We performed a study of the structural and physical properties of YbPtGe 2 . This compound is a multivalent charge-ordered system presenting an unusual spin pseudogap below 200 K. The crystal structure of YbPtGe 2 is refined from single-crystal and powder high-resolution synchrotron x-ray diffraction data at different temperatures. Analysis of the structural features of YbPtGe 2 , together with a combined study of Yb L III x-ray absorption spectroscopy, magnetic susceptibility χ (T ), thermopower S(T ), and 171 Yb and 195 Pt NMR indicate half of the Yb atoms to be in an intermediate valence state with an electronic configuration close to 4f 13 (Yb 3+ ), while for the remaining Yb atoms the 4f 14 (Yb 2+ ) configuration with almost no valence fluctuations is most likely. A drastic drop of the magnetic susceptibility and a decrease of the isotropic shift 195 K iso (T ) with decreasing temperature in the temperature range of 50-200 K evidence the opening of a spin pseudogap with an activation energy of /k B ∼ 200 K. Surprisingly, transport properties do not show clear evidence for the opening of a charge gap, thus excluding a standard Kondo-insulator scenario. Possible origins for this unusual electronic (valence) behavior are discussed.