Historic Flex Space with
For Sale
$289,000
908 Washington, Valparaiso, IN 46383
Two-building commercial property combining office, workspace, and storage areas under CN zoning.
Property Size3,987 SF
Lot Size0.24 Acres
Price / SF$72.49
Days on Market68
Property Features for 908 Washington
General Information
Standard status
Active
Size
3,987 SF
Lot size
0.24 Acres
Zoning
CN
Property Condition
Severity
Major Repairs Needed
Evidence
floor has collapsed
Building Details
Year Built
1900
Buildings
2
Listing Agency:
RE/MAX Lifestyles
Listed By:
Matt Evans · License #RB14034485
(219) 241-8401
Source:
Realtopiare
Added: Aug 8
Changed: Oct 11
Last Checked: Oct 7 at 2:09PM
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 RE/MAX Lifestyles
Investment Insights
Based on property information with market context.
This flex property includes a primary building dating to circa 1900 and a smaller block structure built in 1950. The main building offers high ceilings, cement floors, and two units arranged with office or workspace areas alongside storage. The smaller structure adds separate ancillary space, although its floor has collapsed and requires reconstruction.
The property encompasses 0.24 acres in downtown Valparaiso near the new Valpo REC. A gravel drive provides on-site access. The total building area is 3,987 square feet, including approximately 3,624 square feet in the principal building and 363 square feet in the block building. The site is identified as CN zoning, with buyers to confirm zoning and proposed-use compatibility with the city.
The property encompasses 0.24 acres in downtown Valparaiso near the new Valpo REC. A gravel drive provides on-site access. The total building area is 3,987 square feet, including approximately 3,624 square feet in the principal building and 363 square feet in the block building. The site is identified as CN zoning, with buyers to confirm zoning and proposed-use compatibility with the city.
Key Highlights
- 3,987 SF total across two buildings
- Approximately 3,624 SF in the circa‑1900 main building
- Main building has high ceilings, cement floors, and two office/workspace and storage units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,693
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$473,860
$473.9K
Cap Rate 7%
$338,471
$338.5K
Cap Rate 9%
$263,256
$263.3K
Market Conditions
NOI Build-Up for 3,987 SF
Gross rent
$39.7K $9.96/SF
− Vacancy
−$3.3K −$0.82/SF
EGI
$36.5K $9.14/SF
− OpEx
−$12.8K −$3.20/SF
NOI
$23.7K $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 Rate 5%
$473,860
Cap Rate 7%
$338,471
Cap Rate 9%
$263,256
Alternative Uses
Best Use
Office B
$684.2K
$598.7K – $798.3K
NOI $47,897 @ 7.0% cap · market cap 16.57%
Second Best
Flex RnD
$338.5K
$296.2K – $394.9K
NOI $23,693 @ 7.0% cap · market cap 8.20%
Theoretical Best
Healthcare Medical
$1.51M
$1.32M – $1.76M
NOI $105,777 @ 7.0% cap · market cap 36.60%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,051
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Two-building commercial property combining office, workspace, and storage areas under CN zoning.
Where is this flex space located?
The property is located at 908 Washington Valparaiso, IN.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 3,987 SF total across two buildings; Approximately 3,624 SF in the circa‑1900 main building; Main building has high ceilings, cement floors, and two office/workspace and storage units
