Freestanding NNN Retail
For Sale
Contact for pricing
1031 Broadway, Fort Wayne, IN 46802
Signalized hard-corner site with established occupancy and Commercial zoning in downtown Fort Wayne.
Property Size6,742 SF
Price / SF$185.91
Days on Market81
Property Features for 1031 Broadway
General Information
Standard status
Active
Size
6,742 SF
Class
A
Property subtype
Retail
Zoning
Commercial
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$88,994
Site & Location
Corner Location
Yes
Traffic Count
27,061 vehicles/day
Building Details
Year Built
1984
Year Renovated
1990
Tenancy
Single
Listing Agency:
Marcus & Millichap - Indianapolis
(317) 218-5314
Listed By:
Madison Harman · License #IN RB14052326
Source:
Crexi
Added: Jun 12
Changed: Aug 30
Last Checked: Aug 31 at 6:23AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Indianapolis
Investment Insights
Based on property information with market context.
This freestanding 6,742-square-foot retail property at 1031 Broadway was built in 1984 for Cap N' Cork operations. The asset is leased on an NNN structure, with the tenant responsible for taxes, insurance, CAM—including the parking lot—and a management fee. Big Red Liquors guarantees the lease and has acquired the Cap N' Cork operations.
The property occupies the signalized intersection of Broadway and W Jefferson, a major north-south route across from Parkview Field. The combined traffic count is 27,061, and Parkview Field draws more than 500,000 visitors annually. The lease has 5.18 years remaining, along with 2, 5 Year Options. Downtown investment identified in the source includes The Landing, Riverfront at Promenade Park, Electric Works, and The Pearl.
The property occupies the signalized intersection of Broadway and W Jefferson, a major north-south route across from Parkview Field. The combined traffic count is 27,061, and Parkview Field draws more than 500,000 visitors annually. The lease has 5.18 years remaining, along with 2, 5 Year Options. Downtown investment identified in the source includes The Landing, Riverfront at Promenade Park, Electric Works, and The Pearl.
Key Highlights
- 6,742‑square‑foot freestanding retail building constructed in 1984
- NNN lease with 5.18 years remaining and 2, 5 Year Options
- Signalized Broadway and W Jefferson intersection with a combined traffic count of 27,061
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$74,649
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.96%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,492,980
$1.5M
Cap Rate 7%
$1,066,414
$1.1M
Cap Rate 9%
$829,433
$829.4K
Market Conditions
NOI Build-Up for 6,742 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$107.6K $15.96/SF
− Vacancy
−$8.1K −$1.20/SF
EGI
$99.5K $14.76/SF
− OpEx
−$24.9K −$3.69/SF
NOI
$74.6K $11.07/SF
Area
Fort Wayne, IN
Vacancy
7.50%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,492,980
Cap Rate 7%
$1,066,414
Cap Rate 9%
$829,433
Alternative Uses
Best Use
Specialty Retail
$1.07M
$933.1K – $1.24M
NOI $74,649 @ 7.0% cap · market cap 5.96%
Second Best
Retail
$925.3K
$809.7K – $1.08M
NOI $64,774 @ 7.0% cap · market cap 5.17%
Theoretical Best
Multifamily LT 5
$5.63M
$4.93M – $6.57M
NOI $394,249 @ 7.0% cap · market cap 31.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
27,061 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
2,655
Businesses Nearby
Explore this area
Business Placement
Demographics for 46802, IN
10,664
Population
5,831
Households
1.8
Avg Household Size
35
Median Age
23%
College-Educated
83%
High-School Grad
4.2 sq mi
ZIP Area
2,539
Density / Sq Mi
$40,903
Median Household Income
$32,172
Median Earnings
$880
Median Rent
$131,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Signalized hard-corner site with established occupancy and Commercial zoning in downtown Fort Wayne.
Where is this nnn property located?
The property is located at 1031 Broadway Fort Wayne, IN.
What is the asking price?
The asking price for this property is $1,253,436.
What are key features of this property?
This property features: 6,742‑square‑foot freestanding retail building constructed in 1984; NNN lease with 5.18 years remaining and 2, 5 Year Options; Signalized Broadway and W Jefferson intersection with a combined traffic count of 27,061
