Valparaiso Updated Four-Unit
For Sale
$784,900
Pending
606 Monroe Street Unit 14, Valparaiso, IN 46383
Four-unit apartment building near Valparaiso University, fully remodeled in 2021.
Property Size3,456 SF
Days on Market108
Property Features for 606 Monroe Street Unit 14
General Information
Standard status
Pending
Size
3,456 SF
Total Parking Spaces
6
Property subtype
Residential Income / Quadruplex
Taxes and HOA fees
Annual Taxes
$7,307
Amenities
Asphalt, Shingle
Central Air, Ceiling Fan(s)
No
8
Forced Air, Individual Unit, Unit Control, Natural Gas
Dryer, Washer, Stainless Steel Appliance(s), Refrigerator, Microwave, Gas Range, Dishwasher
4
0.0
Smoke Detector(s)
20
Ceiling Fan(s), Stone Counters
Two
Shed(s), Storage
Aluminum Frames
Balcony, Storage, Rain Gutters, Private Yard, Lighting
Covered, Rear Porch, Porch, Patio
Building Details
Year Built
1982
Listing Agency:
Seramur Properties, LLC
(219) 241-4039
Listed By:
Dennis Seramur · License #RB14028997
(219) 241-4039
Source:
Compass
Added: May 12
Changed: Aug 25
Last Checked: Aug 26 at 1:39PM
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 Seramur Properties, LLC
Investment Insights
Based on property information with market context.
This is a four-unit apartment building located in Valparaiso, Indiana, near Valparaiso University. The property is fully rented, with each unit having been updated. A complete remodel costing $350,000 was completed in 2021. Updates include a new roof, new windows, new flooring, new air conditioning units and furnaces, new appliances, new countertops, new tubs, new vanities, new siding and stone. Each unit also features new stackable washer and dryers, and new dishwashers. All concrete and sidewalks were replaced, and new asphalt parking was installed in 2021.
Key Highlights
- Complete remodel in 2021 with $350k investment
- New roof, windows, flooring, ACs, and furnaces**
- Fully rented 4‑unit apartment building
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
$31,482
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
4.01%
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%
$629,640
$629.6K
Cap Rate 7%
$449,743
$449.7K
Cap Rate 9%
$349,800
$349.8K
Market Conditions
NOI Build-Up for 3,456 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
$47.7K $13.80/SF
− Vacancy
−$2.7K −$0.79/SF
EGI
$45.0K $13.01/SF
− OpEx
−$13.5K −$3.90/SF
NOI
$31.5K $9.11/SF
Area
Porter County, IN
Vacancy
5.70%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$629,640
Cap Rate 7%
$449,743
Cap Rate 9%
$349,800
Alternative Uses
Best Use
Multifamily LT 5
$449.7K
$393.5K – $524.7K
NOI $31,482 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$392.1K
$343.1K – $457.4K
NOI $27,445 @ 7.0% cap · market cap 3.50%
Theoretical Best
Healthcare Medical
$1.31M
$1.15M – $1.53M
NOI $91,690 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,629
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit apartment building near Valparaiso University, fully remodeled in 2021.
Where is this quadplex located?
The property is located at 606 Monroe Street Unit 14 Valparaiso, IN.
What is the asking price?
The asking price for this property is $784,900.
What are key features of this property?
This property features: Complete remodel in 2021 with $350k investment; New roof, windows, flooring, ACs, and furnaces**; Fully rented 4‑unit apartment building
