished lower level
- 100% leased with term expiring March 31, 2029
- 9.43% cap rate
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
$58,793
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
7.84%
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%
$1,175,860
$1.2M
Cap Rate 7%
$839,900
$839.9K
Cap Rate 9%
$653,256
$653.3K
Market Conditions
NOI Build-Up for 4,894 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
$83.4K $17.04/SF
− Vacancy
−$5.0K −$1.02/SF
EGI
$78.4K $16.02/SF
− OpEx
−$19.6K −$4.00/SF
NOI
$58.8K $12.01/SF
Area
Porter County, IN
Vacancy
6.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,175,860
Cap Rate 7%
$839,900
Cap Rate 9%
$653,256
Alternative Uses
Best Use
Office B
$839.9K
$734.9K – $979.9K
NOI $58,793 @ 7.0% cap · market cap 7.84%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.85M
$1.62M – $2.16M
NOI $129,841 @ 7.0% cap · market cap 17.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Explore this area
Business Placement
Demographics for 46385, IN
41,832
Population
16,071
Households
2.6
Avg Household Size
42
Median Age
34%
College-Educated
94%
High-School Grad
80.7 sq mi
ZIP Area
518
Density / Sq Mi
$97,208
Median Household Income
$50,582
Median Earnings
$1,225
Median Rent
$305,400
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 building - Renovated workspace offers private offices, open areas, conference rooms, and a finished lower level with daylight windows.
Where is this office building located?
The property is located at 214 Aberdeen Drive Valparaiso, IN.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 4,894 SF office building with 1,686 SF first floor, 1,532 SF second floor, and 1,676 SF finished lower level; 100% leased with term expiring March 31, 2029; 9.43% cap rate
