Luxury Barndominium with Commercial-Grade Pole
For Sale
Contact for pricing
15306 Covington Rd, Fort Wayne, IN 46814
Upscale barndominium on 2 acres with a fully finished pole barn.
Property Size13,500 SF
Lot Size2.00 Acres
Price / SF$122.22
Days on Market184
Property Features for 15306 Covington Rd
General Information
Standard status
Active
Size
13,500 SF
Lot size
2.00 Acres
Property subtype
Mixed Use, Retail, Special Purpose
Zoning
A1 with Special Use Variance
Building Details
Year Built
2022
Buildings
1
Stories
2
Listing Agency:
North Eastern Group Realty
(260) 615-7271
Listed By:
Brad Stinson · License #RB14039622
Source:
Crexi
Added: Feb 8
Changed: Aug 8
Last Checked: Aug 8 at 6:34AM
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 North Eastern Group Realty
Investment Insights
Based on property information with market context.
This barndominium, completed four years ago, is situated on a 2-acre lot with city water and sewer. It features 2,500 sq ft of living space and an 11,000 sq ft fully finished pole barn. The pole barn includes 16-foot ceilings, three 14-foot exterior doors, a 10,000-lb two-post car lift, and over 2,700 sq ft of polished concrete floors. Approximately 2,400 sq ft currently carries a light commercial variance with signage, and a new owner must reapply through Allen County to continue commercial use. Additional features include a second-story man cave overlooking the shop, a finished half bath, washer and dryer, a dedicated mechanical room with built-in air compressor and plumbed air drops, and 400-amp electrical service. Both the home and barn are constructed with 2x6 walls, high/low-density spray foam insulation, and radiant floor heating powered by a shared high-efficiency two-zone boiler system. This system also provides on-demand domestic hot water with a recirculation line. The home offers 10-foot ceilings, solid surface flooring, premium countertops, and high-end appliances, along with a two-zone Carrier AC system and April Aire steam humidifier. Additional highlights include a natural gas fireplace, 8-foot Andersen 400 Series windows and doors, remote-controlled blinds, and automated Lutron lighting. The gourmet kitchen features a large granite island, premium appliances, and a pot filler. The home includes three bedrooms and two full baths, including a primary suite with a walk-in tiled shower. Outdoor living includes a large covered porch, built-in gas grill, and custom concrete countertop. The backyard retreat includes a heated 18’ x 36’ in-ground concrete pool with tanning ledge, slide, water features, and automated safety cover. Additional features include whole-property Wi-Fi, two automated gated driveways, a 32+ zone security system, and a fully climate-controlled barn. The property is suited for automotive enthusiasts, contractors, collectors, or commercial use.
Key Highlights
- 11,000 sq ft fully finished, climate‑controlled pole barn with 16‑foot ceilings, three 14‑foot doors, and a 10,000‑lb car lift.
- Luxury 2,500 sq ft barndominium features 3 bedrooms, 2 baths, premium finishes, and high‑end appliances.
- Enjoy the heated 18’ x 36’ in‑ground concrete pool with tanning ledge, slide, water features, and automated safety cover.
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
$138,206
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
8.38%
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%
$2,764,120
$2.8M
Cap Rate 7%
$1,974,371
$2.0M
Cap Rate 9%
$1,535,622
$1.5M
Market Conditions
NOI Build-Up for 13,500 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
$243.0K $18.00/SF
− Vacancy
−$21.9K −$1.62/SF
EGI
$221.1K $16.38/SF
− OpEx
−$82.9K −$6.14/SF
NOI
$138.2K $10.24/SF
Area
Fort Wayne, IN
Vacancy
9.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,764,120
Cap Rate 7%
$1,974,371
Cap Rate 9%
$1,535,622
Alternative Uses
Best Use
Mixed Use
$1.97M
$1.73M – $2.30M
NOI $138,206 @ 7.0% cap · market cap 8.38%
Second Best
Retail
$1.85M
$1.62M – $2.16M
NOI $129,701 @ 7.0% cap · market cap 7.86%
Theoretical Best
Multifamily LT 5
$11.28M
$9.87M – $13.16M
NOI $789,434 @ 7.0% cap · market cap 47.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Explore this area
Business Placement
Demographics for 46814, IN
16,377
Population
5,848
Households
2.8
Avg Household Size
38
Median Age
62%
College-Educated
97%
High-School Grad
19.1 sq mi
ZIP Area
857
Density / Sq Mi
$143,245
Median Household Income
$71,662
Median Earnings
$1,249
Median Rent
$383,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Upscale barndominium on 2 acres with a fully finished pole barn.
Where is this mixed-use property located?
The property is located at 15306 Covington Rd Fort Wayne, IN.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 11,000 sq ft fully finished, climate‑controlled pole barn with 16‑foot ceilings, three 14‑foot doors, and a 10,000‑lb car lift.; Luxury 2,500 sq ft barndominium features 3 bedrooms, 2 baths, premium finishes, and high‑end appliances.; Enjoy the heated 18’ x 36’ in‑ground concrete pool with tanning ledge, slide, water features, and automated safety cover.
