Office Building with Garden
For Sale
Contact for pricing
402 Indiana Avenue, Valparaiso, IN 46383
Office property with multiple work areas, kitchens, bathrooms, and a lower-level recreational room.
Property Size1,700 SF
Price / SF$132.35
Days on Market347
Property Features for 402 Indiana Avenue
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Office
Building Details
Year Built
1918
Listing Agency:
CENTURY 21 Alliance Group
(219) 462-2090
Listed By:
Nick Sommer · License #IN
Source:
Crexi
Added: Sep 18, 2025
Changed: Aug 29
Last Checked: Aug 30 at 3:31PM
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 CENTURY 21 Alliance Group
Investment Insights
Based on property information with market context.
Built in 1918, this office property includes a main level with two to three offices, a kitchen, a bathroom, and an open area. The garden level is accessed through a walk-in entrance and adds a full kitchen, bathrooms, an administrative area, and a large recreational room.
The property is located at 402 Indiana Avenue in Valparaiso, Indiana. It is offered in its existing condition. The current office layout may support conversion to a single residence or duplex, subject to municipal use variance approval.
The property is located at 402 Indiana Avenue in Valparaiso, Indiana. It is offered in its existing condition. The current office layout may support conversion to a single residence or duplex, subject to municipal use variance approval.
Key Highlights
- Main level includes 2 to 3 offices, kitchen, bathroom, and open area
- Garden level has a walk‑in entrance, full kitchen, bathrooms, administrative area, and large recreational room
- Built in 1918
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
$20,422
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
9.08%
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%
$408,440
$408.4K
Cap Rate 7%
$291,743
$291.7K
Cap Rate 9%
$226,911
$226.9K
Market Conditions
NOI Build-Up for 1,700 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
$29.0K $17.04/SF
− Vacancy
−$1.7K −$1.02/SF
EGI
$27.2K $16.02/SF
− OpEx
−$6.8K −$4.00/SF
NOI
$20.4K $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%
$408,440
Cap Rate 7%
$291,743
Cap Rate 9%
$226,911
Alternative Uses
Best Use
Office B
$291.7K
$255.3K – $340.4K
NOI $20,422 @ 7.0% cap · market cap 9.08%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$644.3K
$563.8K – $751.7K
NOI $45,102 @ 7.0% cap · market cap 20.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,846
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office property with multiple work areas, kitchens, bathrooms, and a lower-level recreational room.
Where is this office building located?
The property is located at 402 Indiana Avenue Valparaiso, IN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Main level includes 2 to 3 offices, kitchen, bathroom, and open area; Garden level has a walk‑in entrance, full kitchen, bathrooms, administrative area, and large recreational room; Built in 1918
