Central Flex Space with
New
For Sale
$139,900
1802 High St, Fort Wayne, IN 46808
C2 zoning, tall ceilings, and an open layout accommodate commercial, service, and light industrial applications.
Property Size1,266 SF
Price / SF$110.51
Days on Market2
Property Features for 1802 High St
General Information
Standard status
Active
Size
1,266 SF
Zoning
C2
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
on-site parking
Building Details
Year Built
1940
Listing Agency:
eXp Realty, LLC
Listed By:
Lyric Vaught, Jordan Wildman
Source:
Spencerchildersgroup
Added: Sep 14
Last Checked: Sep 14 at 2:40PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1940, this 1,266-square-foot flex property at 1802 High St. combines an open interior with tall ceilings and a newer flat roof. Dedicated on-site parking adds functional capacity for employees, customers, and delivery vehicles. The property also features a custom Batman and Joker mural created by local artist Angel Rodriguez.
C2 zoning allows a broad range of commercial, retail, service, and light industrial uses. The property is near the University of Saint Francis, Downtown Fort Wayne, and major arterial roadways, with access to the Main and Leesburg corridors. Its configuration is suited to warehouse storage, workshop activity, trade and contractor operations, e-commerce distribution, specialty automotive work, or other commercial adaptations identified in the source information.
C2 zoning allows a broad range of commercial, retail, service, and light industrial uses. The property is near the University of Saint Francis, Downtown Fort Wayne, and major arterial roadways, with access to the Main and Leesburg corridors. Its configuration is suited to warehouse storage, workshop activity, trade and contractor operations, e-commerce distribution, specialty automotive work, or other commercial adaptations identified in the source information.
Key Highlights
- 1,266‑square‑foot flex property at 1802 High St.
- C2 zoning allows commercial, retail, service, and light industrial uses
- Tall ceilings and an open interior layout
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
$10,236
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
7.32%
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%
$204,720
$204.7K
Cap Rate 7%
$146,229
$146.2K
Cap Rate 9%
$113,733
$113.7K
Market Conditions
NOI Build-Up for 1,266 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
$12.6K $9.96/SF
− Vacancy
−$567 −$0.45/SF
EGI
$12.0K $9.51/SF
− OpEx
−$1.8K −$1.43/SF
NOI
$10.2K $8.09/SF
Area
Fort Wayne, IN
Vacancy
4.50%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$204,720
Cap Rate 7%
$146,229
Cap Rate 9%
$113,733
Alternative Uses
Best Use
Warehouse
$146.2K
$128.0K – $170.6K
NOI $10,236 @ 7.0% cap · market cap 7.32%
Second Best
Flex RnD
$132.6K
$116.0K – $154.7K
NOI $9,282 @ 7.0% cap · market cap 6.63%
Theoretical Best
Multifamily LT 5
$1.06M
$925.4K – $1.23M
NOI $74,031 @ 7.0% cap · market cap 52.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46808, IN
19,894
Population
9,298
Households
2.1
Avg Household Size
35
Median Age
19%
College-Educated
88%
High-School Grad
10.6 sq mi
ZIP Area
1,877
Density / Sq Mi
$53,632
Median Household Income
$35,123
Median Earnings
$939
Median Rent
$127,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - C2 zoning, tall ceilings, and an open layout accommodate commercial, service, and light industrial applications.
Where is this flex space located?
The property is located at 1802 High St Fort Wayne, IN.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: 1,266‑square‑foot flex property at 1802 High St.; C2 zoning allows commercial, retail, service, and light industrial uses; Tall ceilings and an open interior layout
