New Construction
331 W Butler Street, Fort Wayne, IN 46802
For Sale
New
$389,900
INVESTMENT, Two Story, Fort Wayne, IN
Property Size2,400 SF
Lot Size0.16 Acres
Price / SF$162.46
Days on Market2
Property Features for 331 W Butler Street
General Information
Property type
Property subtype
Property condition
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Parking features
Subdivision
Lot features
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Cooling system
Amenities
covered front porches
Building Details
Year built
Floors in Building
Number of units
Flooring type
Roof type
Architectural style
Buildings
Listing Agency:
CENTURY 21 Bradley Realty, Inc · Century 21 Real Estate
(260) 399-1177
Listed By:
Jeff Colone · License IN RB16001154
(260) 466-8836
Added: Nov 12
Last Checked: Nov 13 at 11:06PM
MLS# 202646563
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.
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Investment Insights
Based on property information with market context.
Under construction in Fort Wayne, this duplex contains two three-bedroom residences with approximately 2,400 square feet of combined living area. Each home has an open living and dining layout, an eat-in kitchen with bar seating, a primary bedroom with a private bathroom, and an attached one-car garage. Covered front porches serve both units; flooring includes carpet and vinyl, with central air conditioning and asphalt roofing.
The property occupies a 0.16-acre lot at 331 W Butler Street. Completion is listed for 2026. The two units can be occupied separately, with each providing its own living space and garage.
The property occupies a 0.16-acre lot at 331 W Butler Street. Completion is listed for 2026. The two units can be occupied separately, with each providing its own living space and garage.
Key Highlights
- Two three‑bedroom units; six bedrooms total
- Approximately 2,400 square feet across the duplex
- Each residence includes an attached one‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,569
Cap Rate
5.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$431,380
$431.4K
Cap Rate 7%
$308,129
$308.1K
Cap Rate 9%
$239,656
$239.7K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$32.5K $13.56/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$30.8K $12.84/SF
− OpEx
−$9.2K −$3.85/SF
NOI
$21.6K $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%
$431,380
Cap Rate 7%
$308,129
Cap Rate 9%
$239,656
Alternative Uses
Best Use
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,915 @ 7.0% cap
Second Best
Multifamily LT 5
$308.1K
$269.6K – $359.5K
NOI $21,569 @ 7.0% cap · market cap 5.53%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
907
Businesses Nearby
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Business Placement
Demographics for 46802, IN
10,664
Population
5,831
Households
1.8
Avg Household Size
35
Median Age
23%
College-Educated
83%
High-School Grad
4.2 sq mi
ZIP Area
2,539
Density / Sq Mi
$40,903
Median Household Income
$32,172
Median Earnings
$880
Median Rent
$131,600
Median Home Value
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Market
Average Price Trend$/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 - Two attached homes offer separate living areas, covered porches, and garages for flexible occupancy.
Where is this duplex located?
The property is located at 331 W Butler Street Fort Wayne, IN.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Two three‑bedroom units; six bedrooms total; Approximately 2,400 square feet across the duplex; Each residence includes an attached one‑car garage
