Duplex with Finished Third
3201 Fairfield Ave, Fort Wayne, IN 46807
For Sale
$279,900
Each apartment has three bedrooms, one bathroom, a private entrance, and central air conditioning.
Property Size2,118 SF
Price / SF$132.15
Days on Market52
Property Features for 3201 Fairfield Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
common laundry area
Building Details
Buildings
Listing Agency:
eXp Realty, LLC
Listed By:
Jordan Wildman · License IN RB19001056
(260) 498-0384
Source:
Exprealty
Added: Sep 24
Changed: Oct 27
Last Checked: Nov 12 at 9:47AM
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 eXp Realty, LLC
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Investment Insights
Based on property information with market context.
Built in 1915 as a two-unit residential property, this duplex contains 2,118 square feet. Each apartment offers three bedrooms and one bathroom, with a separate entrance. The upper apartment also connects to a finished third-floor area. A common laundry area serves the property, and the upper unit has the potential for in-unit washer and dryer hookups.
Renovations include a new roof, vinyl siding, exterior paint, a rebuilt foundation wall, and a reconstructed front porch. Inside, original hardwood floors were restored, and the kitchens were updated with stainless steel appliances, custom cabinetry, and tile backsplashes. The property also has new furnaces, central air conditioning, a dual-zone system with damper controls for the upper floors, and two new water heaters. Water utility costs are allocated through RUBS.
Renovations include a new roof, vinyl siding, exterior paint, a rebuilt foundation wall, and a reconstructed front porch. Inside, original hardwood floors were restored, and the kitchens were updated with stainless steel appliances, custom cabinetry, and tile backsplashes. The property also has new furnaces, central air conditioning, a dual-zone system with damper controls for the upper floors, and two new water heaters. Water utility costs are allocated through RUBS.
Key Highlights
- Duplex with two apartments, each offering 3 bedrooms and 1 bathroom
- 2,118 square feet; built in 1915
- Finished third‑floor space accessed from the upper apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,035
Cap Rate
6.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$380,700
$380.7K
Cap Rate 7%
$271,929
$271.9K
Cap Rate 9%
$211,500
$211.5K
Market Conditions
NOI Build-Up for 2,118 SF
Gross rent
$28.7K $13.56/SF
− Vacancy
−$1.5K −$0.72/SF
EGI
$27.2K $12.84/SF
− OpEx
−$8.2K −$3.85/SF
NOI
$19.0K $8.99/SF
Area
Allen County, IN
Vacancy
5.32%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$380,700
Cap Rate 7%
$271,929
Cap Rate 9%
$211,500
Alternative Uses
Best Use
Apartment 5plus
$1.59M
$1.39M – $1.85M
NOI $111,120 @ 7.0% cap
Second Best
Multifamily LT 5
$271.9K
$237.9K – $317.3K
NOI $19,035 @ 7.0% cap · market cap 6.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
733
Businesses Nearby
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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
$133,500
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Fort Wayne, IN
Properties on Market for Duplexes in Fort Wayne
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Each apartment has three bedrooms, one bathroom, a private entrance, and central air conditioning.
Where is this duplex located?
The property is located at 3201 Fairfield Ave Fort Wayne, IN.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Duplex with two apartments, each offering 3 bedrooms and 1 bathroom; 2,118 square feet; built in 1915; Finished third‑floor space accessed from the upper apartment
