Divisible Downtown Office
For Sale
Contact for pricing
111 W Wayne St, Fort Wayne, IN 46802
Former office suites with large conference rooms and multiple private offices, including a divisible, unoccupied largest space.
Property Size5,605 SF
Price / SF$245.32
Days on Market196
Property Features for 111 W Wayne St
General Information
Standard status
Active
Size
5,605 SF
Property subtype
OFFICE
Amenities
conference room
breakroom
Building Details
Tenancy
Multi
Properties For Sale
at 111 W Wayne St Contact us- Floor
- 1
- Size
- 5,605 SF
- Type
- OFFICE
- Lease Type
- FULL_SERVICE
- Availability
- AVAILABLE
- Sublease
- No
Calhoun City Center
Flexible Lease Rates on this Rare Downtown Opportunity! Formerly used as general...
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- Floor
- 1
- Size
- 1,776 SF
- Type
- OFFICE
- Lease Type
- FULL_SERVICE
- Availability
- AVAILABLE
904 S Calhoun
Flexible Lease Rates on this Rare Downtown Opportunity! Formerly used as general...
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Listing Agency:
BND Commercial, LLC
(260) 407-0900
Listed By:
David W. Nugent · License #RB14009044
(260) 704-3283
Source:
Moodyscre
Added: Mar 3
Changed: Sep 10
Last Checked: Sep 14 at 8:03AM
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 BND Commercial, LLC
Investment Insights
Based on property information with market context.
This property offers flexible space configured for office use, with each unit including a large conference room and individual offices. The largest suite is currently unoccupied, totals 5,605 SF, and is divisible. It also includes a breakroom. A second space totals 1,776 SF and features a reception area, a conference room, and four offices. The office layout may also be adaptable for retail use based on the property’s configuration.
The building is positioned at a hard corner in downtown Fort Wayne at Wayne and Calhoun Streets, within walking distance of restaurants, banking, legal, and governmental offices. An adjacent tenant is Jimmy John’s Restaurant.
In addition to the existing office improvements and conference-room setup, the largest space’s divisibility provides the option to tailor occupancy to a smaller footprint, subject to approval and buildout requirements.
The building is positioned at a hard corner in downtown Fort Wayne at Wayne and Calhoun Streets, within walking distance of restaurants, banking, legal, and governmental offices. An adjacent tenant is Jimmy John’s Restaurant.
In addition to the existing office improvements and conference-room setup, the largest space’s divisibility provides the option to tailor occupancy to a smaller footprint, subject to approval and buildout requirements.
Key Highlights
- Former general and legal office spaces with large conference rooms and multiple private offices
- Largest suite: 5,605 SF, divisible and unoccupied, with a breakroom
- Second suite: 1,776 SF with reception area, conference room, and four offices
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
$61,847
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
4.50%
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%
$1,236,940
$1.2M
Cap Rate 7%
$883,529
$883.5K
Cap Rate 9%
$687,189
$687.2K
Market Conditions
NOI Build-Up for 5,605 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
$95.5K $17.04/SF
− Vacancy
−$13.0K −$2.33/SF
EGI
$82.5K $14.71/SF
− OpEx
−$20.6K −$3.68/SF
NOI
$61.8K $11.03/SF
Area
Fort Wayne, IN
Vacancy
13.66%
Lease Rate
$17.04 /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%
$1,236,940
Cap Rate 7%
$883,529
Cap Rate 9%
$687,189
Alternative Uses
Best Use
Office B
$883.5K
$773.1K – $1.03M
NOI $61,847 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.68M
$4.10M – $5.46M
NOI $327,761 @ 7.0% cap · market cap 23.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,752
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Former office suites with large conference rooms and multiple private offices, including a divisible, unoccupied largest space.
Where is this office units located?
The property is located at 111 W Wayne St Fort Wayne, IN.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Former general and legal office spaces with large conference rooms and multiple private offices; Largest suite: 5,605 SF, divisible and unoccupied, with a breakroom; Second suite: 1,776 SF with reception area, conference room, and four offices
