C3 Corner Grocery Store with Walk-In
For Sale
$379,999
2915 S Calhoun St, Fort Wayne, IN 46807
C3-zoned corner retail building operating as a neighborhood grocery store with large walk-in cooler and retail-ready interior.
Property Size2,500 SF
Price / SF$151
Days on Market49
Property Features for 2915 S Calhoun St
General Information
Standard status
Active
Size
2,500 SF
Zoning
C3
Additional Details
Corner Location
Yes
Building Details
Year Built
1920
Listing Agency:
Corporate Commercial Group
Listed By:
Santino Zurzolo · License #RB23001926
(260) 740-1887
Source:
Theferrellgroupkw
Added: Jul 28
Changed: Sep 8
Last Checked: Sep 14 at 3:59PM
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 Corporate Commercial Group
Investment Insights
Based on property information with market context.
C3-zoned commercial property currently operating as a neighborhood grocery store, offering a retail-ready interior and an open floor plan for flexible use. The building includes coolers, freezers, shelving, and a large walk-in cooler with glass display doors, designed to support grocery, beverage, or convenience operations. The layout can also be adapted for other retail concepts noted for this type of space, including a laundromat, convenience store, hair salon, or restaurant.
The property sits on a high-visibility corner lot in Fort Wayne, IN 46807, surrounded by a dense residential area with nearby local businesses. In addition to the main retail space, there is a connected rear home that may support storage or additional business use.
As of September, the property is current on all county and state permits, supporting immediate functionality with minimal startup requirements.
The property sits on a high-visibility corner lot in Fort Wayne, IN 46807, surrounded by a dense residential area with nearby local businesses. In addition to the main retail space, there is a connected rear home that may support storage or additional business use.
As of September, the property is current on all county and state permits, supporting immediate functionality with minimal startup requirements.
Key Highlights
- C3‑zoned commercial property currently operating as a neighborhood grocery store
- Large walk‑in cooler with glass display doors plus coolers, freezers, and shelving
- Open floor plan designed for retail and adaptable for multiple business types
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
$27,681
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
7.28%
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%
$553,620
$553.6K
Cap Rate 7%
$395,443
$395.4K
Cap Rate 9%
$307,567
$307.6K
Market Conditions
NOI Build-Up for 2,500 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
$39.9K $15.96/SF
− Vacancy
−$3.0K −$1.20/SF
EGI
$36.9K $14.76/SF
− OpEx
−$9.2K −$3.69/SF
NOI
$27.7K $11.07/SF
Area
Fort Wayne, IN
Vacancy
7.50%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
25.00%
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%
$553,620
Cap Rate 7%
$395,443
Cap Rate 9%
$307,567
Alternative Uses
Best Use
Specialty Retail
$395.4K
$346.0K – $461.4K
NOI $27,681 @ 7.0% cap · market cap 7.28%
Second Best
Retail
$343.1K
$300.2K – $400.3K
NOI $24,019 @ 7.0% cap · market cap 6.32%
Theoretical Best
Multifamily LT 5
$2.09M
$1.83M – $2.44M
NOI $146,192 @ 7.0% cap · market cap 38.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46807, IN
16,489
Population
7,182
Households
2.3
Avg Household Size
33
Median Age
30%
College-Educated
90%
High-School Grad
3.2 sq mi
ZIP Area
5,153
Density / Sq Mi
$56,341
Median Household Income
$37,026
Median Earnings
$970
Median Rent
$133,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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- Alexander's Gourmet Peppers — 1331 Parkview Ave, Fort Wayne, IN 46802
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - C3-zoned corner retail building operating as a neighborhood grocery store with large walk-in cooler and retail-ready interior.
Where is this grocery and convenience store located?
The property is located at 2915 S Calhoun St Fort Wayne, IN.
What is the asking price?
The asking price for this property is $379,999.
What are key features of this property?
This property features: C3‑zoned commercial property currently operating as a neighborhood grocery store; Large walk‑in cooler with glass display doors plus coolers, freezers, and shelving; Open floor plan designed for retail and adaptable for multiple business types
