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Property profile & analytics
FOR LEASE
Retail space
2106 Morthland Dr Valparaiso, IN 46383
Individually Owned
5-yr Hold
Free & Clear
Property ID
US31-1120747
No photos on file
For Lease
$2,105,000
2106 Morthland Dr, Valparaiso, IN 46383
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1998
Construction
TYPE NOT SPECIFIED
Total area
24,116 SF
Lot
2.48 ac (108,072 SF)
APN
64-10-30-252-007.000-004
UPID
US31-1120747
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.37M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.89M
Blend (final)
Blend
$2.11M
Owner & transaction history
Millco Valparaiso 2106 Morthland Dr · 5 yrs held
Millco Valparaiso 2106 Morthland Dr
since 2021
Last sale
$1.9M
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Valparaiso submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Valparaiso submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,585,000
ML approach
$2,365,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$2,495,000
Current use
COMMERCIAL (GENERAL)
$2,445,000
Change: -2% · Conversion: Easy
Blend value · Realmo final
$2.11M
Range $1.89M – $2.32M · ±10% · vs last sale $1.85M (Jul 12 2021)
Last sale anchor
$1.85M
Jul 12 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$87 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$51,029
Tax year 2023
Assessed value
$1,961,300
Assessed 2023
Previous assessed
$1,961,300
+0.0% YoY
Effective rate
2.60%
On assessed value
Assessed land
$881,100
Assessed improvement
$1,080,200
Land market value
$881,100
Improvement market value
$1,080,200
Total market value
$1,961,300
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Lease
Year built
1998
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
24,116 SF
Lot
2.48 ac (108,072 SF)
APN
64-10-30-252-007.000-004
UPID
US31-1120747
Jurisdiction
PORTER
Metro division
GARY, IN METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$2.5M
COMMERCIAL (GENERAL)
Est. value
$2.4M
RETAIL STORES Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1998
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
2.48 ac
Current owner
From public records · entity-resolved
Millco Valparaiso 2106 Morthland Dr
Individual
Free & Clear · 5 yrs held
Mailing address
5215 OLD ORCH RD STE #130, SKOKIE, IL 60077-1098
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 25, 2021
—
Millco Valparaso 2186 Northland Dri
—
Deed
related
$1,395,000 · Midland States Bank
Jul 12, 2021
$1,850,000
Millco Valparaiso 2106 Morthland Dr
Richport Net Lease LLC
Special Warranty Deed
—
Apr 19, 2021
—
Richport Net Lease LLC
Elueroad Net Lease LLC
Quit Claim Deed
related
—
Feb 29, 2016
$4,433,170
Blueroad Net Lease LLC
Brauvin Net Lease LLC
Grant Deed
—
Sep 12, 2008
—
Brauvin Net Lease LLC
Jran Co Of Valparaiso Ltd
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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