Multi-Tenant Flex
For Sale
$670,000
5830 Us Highway 6, Portage, IN 46368
Four-unit commercial property with office areas, overhead doors, storage, and shared utility space.
Property Size10,358 SF
Price / SF$64.68
Days on Market23
Property Features for 5830 Us Highway 6
General Information
Standard status
Active
Size
10,358 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
4
Building Details
Year Built
1984
Buildings
1
Tenancy
Multi
Listing Agency:
McColly Real Estate
(219) 921-6316
Listed By:
Judith Posiadlik
Source:
Jason.northwestindianahomelistings
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 29 at 10:27AM
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 10,358-square-foot flex property, built in 1984, contains four separately configured units within a multi-tenant commercial building. Unit 1 provides 3,000 square feet on the main level, updated siding, windows and lighting, office space, and public and private bathrooms. Unit 2 offers 1,200 square feet upstairs, newer windows, natural light, two storage closets, updated electrical, and coded access. The 3,000-square-foot third unit includes an 8-foot bay overhead door, rear staircase, and service access. Unit 4 contains 1,500 square feet on the main level, a 10-foot bay overhead door, side service entry, and plumbing for a bathroom.
Shared space includes an L-shaped storage area, unfinished office, one two-compartment sink, and one three-compartment sink serving Units 1 and 4. A forklift is included with the sale. The property is located at 5830 US Highway 6 in Portage, Indiana, with highway frontage and traffic exposure identified in the listing information.
Shared space includes an L-shaped storage area, unfinished office, one two-compartment sink, and one three-compartment sink serving Units 1 and 4. A forklift is included with the sale. The property is located at 5830 US Highway 6 in Portage, Indiana, with highway frontage and traffic exposure identified in the listing information.
Key Highlights
- 10,358‑square‑foot commercial building with 4 multi‑tenant units
- Unit 1 includes 3,000 sq ft, updated siding, windows and lighting, office space, and public and private bathrooms
- Unit 2 offers 1,200 sq ft upstairs with newer windows, 2 storage closets, new electrical, and coded access
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
$61,552
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
9.19%
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%
$1,231,040
$1.2M
Cap Rate 7%
$879,314
$879.3K
Cap Rate 9%
$683,911
$683.9K
Market Conditions
NOI Build-Up for 10,358 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
$103.2K $9.96/SF
− Vacancy
−$8.5K −$0.82/SF
EGI
$94.7K $9.14/SF
− OpEx
−$33.1K −$3.20/SF
NOI
$61.6K $5.94/SF
Area
Porter County, IN
Vacancy
8.21%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$1,231,040
Cap Rate 7%
$879,314
Cap Rate 9%
$683,911
Alternative Uses
Best Use
Flex RnD
$879.3K
$769.4K – $1.03M
NOI $61,552 @ 7.0% cap · market cap 9.19%
Second Best
Warehouse
$714.0K
$624.7K – $833.0K
NOI $49,978 @ 7.0% cap · market cap 7.46%
Theoretical Best
Healthcare Medical
$3.93M
$3.44M – $4.58M
NOI $274,804 @ 7.0% cap · market cap 41.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
658
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46368, IN
39,837
Population
16,870
Households
2.4
Avg Household Size
39
Median Age
18%
College-Educated
90%
High-School Grad
25.3 sq mi
ZIP Area
1,575
Density / Sq Mi
$72,638
Median Household Income
$42,508
Median Earnings
$1,140
Median Rent
$213,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Four-unit commercial property with office areas, overhead doors, storage, and shared utility space.
Where is this flex space located?
The property is located at 5830 Us Highway 6 Portage, IN.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: 10,358‑square‑foot commercial building with 4 multi‑tenant units; Unit 1 includes 3,000 sq ft, updated siding, windows and lighting, office space, and public and private bathrooms; Unit 2 offers 1,200 sq ft upstairs with newer windows, 2 storage closets, new electrical, and coded access
