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Property profile & analytics
OFF-MARKET
Estimated value
$4,515,000
Office Spaces
56 Washington St Valparaiso, IN 46383-5565
Entity Owned
7-yr Hold
Free & Clear
Property ID
US31-1558551
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1969
Construction
STEEL FRAME
Total area
36,955 SF
Lot
0.8 ac (34,804 SF)
APN
64-09-24-316-007.000-004
UPID
US31-1558551
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
by Request
CAP Approach
CAP
$5.21M
Comparable Approach
Comparable
$5.24M
Blend (final)
Blend
$4.52M
Owner & transaction history
Block 24 LLC · 7 yrs held
Block 24 LLC
since 2018
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.8M
+2.0%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$5,645,000
6.5%
$5,210,000
7%
$4,840,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$3,745,000
Current use
RETAIL STORES
$3,820,000
Change: +2% · Conversion: Easy
Blend value · Realmo final
$4.52M
Range $4.06M – $4.97M · ±10%
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
$122 / 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
$53,277
Tax year 2023
Assessed value
$3,044,000
Assessed 2023
Previous assessed
$3,044,000
+0.0% YoY
Effective rate
1.75%
On assessed value
Assessed land
$747,700
Assessed improvement
$2,296,300
Land market value
$747,700
Improvement market value
$2,296,300
Total market value
$3,044,000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1969
Construction
STEEL FRAME
Heating
NONE
Buildings
3
Stories
6
Total area
36,955 SF
Lot
0.8 ac (34,804 SF)
APN
64-09-24-316-007.000-004
UPID
US31-1558551
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
COMMERCIAL (GENERAL) Current
Est. value
$3.7M
RETAIL STORES
Est. value
$3.8M
COMMERCIAL (GENERAL) Current
RETAIL STORES
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
1969
Construction
STEEL FRAME
Heating
NONE
Stories
6
Buildings
3
Lot
0.8 ac
Current owner
From public records · entity-resolved
Block 24 LLC
Entity
Free & Clear · 7 yrs held
Mailing address
53 MICHIGAN AVE STE #103, VALPARAISO, IN 46383-5485
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 7, 2019
—
Block 24 LLC
—
Grant Deed
related
$2,640,000 · First Merchants Bk
Dec 28, 2018
—
Block 24 LLC
Fifth Third Bk
Grant Deed
—
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.
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