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 Market23
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
(219) 241-8401
Listed By:
Matt Evans · License #RB14034485
Source:
Realtopiare
Added: Aug 8
Changed: Aug 29
Last Checked: Aug 25 at 5:21AM
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 = 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
$23,693
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
8.20%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office 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?
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
