Mixed-Use Property with Event
New
For Sale
$1,150,000
2417 Spy Run Avenue, Fort Wayne, IN 46805
Four furnished apartments and 11 garages provide additional rental components alongside the event space.
Property Size3,868 SF
Price / SF$297.31
Days on Market6
Property Features for 2417 Spy Run Avenue
General Information
Standard status
Active
Size
3,868 SF
Total Parking Spaces
11
Property subtype
Multi Family Home
Site & Location
Neighborhood
North Triangle
Units
Unit Mix
3 x 1BR, 1 x 2BR
Multifamily Units
4
Additional Details
Furnished
Yes
Tenant in Place
Yes
Building Details
Building Size
3,868 SF
Stories
3
Units
16
Listing Agency:
Keystone Real Estate Sales, LLC
Listed By:
Heidi Ramseyer · License #RB14049262
(260) 273-2118
Source:
Castleonerealty
Added: Oct 19
Changed: Oct 23
Last Checked: Oct 23 at 5:30PM
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 Keystone Real Estate Sales, LLC
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Investment Insights
Based on property information with market context.
This mixed-use property in Fort Wayne includes an event center housed in a brick carriage house with main and upper levels. The venue accommodates 100–125 people. Four furnished apartments are available for short- or longer-term stays: three one-bedroom units and one two-bedroom unit. The property also includes 11 garages, each sized for one car.
A restored Queen Anne home designed by Wing and Mahurin is among the site’s historic structures. The carriage house and home are identified as the last three structures of the old Centlivre Brewing Company. Previously committed rental agreements must be honored by the buyer.
A restored Queen Anne home designed by Wing and Mahurin is among the site’s historic structures. The carriage house and home are identified as the last three structures of the old Centlivre Brewing Company. Previously committed rental agreements must be honored by the buyer.
Key Highlights
- Event center in a brick carriage house with main and upper levels
- Venue capacity of 100–125 people
- Four furnished apartments: three one‑bedroom units and one two‑bedroom unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,599
Cap Rate
3.44%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four furnished apartments and 11 garages provide additional rental components alongside the event space.
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: Event center in a brick carriage house with main and upper levels; Venue capacity of 100–125 people; Four furnished apartments: three one‑bedroom units and one two‑bedroom unit
