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    706 3Rd St Fort Wayne, IN 46808

    View on Map
    Sponsored
    For Sale
    $215,000

    Duplex - Fort Wayne, IN

    Type:Duplex
    Property size:
    1,888 SF
    Lot size:
    0.11 Acres
    Days on Market:
    3
    Last Refresh:
    Mar 7 at 5:06 am

    Property Features for 706 3Rd St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Standard status
    Active
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Bedrooms
    4
    Bathrooms
    2
    APN
    02-12-02-105-031.000-074
    Parking features
    Offsite
    Patio and Porch features
    Porch, Deck
    Exterior features
    Basement, Off Street Parking, Near Walking Trail, Deck Open, Porch Covered, Water Heater Gas, Laundry Facilities, None
    Basement Y/N
    1
    Appliances
    Range
    Size
    1,888 SF
    Lot size
    0.11 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Floors in Building
    2
    Number of units
    2
    Flooring type
    Vinyl
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Ben Ruhl
    Ben Ruhl

    Coldwell Banker Real Estate Group (260) 489-3336

    Listing agent Ben Ruhl (260) 432-0531 License #RB22000193

    Listing date Mar 5, 2026

    MLS# 202606981 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.

    Learn more

    Property Insight Report

    Overview

    Renovated Duplex in Wells Corridor

    This completely renovated duplex is located in the Wells St Corridor. The up-and-down style duplex features new kitchens and bathrooms, along with a complete interior remodel including new floors, drywall, paint, plumbing, and electrical systems. A brand-new roof, deck, stairs to the upper unit, windows, and siding have been installed. All work was properly permitted and approved. The electric is separately metered for both units. Each unit includes 2 bedrooms and 1 full bath, with a new furnace and shared basement access. Each unit also has washer and dryer hookups. The property includes 2 off-street parking spaces accessed from the alley. Situated in the Bloomingdale neighborhood, this property presents an investment opportunity in the Wells Street Corridor, with ongoing development in the area. The property size is 1888 square feet and the lot size is 0.11 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Law Firm Gym & Fitness Center Building Supply Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Wayne
    County
    Allen
    State
    Indiana
    Longitude
    -85.150989
    Latitude
    41.086907

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    FAQs

    What type of property is this?
    Duplex - Turnkey duplex with new kitchens, baths, and updated systems.
    Where is this duplex located?
    The property is located at 706 3Rd St Fort Wayne, IN.
    What is the asking price?
    The asking price for this property is $215,000.
    What are key features of this property?
    This property features: - Completely renovated duplex with new kitchens and bathrooms; - Turnkey property in the Wells St Corridor / Bloomingdale neighborhood; - All renovations were properly permitted and approved
    (260) 750-2120
    Request Owner's contact information
    706 3Rd St Fort Wayne, IN 46808
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    Fort Wayne, IN 46808
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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
    706 3Rd St Fort Wayne, IN 46808
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    We can help!
    Listing Contact
    Ben Ruhl
    Ben Ruhl
    Real Estate License ID: RB22000193
    (260) 750-2120 (260) 432-0531
    Learn more
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