2611 E Chicago St Unit B, Valparaiso, IN 46383

Building Details

Year Built 2004 More

Listing Agency: McColly Real Estate

Listed By: Michael Siwietz · License IN RB14041675 Show Phone

Source: Illianahomesource

Added: May 24 Changed: Nov 9 Last Checked: Nov 10 at 12:48PM

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Investment Insights

Based on property information with market context.

This 2,624 SF office condominium provides a two-level professional workspace within a six-unit office park. The main level includes a built-in reception area, seating space, two private offices, a conference room with tray ceilings and hardwood features, kitchenette, mechanical room, and restroom. The upper level adds a loft-style landing and two additional offices, creating a practical separation between reception, meeting, and private work areas. Built in 2004, the property is zoned BP - Business Park.

The office park occupies just over an acre and provides 40+ parking spaces. A monument sign is positioned along Chicago Street. The property offers access to Rt 49 and US 30 and is minutes from major retailers along LaPorte Avenue and Valparaiso University.

Key Highlights

• 2,624 SF two‑story office condominium built in 2004
• Six‑unit office park on just over an acre
• 40+ parking spaces within the office park

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$31,523

Cap Rate

9.02%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$630,460 $630.5K

Cap Rate 7%

$450,329 $450.3K

Cap Rate 9%

$350,256 $350.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,624 SF

Gross rent

$44.7K $17.04/SF

− Vacancy

−$2.7K −$1.02/SF

EGI

$42.0K $16.02/SF

− OpEx

−$10.5K −$4.00/SF

NOI

$31.5K $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 Rate 5%

$630,460

Cap Rate 7%

$450,329

Cap Rate 9%

$350,256

Alternative Uses

Best Use

Office B

$450.3K

$394.0K – $525.4K (±1% cap)

NOI $31,523 @ 7.0% cap · market cap 9.02%

Second Best

—

—

no second resolved use

Theoretical Best

Healthcare Medical

$994.5K

$870.2K – $1.16M (±1% cap)

NOI $69,616 @ 7.0% cap · market cap 19.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office Units

Suggested Use

Top Pick Electrical Service Big Box & Wholesale Store Law Firm HVAC Service Grocery & Convenience Store Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

858

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

Average Price Trend$/SF for Office Units in Valparaiso, IN

$164 Jul

$154 Aug

$156 Sep

$154 Oct

Properties on Market for Office Units in Valparaiso

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - Business park-zoned office condominium with reception, private offices, conference space, kitchenette, and on-site parking.

Where is this office unit located?

The property is located at 2611 E Chicago St Unit B Valparaiso, IN.

What is the asking price?

The asking price for this property is $349,500.

What are key features of this property?

This property features: 2,624 SF two‑story office condominium built in 2004; Six‑unit office park on just over an acre; 40+ parking spaces within the office park