Flex Space with
New
For Sale
Contact for pricing
2605 Alma Ave, Fort Wayne, IN 46809
Combined office and warehouse configuration with 240V single-phase electrical service.
Property Size7,842 SF
Price / SF$66.95
Days on Market6
Property Features for 2605 Alma Ave
General Information
Standard status
Active
Size
7,842 SF
Property subtype
INDUSTRIAL
Site & Location
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Warehouse Space
5,804 SF
Office Build-Out
2,038 SF
Voltage
240 V
Three-Phase Power
No
Listing Agency:
Sturges Property Group
(260) 424-8448
Listed By:
Ian Smith · License #RB14026402
(260) 424-8448
Source:
Moodyscre
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 15 at 3:43AM
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 flex-space property combines 2,038 SF of front office area with a 5,804 SF rear warehouse, creating a practical division between administrative and storage or production functions. The building totals 7,842 square feet and includes 240V single-phase electrical service.
Access is provided via Bluffton Road, with the property located at 2605 Alma Ave in Fort Wayne, Indiana.
Access is provided via Bluffton Road, with the property located at 2605 Alma Ave in Fort Wayne, Indiana.
Key Highlights
- 7,842‑square‑foot flex‑space property
- 2,038 SF office area positioned at the front
- 5,804 SF warehouse located at the rear
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
$46,934
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
8.94%
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%
$938,680
$938.7K
Cap Rate 7%
$670,486
$670.5K
Cap Rate 9%
$521,489
$521.5K
Market Conditions
NOI Build-Up for 7,842 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
$70.6K $9.00/SF
− Vacancy
−$3.5K −$0.45/SF
EGI
$67.0K $8.55/SF
− OpEx
−$20.1K −$2.56/SF
NOI
$46.9K $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%
$938,680
Cap Rate 7%
$670,486
Cap Rate 9%
$521,489
Alternative Uses
Best Use
Warehouse
$905.8K
$792.5K – $1.06M
NOI $63,403 @ 7.0% cap · market cap 12.08%
Second Best
Flex RnD
$821.4K
$718.7K – $958.3K
NOI $57,498 @ 7.0% cap · market cap 10.95%
Theoretical Best
Multifamily LT 5
$6.55M
$5.73M – $7.64M
NOI $458,573 @ 7.0% cap · market cap 87.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46809, IN
8,946
Population
4,116
Households
2.2
Avg Household Size
40
Median Age
14%
College-Educated
90%
High-School Grad
24.7 sq mi
ZIP Area
362
Density / Sq Mi
$54,362
Median Household Income
$37,988
Median Earnings
$804
Median Rent
$122,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Combined office and warehouse configuration with 240V single-phase electrical service.
Where is this flex space located?
The property is located at 2605 Alma Ave Fort Wayne, IN.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 7,842‑square‑foot flex‑space property; 2,038 SF office area positioned at the front; 5,804 SF warehouse located at the rear
