Medical Office Building with Exam
For Sale
$750,000
2801 Leonard Dr, Valparaiso, IN 46383
Configured for clinical operations with reception, treatment, office, laboratory, and accessible restroom areas.
Property Size3,000 SF
Price / SF$249
Days on Market25
Property Features for 2801 Leonard Dr
General Information
Standard status
Active
Size
3,000 SF
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$8,705
Amenities
skylights
lighted signage
Building Details
Buildings
1
Building Size
3,000 SF
Listing Agency:
Seramur Properties, LLC
(219) 510-2519
Listed By:
Kristen Stemple
(219) 510-2519
Source:
Exprealty
Added: Jul 31
Changed: Aug 23
Last Checked: Aug 23 at 9:31AM
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 Seramur Properties, LLC
Investment Insights
Based on property information with market context.
This 3,000-square-foot medical office building, constructed in 2008, is arranged for patient care and administrative functions. The interior includes a waiting room, reception area, 6 exam rooms, 1 procedure room, multiple offices, a central lab and nursing station, conference or break room, large filing and utility room, and 2 accessible restrooms. A gurney-sized entry, 3 skylights, and updated building systems add practical functionality, daylight, and accessibility.
The property is located within Eastport Center Commercial Park in Valparaiso, with access from Rt 30 and Rt 2/LaPorte Ave. Its position near Rt 49 provides roadway exposure, while lighted signage serves both the front and rear of the property. Building improvements include 2 new high-efficiency commercial-grade HVAC systems, a new water heater, and a metal roof installed in 2007 and resealed in 2024. The parking lot is resealed every other year.
The property is located within Eastport Center Commercial Park in Valparaiso, with access from Rt 30 and Rt 2/LaPorte Ave. Its position near Rt 49 provides roadway exposure, while lighted signage serves both the front and rear of the property. Building improvements include 2 new high-efficiency commercial-grade HVAC systems, a new water heater, and a metal roof installed in 2007 and resealed in 2024. The parking lot is resealed every other year.
Key Highlights
- 3,000‑square‑foot medical office building constructed in 2008
- 6 exam rooms, 1 procedure room, central lab, and nursing station
- 2 accessible restrooms and a gurney‑sized entry door
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
$36,184
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
4.82%
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%
$723,680
$723.7K
Cap Rate 7%
$516,914
$516.9K
Cap Rate 9%
$402,044
$402.0K
Market Conditions
NOI Build-Up for 3,012 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
$51.3K $17.04/SF
− Vacancy
−$3.1K −$1.02/SF
EGI
$48.2K $16.02/SF
− OpEx
−$12.1K −$4.00/SF
NOI
$36.2K $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%
$723,680
Cap Rate 7%
$516,914
Cap Rate 9%
$402,044
Alternative Uses
Best Use
Healthcare Medical
$1.14M
$998.9K – $1.33M
NOI $79,910 @ 7.0% cap · market cap 10.65%
Second Best
Office B
$516.9K
$452.3K – $603.1K
NOI $36,184 @ 7.0% cap · market cap 4.82%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
Well-served
Demand for This Use
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
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured for clinical operations with reception, treatment, office, laboratory, and accessible restroom areas.
Where is this medical office space located?
The property is located at 2801 Leonard Dr 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: 3,000‑square‑foot medical office building constructed in 2008; 6 exam rooms, 1 procedure room, central lab, and nursing station; 2 accessible restrooms and a gurney‑sized entry door
