502 Marquette St
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502 Marquette St
4,263 SF Office Building Valparaiso, IN 46383 $715,000 ($168/SF) 8.60% Cap Rate
Investment Highlights
- 8.6% CAP Rate on Single Tenant Occupant
- Class A Office
- Prime Commercial Office Medical District
Executive Summary
Excellent investment opportunity. All brick Class A office building in Valparaiso's Medical District. Single tenant occupies at least into 2027. Current lease is a modified gross. The building has 13 private offices, a large conference room, 2 kitchens, 3 bathrooms, and 2 administrative areas. The power is 3 phase 440 amp service. Newly surfaced 30 space parking lot. HVAC units are 4 years old.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$79,000
|
$12.80
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$79,000
|
$12.80
|
| Taxes |
$8,931
|
$1.45
|
| Operating Expenses |
$8,070
|
$1.31
|
| Total Expenses |
$17,001
|
$2.75
|
| Net Operating Income |
$61,999
|
$10.04
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $79,000 |
| Annual Per SF | $12.80 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $79,000 |
| Annual Per SF | $12.80 |
| Taxes | |
|---|---|
| Annual | $8,931 |
| Annual Per SF | $1.45 |
| Operating Expenses | |
|---|---|
| Annual | $8,070 |
| Annual Per SF | $1.31 |
| Total Expenses | |
|---|---|
| Annual | $17,001 |
| Annual Per SF | $2.75 |
| Net Operating Income | |
|---|---|
| Annual | $61,999 |
| Annual Per SF | $10.04 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
4,263 SF
Building Class
A
Year Built
1982
Price
$715,000
Price Per SF
$168
Cap Rate
8.60%
NOI
$61,490
Tenancy
Single
Building Height
1 Story
Typical Floor Size
2,132 SF
Building FAR
0.16
Lot Size
0.61 AC
Zoning
BP - Business Park - General Office and or Medical Office Use. Higher building standards than typical commercial.
Parking
30 Spaces (7.04 Spaces per 1,000 SF Leased)
Amenities
- Atrium
- Security System
- Signage
- Skylights
- Basement
- High Ceilings
- Air Conditioning
- Fiber Optic Internet
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PROPERTY TAXES
| Parcel Numbers | Total Assessment | $438,000 (2023) | |
| Land Assessment | $190,700 (2023) | Annual Taxes | $8,931 ($2.10/SF) |
| Improvements Assessment | $247,300 (2023) | Tax Year | 2024 Payable 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$190,700 (2023)
Improvements Assessment
$247,300 (2023)
Total Assessment
$438,000 (2023)
Annual Taxes
$8,931 ($2.10/SF)
Tax Year
2024 Payable 2024
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Presented by
Century 21 Alliance Group
502 Marquette St
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