Office-Warehouse with Drive-In
For Sale
Contact for pricing
1902 S Harrison St, Fort Wayne, IN 46802
Completely renovated office-warehouse with two drive-in doors, 13' clear height, and a clean dry basement.
Property Size7,150 SF
Price / SF$91.97
Days on Market264
Property Features for 1902 S Harrison St
General Information
Standard status
Active
Size
7,150 SF
Property subtype
INDUSTRIAL
Lease Type
NNN
Warehouse & Industrial
Clear Height
13 ft
Drive-In Doors
2
Additional Details
Highway Access
Yes
Building Details
Year Renovated
2025
Listing Agency:
BND Commercial, LLC
(260) 407-0900
Listed By:
Jake Ramsey
(260) 450-2916
Source:
Moodyscre
Added: Dec 23, 2025
Changed: Sep 4
Last Checked: Sep 12 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 BND Commercial, LLC
Investment Insights
Based on property information with market context.
A completely renovated office-warehouse property offering 1,500 SF of office space and 5,650 SF of warehouse space, plus an 816 SF clean, dry basement usable for storage. The main level includes a functional layout and is served by two drive-in doors. Warehouse ceiling height is 13 feet clear, with LED lighting. The building also features roof and new mechanicals completed in 2025.
Additional parking is available on the parcel north of the building. The property has convenient access to US 27 and I-69, and Fort Wayne International Airport.
Zoning allows for a variety of uses. This asset is offered for sale or lease on a triple-net basis.
Additional parking is available on the parcel north of the building. The property has convenient access to US 27 and I-69, and Fort Wayne International Airport.
Zoning allows for a variety of uses. This asset is offered for sale or lease on a triple-net basis.
Key Highlights
- 7,150 SF office‑warehouse with 1,500 SF office and 5,650 SF warehouse space
- 13' clear height ceiling with LED lighting
- Warehouse includes two drive‑in doors for loading and access
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
$57,808
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
8.79%
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%
$1,156,160
$1.2M
Cap Rate 7%
$825,829
$825.8K
Cap Rate 9%
$642,311
$642.3K
Market Conditions
NOI Build-Up for 7,150 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
$71.2K $9.96/SF
− Vacancy
−$3.2K −$0.45/SF
EGI
$68.0K $9.51/SF
− OpEx
−$10.2K −$1.43/SF
NOI
$57.8K $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%
$1,156,160
Cap Rate 7%
$825,829
Cap Rate 9%
$642,311
Alternative Uses
Best Use
Office B
$1.13M
$986.2K – $1.31M
NOI $78,895 @ 7.0% cap · market cap 12.00%
Second Best
Warehouse
$825.8K
$722.6K – $963.5K
NOI $57,808 @ 7.0% cap · market cap 8.79%
Theoretical Best
Multifamily LT 5
$5.97M
$5.23M – $6.97M
NOI $418,108 @ 7.0% cap · market cap 63.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
13 ft
Clear height
2
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,098
Businesses Nearby
Under-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 Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Completely renovated office-warehouse with two drive-in doors, 13' clear height, and a clean dry basement.
Where is this flex space located?
The property is located at 1902 S Harrison St Fort Wayne, IN.
What is the asking price?
The asking price for this property is $657,620.
What are key features of this property?
This property features: 7,150 SF office‑warehouse with 1,500 SF office and 5,650 SF warehouse space; 13' clear height ceiling with LED lighting; Warehouse includes two drive‑in doors for loading and access
