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    3401 Lake Ave Fort Wayne, IN 46805

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    Fully leased medical office building in Fort Wayne, Indiana.

    Property size:
    7,857 SF
    Lot size:
    1.03 Acres

    Property Features for 3401 Lake Ave

    General Information

    Standard status
    Active
    Zoning
    R3
    Size
    7,857 SF
    Lot size
    1.03 Acres

    Building Details

    Year built
    1974

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    Listing Contact
    Neal Bowman
    Neal Bowman
    Source: Crexi

    Listing Agency: Sturges Property Group Listing Agent: Neal Bowman

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Multi-Tenant Medical Office Building

    The property at 3401 Lake Avenue in Fort Wayne, IN, is a 7,857 square-foot multi-tenant medical office building. It is 100% leased to three established service providers, offering immediate and stable cash flow. The income stream is anchored by a corporate guarantee by Capital Vision Services, LLC, for the MyEyeDr space. The property benefits from long-term tenancy and predictable income streams in a busy medical corridor. This asset is offered as a 100% leased stabilized opportunity for an investor with upside potential through scheduled rent escalations in renewals or conversion to triple net leases upon turnover. The property is well-placed in one of Fort Wayne’s major medical/service districts. Neighbors include Parkview Hospital-Randallia, VA Northern Indiana Healthcare Systems, Lutheran Health Physicians, Byron Health Center, Parkview Behavioral Health, and PACE of Northeast Indiana. The building sees over 8,000 vehicles per day and is easily accessible to major thoroughfares as it is situated between Hobson Road and Coliseum Boulevard/SR 930. Water and sewer service is provided by the City of Fort Wayne. Electrical service is provided by American Electric Power, and gas service is provided by NIPSCO.
    Location Intelligence

    Current Use by Public Records

    George D. Taylor, ... Physician MyEyeDr. Eye Care Center Steven Ison, OD Physician Mark J. Strahan, ... Physician Total Vision Center Ophthalmologist

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    East State Veterinary Clinic, East State Veterinary Clinic: Dziak Kelly J DVM, East State Veterinary Clinic: Clemente Paul F DVM, Humane Fort Wayne Wellness Clinic, Humane Fort Wayne

    Location Insight

    • Map
    • Local Demand
    City
    Fort Wayne
    County
    Allen
    State
    Indiana
    Longitude
    -85.0951484
    Latitude
    41.0903178

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    FAQs

    What type of property is this?
    Medical Office Space - Fully leased medical office building in Fort Wayne, Indiana.
    Where is this medical office space located?
    The property is located at 3401 Lake Ave Fort Wayne, IN.
    What are key features of this property?
    This property features: - 100% leased multi-tenant medical office building providing immediate and stable cash flow.; - Anchored by a corporate guarantee from Capital Vision Services, LLC (MyEyeDr).; - Located in a premier Fort Wayne medical corridor with high traffic volume (8,000+ vehicles per day).
    (260) 424-8448
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    3401 Lake Ave Fort Wayne, IN 46805
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    Fort Wayne, IN 46805
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3401 Lake Ave Fort Wayne, IN 46805
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    We can help!
    Listing Contact
    Neal Bowman
    Neal Bowman
    Real Estate License ID: RB14026402
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