554 Locust Street

Well-located 3-unit commercial building (built in 2001) situated in an established residential setting near Valparaiso's downtown core, Valparaiso University, and key community destinations. Excellent parking options with both on-site spaces and convenient street parking. The main level offers a vacant retail/office suite with lobby and reception area, private bathroom, open-concept workspace, and a full kitchen with all appliances. It could be ideal for a professional office, studio, client-facing service business, nonprofit headquarters, or mission-driven organization seeking an accessible and welcoming space for community impact. The unfinished basement provides exceptional utility and future potential with a poured concrete foundation, multiple washer/dryer hookups, two sump pumps, and an exterior walk-out stair, making it perfect for storage, operational space, programming needs, or future buildout (buyer to verify intended use). Upstairs are two efficiency apartments, creating built-in income potential to offset ownership costs or support a flexible live/work strategy. This property is positioned in a part of Valparaiso known for its established character, proximity to downtown amenities, and close connection to Valparaiso University - making it especially appealing for uses that benefit from visibility, accessibility, and community presence. The surrounding neighborhood offers a quieter, residential feel while remaining close to the energy of the city's core. A rare opportunity for an owner-occupant or investor seeking a mixed-use asset with strong parking, diversified income streams, and meaningful upside. With a vacant commercial space, unfinished lower level, and existing residential units, this building offers multiple paths to add value and bring a long-term vision to life in Valparaiso!