551 Locust Street, Valparaiso, IN 46383

Property Description

Prime RT-Zoned Lot Near Valparaiso University -- Build Your Vision Rare opportunity in the heart of Valparaiso: a 66' x 112' (7,392 sq ft) lot just steps from Valparaiso University, zoned Residential Transition (RT) -- one of the most flexible and sought-after zoning classifications in the city. This RT designation opens the door to two distinct paths, making this lot equally attractive to homeowners and investors alike: For the Single-Family Buyer: Design and build a custom home in a walkable, established neighborhood minutes from VU's campus, downtown Valparaiso's shops and restaurants, and easy highway access. Public water and sewer are already available at the street, simplifying your build timeline and reducing upfront infrastructure costs. For the Builder or Investor: RT zoning allows for the potential construction of a multi-family building on this site, subject to City of Valparaiso approval -- a compelling opportunity to create rental units in a market with a built-in, renewing tenant base of VU students, faculty, and staff. Proximity to campus makes this a location investors actively seek out for long-term rental demand and steady occupancy. Whether your plan is a forever home or an income-producing multi-unit property, this lot offers the zoning flexibility, utility access, and location to make it happen.

Listing Status:

Active

Data Last Updated:

September 23, 2026 at 4:21AM

Listing Office:

White Hat Realty Group, LLC : (219) 315-2505

Listing Agent:

Lisa Gaff :

MLS ID:

845058

Location

• Originating MLS: nira
• School District: Valparaiso
• County: Porter

Lot

• Zoning: SMITHS N1 2 LOTS 4 & 5 BLK 4640925205001000004
• View: Neighborhood

Utilities

• Utilities: Natural Gas AvailableWater AvailableSewer AvailableOther
• Water: Public
• Sewer: Public Sewer

Financial

• Source: nira