Historic Four-Unit Building with
For Sale
$479,900
306 Jefferson St, Valparaiso, IN 46383
Two-story brick property pairs leased apartments with a detached garage and private unit entrances.
Property Size3,798 SF
Price / SF$126.36
Days on Market11
Property Features for 306 Jefferson St
General Information
Standard status
Active
Size
3,798 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,837
Listing Agency:
Realty Executives Premier
(219) 771-5634
Listed By:
Jodi Gheaja
(219) 771-5634
Source:
Exprealty
Added: Aug 20
Changed: Aug 30
Last Checked: Aug 26 at 5:40AM
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 Realty Executives Premier
Investment Insights
Based on property information with market context.
Built in 1879, this historic two-story brick property contains four residential units: three one-bedroom apartments and one two-bedroom apartment. Each residence has a private entrance, while the building also provides a front porch, rear concrete patio, and garage access from the largest unit. All four apartments are currently leased.
A detached 7-unit garage adds a separate rental component rarely associated with downtown residential properties. Constructed of block with a flat roof, the garage is accessed from the alley. The property is located at 306 Jefferson Street in Valparaiso, one block north of Lincolnway and near the Linc shopping and dining district, with downtown shopping, dining, and entertainment nearby.
A detached 7-unit garage adds a separate rental component rarely associated with downtown residential properties. Constructed of block with a flat roof, the garage is accessed from the alley. The property is located at 306 Jefferson Street in Valparaiso, one block north of Lincolnway and near the Linc shopping and dining district, with downtown shopping, dining, and entertainment nearby.
Key Highlights
- Four fully leased residential units: three 1‑bedroom apartments and one 2‑bedroom apartment
- Detached 7‑unit garage with block construction and flat roof
- Historic two‑story brick building constructed in 1879
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
$34,597
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
7.21%
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%
$691,940
$691.9K
Cap Rate 7%
$494,243
$494.2K
Cap Rate 9%
$384,411
$384.4K
Market Conditions
NOI Build-Up for 3,798 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
$52.4K $13.80/SF
− Vacancy
−$3.0K −$0.79/SF
EGI
$49.4K $13.01/SF
− OpEx
−$14.8K −$3.90/SF
NOI
$34.6K $9.11/SF
Area
Porter County, IN
Vacancy
5.70%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$691,940
Cap Rate 7%
$494,243
Cap Rate 9%
$384,411
Alternative Uses
Best Use
Multifamily LT 5
$494.2K
$432.5K – $576.6K
NOI $34,597 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$430.9K
$377.0K – $502.7K
NOI $30,160 @ 7.0% cap · market cap 6.28%
Theoretical Best
Healthcare Medical
$1.44M
$1.26M – $1.68M
NOI $100,763 @ 7.0% cap · market cap 21.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,802
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
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two-story brick property pairs leased apartments with a detached garage and private unit entrances.
Where is this quadplex located?
The property is located at 306 Jefferson St Valparaiso, IN.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Four fully leased residential units: three 1‑bedroom apartments and one 2‑bedroom apartment; Detached 7‑unit garage with block construction and flat roof; Historic two‑story brick building constructed in 1879
