Excellent Investment Opportunity in Valparaiso! Don't miss this great chance to own a 5-unit income property in the heart of Valparaiso! This solid two-story brick building offers classic curb appeal, reliable rental potential, and long-term value. The property features five separate units, providing steady income and flexibility for investors or owner-occupants. Each unit is well-maintained with functional layouts, and tenants enjoy convenient on-site parking plus a two-car garage for added storage or rental potential. Located close to downtown Valparaiso, shopping, restaurants, schools, and major highways, this property offers excellent accessibility and strong rental demand. Whether you're expanding your portfolio or looking to start your investment journey, this is a turnkey opportunity with consistent cash flow and room to grow
Active
$484,996
502 Monroe 251 Locust, Valparaiso, IN 46383
6beds
--sqft
Apartment
Built in 1880
-- sqft lot
$469,600 Zestimate®
$--/sqft
$-- HOA
What's special
Solid two-story brick buildingFunctional layoutsTwo-car garageClassic curb appealConvenient on-site parking
- 277 days |
- 308 |
- 11 |
Zillow last checked:
Listing updated:
Listed by:
Steve Likas,
McColly Real Estate 219-663-3835,
Franziska Acke,
McColly Real Estate
Source: NIRA as distributed by MLS GRID,MLS#: 831022
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 6
- Bathrooms: 5
- Full bathrooms: 5
Heating
- Baseboard, Natural Gas, Hot Water
Appliances
- Included: Range, Refrigerator
Features
- Other
- Basement: Unfinished
- Has fireplace: No
Interior area
- Finished area above ground: 3,166
Property
Parking
- Total spaces: 2
- Parking features: Driveway, On Street
- Garage spaces: 2
- Has uncovered spaces: Yes
Features
- Levels: Two
- Patio & porch: Front Porch
- Exterior features: None
- Has view: Yes
- View description: Neighborhood
Lot
- Size: 8,712 Square Feet
- Features: Corner Lot
Details
- Parcel number: 64 09 24 456 001 000 004
- Special conditions: None
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Apartment
Condition
- New construction: No
- Year built: 1880
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Electricity Connected, Water Connected, Sewer Connected, Natural Gas Connected
Community & HOA
Community
- Security: Smoke Detector(s)
- Subdivision: Center 004 Banta's Add,Os,Powells & Etc0
Location
- Region: Valparaiso
Financial & listing details
- Annual tax amount: $10,022
- Date on market: 11/20/2025
- Listing agreement: Exclusive Right To Sell
- Listing terms: Cash,Conventional
Estimated market value
$469,600
$446,000 - $493,000
$1,353/mo
Price history
| Date | Event | Price |
|---|---|---|
| 8/18/2026 | Price change | $484,9960% |
Source:  NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 8/12/2026 | Price change | $484,9970% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 8/6/2026 | Price change | $484,9980% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 7/31/2026 | Price change | $484,9990% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 6/3/2026 | Price change | $485,000-3% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 5/21/2026 | Price change | $499,8860% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 4/28/2026 | Price change | $499,8870% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 4/23/2026 | Price change | $499,8880% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 4/17/2026 | Price change | $499,8890% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 4/7/2026 | Price change | $499,8900% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 3/31/2026 | Price change | $499,8910% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 3/9/2026 | Price change | $499,8920% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 2/9/2026 | Price change | $499,8930% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 1/29/2026 | Price change | $499,8940% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 1/23/2026 | Price change | $499,8950% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 1/15/2026 | Price change | $499,8960% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 1/6/2026 | Price change | $499,8970% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 12/29/2025 | Price change | $499,8980% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 12/9/2025 | Price change | $499,8990% |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
| 11/20/2025 | Listed for sale | $499,900 |
Source: NIRA as distributed by MLS GRID #831022 Report a problem | ||
Public tax history
Tax history is unavailable.
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: 46383
Nearby schools
GreatSchools rating
- 8/10Central Elementary SchoolGrades: K-5Distance: 2 mi
- 8/10Benjamin Franklin Middle SchoolGrades: 6-8Distance: 0.8 mi
- 10/10Valparaiso High SchoolGrades: 9-12Distance: 2.1 mi
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A local agent can set up tours, give advice and negotiate with sellers.
A local lender can help you make sure your offer is ready when you are.
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