Flex Space with
For Sale
$289,000
908 Washington, Valparaiso, IN 46383
COMMERCIAL - Valparaiso, IN
Property Size3,987 SF
Lot Size0.24 Acres
Price / SF$72.49
Days on Market32
Property Features for 908 Washington
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
3
Subdivision
Sissons Sub
View
City
Directions
From Calumet Ave & Evans Ave, Turn west on Evans Ave to Washington St. Turn south on Washington St the property is on the east side of the street.
Standard status
Active
APN
640924129001000004
Size
3,987 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SISSONS SUB LOT 165& 177 POWELLS ADD EXS38 LOT 17 & ALL LOT 18
Tax Annual Amount
3169
Legal Description
SISSONS SUB LOT 165& 177 POWELLS ADD EXS38 LOT 17 & ALL LOT 18
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1900
Listing Agency:
RE/MAX Lifestyles · RE/MAX International
(219) 462-2121
Listed By:
Matt Evans · License #RB14034485
(219) 241-8401
Added: Jul 20
Changed: Aug 19
Last Checked: Aug 20 at 10:06AM
MLS# 842634
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 flex property includes a primary building dating to 1900 with high ceilings, cement floors, and two configured units. The layout combines office and workspace areas with interior storage, and the property has most recently supported storage and office functions. A separate 1950 block building adds 363 square feet, although its floor has collapsed and requires reconstruction. Total building area is approximately 3,987 square feet on 0.24 acres.
The property is located at 908 Washington in downtown Valparaiso, near the Valpo REC. A gravel drive serves the site. Public water and public sewer are available, and the property is identified as CN zoning. Prospective users should confirm zoning and intended-use compatibility with the city.
The property is located at 908 Washington in downtown Valparaiso, near the Valpo REC. A gravel drive serves the site. Public water and public sewer are available, and the property is identified as CN zoning. Prospective users should confirm zoning and intended-use compatibility with the city.
Key Highlights
- 3,987 square feet of total building area on 0.24 acres
- 1900 main building with high ceilings and cement floors
- Primary structure configured as 2 units with office, workspace, and storage
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
Flex RnD
$338.5K
$296.2K – $394.9K
NOI $23,693 @ 7.0% cap · market cap 8.20%
Second Best
Industrial
$226.3K
$198.0K – $264.1K
NOI $15,843 @ 7.0% cap · market cap 5.48%
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
Lease Details
2
Office units
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 Industrial 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-unit commercial building with office, workspace, storage, and a separate smaller structure in downtown Valparaiso.
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 square feet of total building area on 0.24 acres; 1900 main building with high ceilings and cement floors; Primary structure configured as 2 units with office, workspace, and storage
