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    Residential Land in Gated Community Title is generated by Realmo AI

    3723 Torrey Pines Parkway, Fort Wayne, IN 46814

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    Claim this Listing
    For Sale
    $245,000

    Residential Land - Fort Wayne, IN

    Lot size:
    0.50 Acres
    Added:
    May 29, 2025
    Days on Market:
    367
    Last Refresh:
    May 30 at 6:06 pm

    Property Features for 3723 Torrey Pines Parkway

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Storm Sewers, Street Lights, Underground Service, Sidewalks
    Standard status
    Active
    APN
    02-11-18-302-012.000-038
    Lot size
    0.50 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1780
    Expense value
    2500
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Annually

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Richard Watson

    Listing agent Richard Watson License #RB14011341

    Listing office Mike Thomas Assoc., Inc 9601 Coldwater Road, Fort Wayne, IN

    Listing date May 29, 2025

    MLS# 202520105 Listing URL

    Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Gated community (Heron Preserve) offering enhanced security and privacy.
    • Located among million‑dollar‑plus homes, suggesting a desirable and upscale neighborhood.
    • Public water and sewer access for convenience and reliability.
    • Southwest Allen County (SWAC) school system.
    • Minimum square footage requirements ensure quality construction and spacious living (Ranch: 2100 sq ft, 1.5/2‑Story: 2700 sq ft).
    • Irrigation system included.

    Overview

    This residential land is situated within Heron Preserve, Allen County's only gated community, surrounded by numerous million-dollar-plus homes. The wooded lot offers a tranquil environment while providing the convenience of public water and sewer services. Located in Fort Wayne, Indiana, the property is part of the Southwest Allen County (SWAC) school system. Minimum square footage requirements for construction include 2,100 square feet for a basic ranch-style home and 2,700 square feet for a 1.5 or 2-story home. A 3-car side or courtyard garage and an irrigation system are required.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Building Supply Big Box & Wholesale Store Department Store Kitchen & Bath Showroom HVAC Service Discount Store Computer & Electronic Repair Bakery

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Wayne
    County
    Allen
    State
    Indiana
    Longitude
    -85.335338
    Latitude
    41.049079

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    FAQs

    What type of property is this?
    Land - Residential land in a gated community with public utilities.
    Where is this land located?
    The property is located at 3723 Torrey Pines Parkway Fort Wayne, IN.
    What is the asking price?
    The asking price for this property is $245,000.
    What are key features of this property?
    This property features: Gated community (Heron Preserve) offering enhanced security and privacy.; Located among million‑dollar‑plus homes, suggesting a desirable and upscale neighborhood.; Public water and sewer access for convenience and reliability.
    (260) 433-5567
    We can help!
    Listing Contact
    Richard Watson
    Real Estate License ID: RB14011341
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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