Flex Space with Overhead
For Sale
$1,300,000
906 Calumet Avenue, Valparaiso, IN 46383
COMMERCIAL - Valparaiso, IN
Property Size10,388 SF
Lot Size0.76 Acres
Price / SF$125.14
Days on Market82
Property Features for 906 Calumet Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
5
Parking features
Driveway, Oversize, Garage
Exterior features
Storage
Subdivision
1st Add N Valpo
Directions
Evans ave west to Calumet ave south to property
Standard status
Active
APN
640924202001000004
Size
10,388 SF
Lot size
0.76 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
1ST ADD N VALPO LOTS1-3 & VAC ALLEY EX WLY PT LOT 3
Tax Annual Amount
7046
Legal Description
1ST ADD N VALPO LOTS1-3 & VAC ALLEY EX WLY PT LOT 3
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1969
Additional Structures
Storage
Listing Agency:
Evolution Real Estate Solution
(219) 462-0141
Listed By:
Kenneth Blaney · License #RB14050646
(219) 465-8511
Added: May 31
Changed: Aug 19
Last Checked: Aug 20 at 12:06PM
MLS# 839843
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 10,388-square-foot flex space occupies 0.76 acres and combines open commercial areas with dedicated offices. Five large overhead doors support loading, unloading, and workshop access, while the property also includes storage, high ceilings, a fenced site, and yard space. Construction dates to 1969, with natural gas forced-air heating serving the building.
The property is located at 906 Calumet Avenue in Valparaiso, Indiana, within ZIP Code 46383. Public water and public sewer serve the site. Parking features include a driveway, oversized parking, and garage space, providing on-site vehicle accommodation for the facility.
The property is located at 906 Calumet Avenue in Valparaiso, Indiana, within ZIP Code 46383. Public water and public sewer serve the site. Parking features include a driveway, oversized parking, and garage space, providing on-site vehicle accommodation for the facility.
Key Highlights
- 10,388‑square‑foot flex space on 0.76 acres
- Five large overhead doors for loading, unloading, or workshop access
- Dedicated office areas alongside open commercial space
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
$61,731
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
4.75%
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%
$1,234,620
$1.2M
Cap Rate 7%
$881,871
$881.9K
Cap Rate 9%
$685,900
$685.9K
Market Conditions
NOI Build-Up for 10,388 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
$103.5K $9.96/SF
− Vacancy
−$8.5K −$0.82/SF
EGI
$95.0K $9.14/SF
− OpEx
−$33.2K −$3.20/SF
NOI
$61.7K $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%
$1,234,620
Cap Rate 7%
$881,871
Cap Rate 9%
$685,900
Alternative Uses
Best Use
Office B
$1.78M
$1.56M – $2.08M
NOI $124,793 @ 7.0% cap · market cap 9.60%
Second Best
Flex RnD
$881.9K
$771.6K – $1.03M
NOI $61,731 @ 7.0% cap · market cap 4.75%
Theoretical Best
Healthcare Medical
$3.94M
$3.44M – $4.59M
NOI $275,599 @ 7.0% cap · market cap 21.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,087
Businesses Nearby
Under-served
Demand for This Use
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Beef Mart of Valparaiso — 614 Roosevelt Rd, Valparaiso, IN 46383
Frequently Asked Questions
What type of property is this?
Flex space - Fenced commercial facility with office areas, truck access, and an open layout suited to operational needs.
Where is this flex space located?
The property is located at 906 Calumet Avenue Valparaiso, IN.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 10,388‑square‑foot flex space on 0.76 acres; Five large overhead doors for loading, unloading, or workshop access; Dedicated office areas alongside open commercial space
