Mixed-Use Property with Event
For Sale
$1,150,000
2417 spy run Avenue, Fort Wayne, IN 46805
INVESTMENT, Three Story, Fort Wayne, IN
Property Size3,868 SF
Lot Size1.04 Acres
Price / SF$297.31
Days on Market50
Property Features for 2417 spy run Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
5
Full bathrooms
3
Half bathrooms
2
Rooms
Bedroom 5, Bathroom 5, Bathroom 4, Bathroom 1, Basement, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 2, Bedroom 3
Parking
25
Subdivision
Centlivre
Lot features
City/ Town/ Suburb, Irregular, Historic Designation
Elementary school
Forest Park
Middle school
Lakeside
High school
North Side
Elementary school district
Fort Wayne Community
Middle school district
Fort Wayne Community
High school district
Fort Wayne Community
Directions
spy Run ave north of State Street. Property is on the left.
Standard status
Active
APN
02-07-35-279-005.000-074
Size
3,868 SF
Lot size
1.04 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Lots 5 & 6 & E 28ft of lot 7 Vac Alleys centlivre brewing Co Add.
Legal Description
Lots 5 & 6 & E 28ft of lot 7 Vac Alleys centlivre brewing Co Add.
Utilities
Cooling system
Central Air
Building Details
Year built
1886
Floors in Building
3
Number of units
16
Flooring type
Parquet Wood, Wood
Roof type
Slate
Architectural style
Other
Listing Agency:
Keystone Real Estate Sales, LLC
(260) 760-7194
Listed By:
Heidi Ramseyer · License #RB14049262
(260) 273-2118
Added: Jul 24
Changed: Sep 2
Last Checked: Sep 11 at 10:06PM
MLS# 202629993
Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property includes four fully furnished apartments, with three one-bedroom units and one two-bedroom unit. The residences are used for short-term and extended stays. An event center occupies a converted brick carriage house with main and upper levels and accommodates 100-125 people. The property also includes 11 large one-car garages.
The residential component is housed within a restored Queen Ann home designed by Wing and Mahurin. Together with the carriage house and another structure, the property comprises the last three structures associated with the old Centlivre Brewing Company. Built in 1886, the site contains 3,868 square feet on 1.04 acres and features parquet and wood flooring, central air, and a slate roof. Previously committed rental agreements must be honored by the buyer.
The residential component is housed within a restored Queen Ann home designed by Wing and Mahurin. Together with the carriage house and another structure, the property comprises the last three structures associated with the old Centlivre Brewing Company. Built in 1886, the site contains 3,868 square feet on 1.04 acres and features parquet and wood flooring, central air, and a slate roof. Previously committed rental agreements must be honored by the buyer.
Key Highlights
- Four fully furnished apartments: three 1‑bedroom units and one 2‑bedroom unit
- Event center in a converted brick carriage house with main and upper levels
- Event center accommodates 100‑125 people
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
$39,599
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
3.44%
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%
$791,980
$792.0K
Cap Rate 7%
$565,700
$565.7K
Cap Rate 9%
$439,989
$440.0K
Market Conditions
NOI Build-Up for 3,868 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
$69.6K $18.00/SF
− Vacancy
−$6.3K −$1.62/SF
EGI
$63.4K $16.38/SF
− OpEx
−$23.8K −$6.14/SF
NOI
$39.6K $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%
$791,980
Cap Rate 7%
$565,700
Cap Rate 9%
$439,989
Alternative Uses
Best Use
Apartment 5plus
$2.90M
$2.54M – $3.38M
NOI $202,933 @ 7.0% cap · market cap 17.65%
Second Best
Mixed Use
$565.7K
$495.0K – $660.0K
NOI $39,599 @ 7.0% cap · market cap 3.44%
Theoretical Best
Multifamily LT 5
$3.23M
$2.83M – $3.77M
NOI $226,187 @ 7.0% cap · market cap 19.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
Explore this area
Business Placement
Demographics for 46805, IN
21,138
Population
10,742
Households
2
Avg Household Size
35
Median Age
27%
College-Educated
92%
High-School Grad
6.4 sq mi
ZIP Area
3,303
Density / Sq Mi
$50,099
Median Household Income
$37,294
Median Earnings
$858
Median Rent
$131,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines furnished apartments, an event venue, and multiple garages.
Where is this mixed-use property located?
The property is located at 2417 spy run Avenue Fort Wayne, IN.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Four fully furnished apartments: three 1‑bedroom units and one 2‑bedroom unit; Event center in a converted brick carriage house with main and upper levels; Event center accommodates 100‑125 people
