Five-Unit Brick Apartment
For Sale
$484,996
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$153.19
Days on Market297
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
(219) 313-3785
Listed By:
Steve Likas · License #RB14051105
Source:
Nwindianahomesearcher
Added: Nov 8, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:42PM
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
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 = 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
$25,142
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
5.18%
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%
$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
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
$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 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%
$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 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.20M
$1.05M – $1.40M
NOI $83,996 @ 7.0% cap · market cap 17.32%
Zoning and permitted uses should be independently verified with authorities.
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $484,996.
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
