Five-Unit Brick Apartment
For Sale
$469,900
502 Monroe/ 251 Locust, Valparaiso, IN 46383
Two-story apartment property with on-site parking and a two-car garage near downtown Valparaiso.
Property Size3,166 SF
Price / SF$148.42
Days on Market332
Property Features for 502 Monroe/ 251 Locust
General Information
Standard status
Active
Size
3,166 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
5
Building Details
Year Built
1880
Stories
2
Construction
brick
Listing Agency:
McColly Real Estate
Listed By:
Steve Likas · License #RB14051105
(219) 313-3785
Source:
Nwindianahomesearcher
Added: Nov 19, 2025
Changed: Oct 16
Last Checked: Oct 16 at 9:08AM
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 McColly Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This two-story brick apartment building contains five separate units within 3,166 square feet. Built in 1880, the property includes functional unit layouts, on-site parking, and a two-car garage that provides additional storage or potential rental utility. The configuration may also accommodate an owner-occupant seeking space alongside rental units.
The property is located near downtown Valparaiso, with shopping, restaurants, schools, and major highways nearby. Its Valparaiso location places everyday services and regional transportation access within the surrounding area.
The property is located near downtown Valparaiso, with shopping, restaurants, schools, and major highways nearby. Its Valparaiso location places everyday services and regional transportation access within the surrounding area.
Key Highlights
- Five separate apartment units
- Two‑story brick building constructed in 1880
- 3,166 square feet of building area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,142
Cap Rate
5.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$502,840
$502.8K
Cap Rate 7%
$359,171
$359.2K
Cap Rate 9%
$279,356
$279.4K
Market Conditions
NOI Build-Up for 3,166 SF
Gross rent
$48.6K $15.36/SF
− Vacancy
−$2.9K −$0.92/SF
EGI
$45.7K $14.44/SF
− OpEx
−$20.6K −$6.50/SF
NOI
$25.1K $7.94/SF
Area
Porter County, IN
Vacancy
6.00%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$502,840
Cap Rate 7%
$359,171
Cap Rate 9%
$279,356
Alternative Uses
Best Use
Apartment 5plus
$359.2K
$314.3K – $419.0K
NOI $25,142 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.20M
$1.05M – $1.40M
NOI $83,996 @ 7.0% cap · market cap 17.88%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,740
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
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story apartment property with on-site parking and a two-car garage near downtown Valparaiso.
Where is this apartment building located?
The property is located at 502 Monroe/ 251 Locust Valparaiso, IN.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Five separate apartment units; Two‑story brick building constructed in 1880; 3,166 square feet of building area
