Two-Level Warehouse with Restaurant
For Sale
Contact for pricing
1825 W Main St, Fort Wayne, IN 46808
Two-level industrial property combines open warehouse space with a restaurant and office buildout.
Property Size18,014 SF
Price / SF$66.61
Days on Market184
Property Features for 1825 W Main St
General Information
Standard status
Active
Size
18,014 SF
Property subtype
Industrial, Retail
Zoning
UC - Urban Corridor
Lease Type
NNN
Building Details
Year Built
1900
Year Renovated
2017
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Sturges Property Group
(260) 424-8448
Listed By:
Neal Bowman · License #IN RB14026402
Source:
Crexi
Added: Feb 27
Changed: Aug 30
Last Checked: Aug 30 at 10:54AM
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 Sturges Property Group
Investment Insights
Based on property information with market context.
This two-level industrial property contains 18,014 square feet, with 13,070 square feet configured as open warehouse space and 4,944 square feet improved for restaurant use with offices. The building dates to 1900 and carries UC - Urban Corridor zoning, providing a mixed commercial configuration along West Main Street.
Located at 1825 W Main St, the property sits between downtown Fort Wayne and the University of St. Francis. A road and traffic circle under construction west of the site is planned to connect with West Jefferson Boulevard, linking the corridor with downtown and Fort Wayne’s southwest side. The university campus is located up Leesburg Road, while proposed Downtown Dining District boundary changes may make the property eligible for a downtown 3-way liquor license.
Located at 1825 W Main St, the property sits between downtown Fort Wayne and the University of St. Francis. A road and traffic circle under construction west of the site is planned to connect with West Jefferson Boulevard, linking the corridor with downtown and Fort Wayne’s southwest side. The university campus is located up Leesburg Road, while proposed Downtown Dining District boundary changes may make the property eligible for a downtown 3-way liquor license.
Key Highlights
- 18,014 SF across two levels
- 13,070 SF of open warehouse space
- 4,944 SF restaurant buildout with 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
$107,814
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
8.98%
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%
$2,156,280
$2.2M
Cap Rate 7%
$1,540,200
$1.5M
Cap Rate 9%
$1,197,933
$1.2M
Market Conditions
NOI Build-Up for 18,014 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
$162.1K $9.00/SF
− Vacancy
−$8.1K −$0.45/SF
EGI
$154.0K $8.55/SF
− OpEx
−$46.2K −$2.56/SF
NOI
$107.8K $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%
$2,156,280
Cap Rate 7%
$1,540,200
Cap Rate 9%
$1,197,933
Alternative Uses
Best Use
Specialty Retail
$2.85M
$2.49M – $3.32M
NOI $199,456 @ 7.0% cap · market cap 16.62%
Second Best
Warehouse
$2.08M
$1.82M – $2.43M
NOI $145,644 @ 7.0% cap · market cap 12.14%
Theoretical Best
Multifamily LT 5
$15.05M
$13.17M – $17.56M
NOI $1,053,397 @ 7.0% cap · market cap 87.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
Balanced
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Public Storage — 1130 W Main St, Fort Wayne, IN 46808
- Sherman St Storage — 1100 Sherman Blvd, Fort Wayne, IN 46808
Frequently Asked Questions
What type of property is this?
Warehouse - Two-level industrial property combines open warehouse space with a restaurant and office buildout.
Where is this warehouse located?
The property is located at 1825 W Main St Fort Wayne, IN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 18,014 SF across two levels; 13,070 SF of open warehouse space; 4,944 SF restaurant buildout with offices
