Medical Office with Reception
For Sale
$295,000
414 Lincolnway, La Porte, IN 46350
COMMERCIAL - La Porte, IN
Property Size1,653 SF
Lot Size0.23 Acres
Price / SF$178.46
Days on Market334
Property Features for 414 Lincolnway
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Business
Rooms
Basement
Parking
16
Basement
Sump Pump, Unfinished
Appliances
Refrigerator
Subdivision
City/Laporte
Lot features
Back Yard, Paved, Few Trees, Corner Lot
View
City
Elementary school district
La Porte
Middle school district
La Porte
High school district
La Porte
Directions
414lincolnway is also State Road 2 in La Porte. At a lit intersection with Jackson Street
Standard status
Active
APN
460636304001000043
Size
1,653 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
05-06-36-304-001 O S LOT 160
Tax Annual Amount
3489
Legal Description
05-06-36-304-001 O S LOT 160
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
reception
waiting area
Building Details
Year built
1936
Listing Agency:
LaPorte County Realty, Inc.
(219) 324-4600
Listed By:
Bryon Eigenmann
(219) 608-0328
Added: Sep 29, 2025
Changed: Aug 19
Last Checked: Aug 28 at 5:06PM
MLS# 828529
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,653-square-foot medical office building at 414 Lincolnway is constructed of brick and was built in 1936. The existing layout includes six offices, a reception area, and a waiting area, with a basement for additional storage or support space. The property’s most recent use was as a doctor’s office, following an earlier period as an insurance office.
The 0.2314-acre site includes parking in front of the building, while the grass-covered rear area provides room to expand the parking area. The property has forced-air, natural-gas heating, an available electricity connection, public water, and public sewer.
The 0.2314-acre site includes parking in front of the building, while the grass-covered rear area provides room to expand the parking area. The property has forced-air, natural-gas heating, an available electricity connection, public water, and public sewer.
Key Highlights
- 1,653‑square‑foot brick medical office building
- Six offices plus reception and waiting areas
- 0.2314‑acre site with front parking
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
$19,988
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
6.78%
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%
$399,760
$399.8K
Cap Rate 7%
$285,543
$285.5K
Cap Rate 9%
$222,089
$222.1K
Market Conditions
NOI Build-Up for 1,653 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
$35.7K $21.60/SF
− Vacancy
−$2.4K −$1.45/SF
EGI
$33.3K $20.15/SF
− OpEx
−$13.3K −$8.06/SF
NOI
$20.0K $12.09/SF
Area
LaPorte County, IN
Vacancy
6.70%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$399,760
Cap Rate 7%
$285,543
Cap Rate 9%
$222,089
Alternative Uses
Best Use
Healthcare Medical
$285.5K
$249.9K – $333.1K
NOI $19,988 @ 7.0% cap · market cap 6.78%
Second Best
Office B
$241.2K
$211.1K – $281.4K
NOI $16,885 @ 7.0% cap · market cap 5.72%
Theoretical Best
Specialty Retail
$459.5K
$402.1K – $536.1K
NOI $32,168 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
Location Intelligence
Trade Area within ½ mile
1,024
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46350, IN
44,522
Population
19,576
Households
2.3
Avg Household Size
42
Median Age
24%
College-Educated
92%
High-School Grad
193.5 sq mi
ZIP Area
230
Density / Sq Mi
$75,311
Median Household Income
$44,309
Median Earnings
$920
Median Rent
$199,800
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 - Brick medical office with multiple offices, reception, and waiting areas.
Where is this medical office space located?
The property is located at 414 Lincolnway La Porte, IN.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1,653‑square‑foot brick medical office building; Six offices plus reception and waiting areas; 0.2314‑acre site with front parking
