Freestanding Built-Out
For Sale
Contact for pricing
1203 Apple Glen Blvd., Fort Wayne, IN 46804
Freestanding built-out restaurant offering 8,076 SF on 1.07 acres with access from multiple major roads.
Property Size8,076 SF
Lot Size1.07 Acres
Price / SF$297.18
Days on Market70
Property Features for 1203 Apple Glen Blvd.
General Information
Standard status
Active
Size
8,076 SF
Lot size
1.07 Acres
Property subtype
Retail
Site & Location
Traffic Count
44,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Veritas Realty
Listed By:
Seth Biggerstaff · License #IN RB14049856
(317) 789-8171
Source:
Crexi
Added: Jul 1
Changed: Sep 4
Last Checked: Sep 7 at 8:22AM
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 Veritas Realty
Investment Insights
Based on property information with market context.
This freestanding restaurant is offered as a built-out space, totaling 8,076 SF on 1.07 acres. The property is positioned for straightforward operations with the improvements already in place.
It is located in a super regional trade area in Fort Wayne, IN with prominent visibility to the stoplight at Illinois and Apple Glen Blvd. Access is available from Illinois Road, Apple Glen Blvd., and Jefferson Blvd, and the property is close to I-69. Additional nearby demand drivers include Lutheran Hospital (396 beds).
The combination of a built-out restaurant configuration, multiple access points, and high-traffic exposure supports a range of restaurant concepts seeking an established site.
It is located in a super regional trade area in Fort Wayne, IN with prominent visibility to the stoplight at Illinois and Apple Glen Blvd. Access is available from Illinois Road, Apple Glen Blvd., and Jefferson Blvd, and the property is close to I-69. Additional nearby demand drivers include Lutheran Hospital (396 beds).
The combination of a built-out restaurant configuration, multiple access points, and high-traffic exposure supports a range of restaurant concepts seeking an established site.
Key Highlights
- Freestanding built‑out restaurant totaling 8,076 SF
- Sits on 1.07 acres
- Outstanding visibility to the stoplight of Illinois Rd & Apple Glen Blvd with 44,000 cars/day
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
$89,419
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
3.73%
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%
$1,788,380
$1.8M
Cap Rate 7%
$1,277,414
$1.3M
Cap Rate 9%
$993,544
$993.5K
Market Conditions
NOI Build-Up for 8,076 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
$128.9K $15.96/SF
− Vacancy
−$9.7K −$1.20/SF
EGI
$119.2K $14.76/SF
− OpEx
−$29.8K −$3.69/SF
NOI
$89.4K $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%
$1,788,380
Cap Rate 7%
$1,277,414
Cap Rate 9%
$993,544
Alternative Uses
Best Use
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,419 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$6.75M
$5.90M – $7.87M
NOI $472,257 @ 7.0% cap · market cap 19.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
44,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
772
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46804, IN
28,800
Population
12,959
Households
2.2
Avg Household Size
40
Median Age
44%
College-Educated
96%
High-School Grad
17.7 sq mi
ZIP Area
1,627
Density / Sq Mi
$84,778
Median Household Income
$49,050
Median Earnings
$1,134
Median Rent
$241,000
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.
Similar Off Market Nearby
- Great Wall Buffet — 3824 W Jefferson Blvd, Fort Wayne, IN 46804
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Freestanding built-out restaurant offering 8,076 SF on 1.07 acres with access from multiple major roads.
Where is this conventional restaurant located?
The property is located at 1203 Apple Glen Blvd. Fort Wayne, IN.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Freestanding built‑out restaurant totaling 8,076 SF; Sits on 1.07 acres; Outstanding visibility to the stoplight of Illinois Rd & Apple Glen Blvd with 44,000 cars/day
