Downtown Bar and Restaurant
For Sale
$299,000
1407 S Calhoun St, Fort Wayne, IN 46802
4,600 sq ft bar and restaurant building with an option for a liquor license and space to build out a full kitchen.
Property Size4,598 SF
Price / SF$65.03
Days on Market54
Property Features for 1407 S Calhoun St
General Information
Standard status
Active
Size
4,598 SF
Building Details
Year Built
1900
Listing Agency:
Corporate Commercial Group
Listed By:
Santino Zurzolo · License #RB23001926
(260) 740-1887
Source:
Theferrellgroupkw
Added: Jul 24
Changed: Sep 8
Last Checked: Sep 14 at 1:52PM
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 Corporate Commercial Group
Investment Insights
Based on property information with market context.
This 4,600 sq ft commercial building is a long-standing bar location and is offered for sale. The property includes an option for a 210 liquor license and provides space to build out a full kitchen.
Located in downtown Fort Wayne, the building is described as within walking distance to major attractions and developments.
The current configuration supports a bar and restaurant use, with layout flexibility for those looking to add full kitchen build-out.
Located in downtown Fort Wayne, the building is described as within walking distance to major attractions and developments.
The current configuration supports a bar and restaurant use, with layout flexibility for those looking to add full kitchen build-out.
Key Highlights
- 4,600 sq ft commercial building currently operating as a bar and restaurant
- Option for a 210 liquor license
- Space to build out a full kitchen
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
$27,519
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
9.20%
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%
$550,380
$550.4K
Cap Rate 7%
$393,129
$393.1K
Cap Rate 9%
$305,767
$305.8K
Market Conditions
NOI Build-Up for 4,598 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
$41.4K $9.00/SF
− Vacancy
−$2.1K −$0.45/SF
EGI
$39.3K $8.55/SF
− OpEx
−$11.8K −$2.56/SF
NOI
$27.5K $5.98/SF
Area
Fort Wayne, IN
Vacancy
5.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$550,380
Cap Rate 7%
$393,129
Cap Rate 9%
$305,767
Alternative Uses
Best Use
Specialty Retail
$727.3K
$636.4K – $848.5K
NOI $50,910 @ 7.0% cap · market cap 17.03%
Second Best
Industrial
$393.1K
$344.0K – $458.7K
NOI $27,519 @ 7.0% cap · market cap 9.20%
Theoretical Best
Multifamily LT 5
$3.84M
$3.36M – $4.48M
NOI $268,875 @ 7.0% cap · market cap 89.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,506
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Bar & Pub - 4,600 sq ft bar and restaurant building with an option for a liquor license and space to build out a full kitchen.
Where is this bar & pub located?
The property is located at 1407 S Calhoun St Fort Wayne, IN.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 4,600 sq ft commercial building currently operating as a bar and restaurant; Option for a 210 liquor license; Space to build out a full kitchen
