3-Unit Rental Property with
401 Morgan Blvd, Valparaiso, IN 46383
For Sale
$459,000
Three separate high-efficiency HVAC systems serve the fully occupied residential rental building.
Property Size3,048 SF
Price / SF$150.59
Days on Market35
Property Features for 401 Morgan Blvd
General Information
Standard status
Size
Property subtype
Occupancy
Additional Details
Multifamily Units
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Tenancy
Listing Agency:
Coldwell Banker Real Estate Gr
(219) 464-3531
Listed By:
Jacquelyn Brubaker
(219) 973-9376
Source:
Exprealty
Added: Oct 6
Changed: Nov 8
Last Checked: Nov 8 at 11:30AM
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 Coldwell Banker Real Estate Gr
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Investment Insights
Based on property information with market context.
This Valparaiso triplex contains three occupied rental units and measures 3,048 square feet. Each unit has its own newer, high-efficiency HVAC system. The property also includes a 1.5-car garage and a partially finished basement with laundry hookups; both spaces are currently unused by tenants.
The building is at 401 Morgan Blvd in Valparaiso, within walking distance of downtown.
The building is at 401 Morgan Blvd in Valparaiso, within walking distance of downtown.
Key Highlights
- Three rental units; all are occupied
- 3,048 square feet
- Individual high‑efficiency HVAC systems for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,765
Cap Rate
6.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$555,300
$555.3K
Cap Rate 7%
$396,643
$396.6K
Cap Rate 9%
$308,500
$308.5K
Market Conditions
NOI Build-Up for 3,048 SF
Gross rent
$42.1K $13.80/SF
− Vacancy
−$2.4K −$0.79/SF
EGI
$39.7K $13.01/SF
− OpEx
−$11.9K −$3.90/SF
NOI
$27.8K $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 Rate 5%
$555,300
Cap Rate 7%
$396,643
Cap Rate 9%
$308,500
Alternative Uses
Best Use
Multifamily LT 5
$396.6K
$347.1K – $462.8K
NOI $27,765 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$345.8K
$302.6K – $403.4K
NOI $24,205 @ 7.0% cap · market cap 5.27%
Theoretical Best
Healthcare Medical
$1.16M
$1.01M – $1.35M
NOI $80,865 @ 7.0% cap · market cap 17.62%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,776
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three separate high-efficiency HVAC systems serve the fully occupied residential rental building.
Where is this triplex located?
The property is located at 401 Morgan Blvd Valparaiso, IN.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: Three rental units; all are occupied; 3,048 square feet; Individual high‑efficiency HVAC systems for each unit
