Remodeled Flex
For Sale
Contact for pricing
351 Washington St, Valparaiso, IN 46383
Mixed-use layout combines private offices, open work areas, and warehouse functions.
Property Size11,952 SF
Price / SF$150
Days on Market24
Property Features for 351 Washington St
General Information
Standard status
Active
Size
11,952 SF
Property subtype
OFFICE
Warehouse & Industrial
Clear Height
10 ft
Dock-High Doors
1
Additional Details
Highway Access
Yes
Building Details
Year Renovated
2022
Buildings
1
Stories
2
Building Size
11,952 SF
Listing Agency:
Commercial In-Sites, LLC
(219) 795-1100
Listed By:
David A Lasser
(219) 795-1100
Source:
Moodyscre
Added: Aug 7
Changed: Aug 30
Last Checked: Aug 30 at 8:41AM
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, LLC
Investment Insights
Based on property information with market context.
This 11,952 SF flex office building was fully remodeled in 2022 and provides office, warehouse, and shipping functions within one property. The first floor includes four private offices, an open office area designed for up to 30 workstations, a conference room, kitchen, men’s and women’s bathrooms, storage, IT and janitorial closets, plus a warehouse office area. The lower level contains a large warehouse, break area, and shipping/receiving space. Building improvements include one dock, a 10' x 12' OHD, and 10' clear ceiling height on each floor.
The property is located on the southeast side of Valparaiso, south of the railroad tracks between Washington and Franklin Streets. It is two blocks north of U.S. Highway 30, 2 miles west of S.R. 49, 8 miles southwest of U.S. Highway 6, 9 miles southwest of I-90, and 15 miles southwest of I-80/94. Downtown Valparaiso Square, the Porter County Courthouse, Central Park Plaza, and multiple restaurants and retail shops are within three blocks to the north.
The property is located on the southeast side of Valparaiso, south of the railroad tracks between Washington and Franklin Streets. It is two blocks north of U.S. Highway 30, 2 miles west of S.R. 49, 8 miles southwest of U.S. Highway 6, 9 miles southwest of I-90, and 15 miles southwest of I-80/94. Downtown Valparaiso Square, the Porter County Courthouse, Central Park Plaza, and multiple restaurants and retail shops are within three blocks to the north.
Key Highlights
- 11,952 SF flex office building fully remodeled in 2022
- First floor supports up to 30 workstations plus four private offices and a conference room
- Lower level includes warehouse, break area, and shipping/receiving space
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
$143,582
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
8.01%
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%
$2,871,640
$2.9M
Cap Rate 7%
$2,051,171
$2.1M
Cap Rate 9%
$1,595,356
$1.6M
Market Conditions
NOI Build-Up for 11,952 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
$203.7K $17.04/SF
− Vacancy
−$12.2K −$1.02/SF
EGI
$191.4K $16.02/SF
− OpEx
−$47.9K −$4.00/SF
NOI
$143.6K $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%
$2,871,640
Cap Rate 7%
$2,051,171
Cap Rate 9%
$1,595,356
Alternative Uses
Best Use
Office B
$2.05M
$1.79M – $2.39M
NOI $143,582 @ 7.0% cap · market cap 8.01%
Second Best
Flex RnD
$1.01M
$887.8K – $1.18M
NOI $71,025 @ 7.0% cap · market cap 3.96%
Theoretical Best
Healthcare Medical
$4.53M
$3.96M – $5.28M
NOI $317,093 @ 7.0% cap · market cap 17.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10 ft
Clear height
1
Dock-high doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,743
Businesses Nearby
Under-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?
Flex space - Mixed-use layout combines private offices, open work areas, and warehouse functions.
Where is this flex space located?
The property is located at 351 Washington St Valparaiso, IN.
What is the asking price?
The asking price for this property is $1,792,800.
What are key features of this property?
This property features: 11,952 SF flex office building fully remodeled in 2022; First floor supports up to 30 workstations plus four private offices and a conference room; Lower level includes warehouse, break area, and shipping/receiving space
