Industrial
For Sale
Contact for pricing
3605 Independence Dr, Fort Wayne, IN 46808
I-2 General Industrial zoning supports the property’s industrial classification.
Property Size60,000 SF
Price / SF$90
Days on Market220
Property Features for 3605 Independence Dr
General Information
Standard status
Active
Size
60,000 SF
Total Parking Spaces
30
Property subtype
Industrial
Zoning
I-2 General Industrial
Lease Type
NNN
Building Details
Year Built
1992
Year Renovated
2017
Listing Agency:
Bradley Company Fort Wayne
(260) 437-8745
Listed By:
Carolyn Spake-Leeper, SIOR · License #IN RB14041366
Source:
Crexi
Added: Jan 24
Changed: Aug 29
Last Checked: Aug 31 at 1:21PM
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 Bradley Company Fort Wayne
Investment Insights
Based on property information with market context.
This industrial property contains 60,000 square feet of building area and was constructed in 1992. The asset carries I-2 General Industrial zoning, providing a clearly defined industrial-use classification.
Located at 3605 Independence Dr in Fort Wayne, Indiana, the property presents a substantial industrial building within the city’s established commercial market.
Located at 3605 Independence Dr in Fort Wayne, Indiana, the property presents a substantial industrial building within the city’s established commercial market.
Key Highlights
- 60,000 square feet of industrial building area
- I‑2 General Industrial zoning
- 1992 construction
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
$359,100
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
6.65%
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%
$7,182,000
$7.2M
Cap Rate 7%
$5,130,000
$5.1M
Cap Rate 9%
$3,990,000
$4.0M
Market Conditions
NOI Build-Up for 60,000 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
$540.0K $9.00/SF
− Vacancy
−$27.0K −$0.45/SF
EGI
$513.0K $8.55/SF
− OpEx
−$153.9K −$2.56/SF
NOI
$359.1K $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%
$7,182,000
Cap Rate 7%
$5,130,000
Cap Rate 9%
$3,990,000
Alternative Uses
Best Use
Industrial
$5.13M
$4.49M – $5.99M
NOI $359,100 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$50.12M
$43.86M – $58.48M
NOI $3,508,596 @ 7.0% cap · market cap 64.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
Explore this area
Business Placement
Demographics for 46808, IN
19,894
Population
9,298
Households
2.1
Avg Household Size
35
Median Age
19%
College-Educated
88%
High-School Grad
10.6 sq mi
ZIP Area
1,877
Density / Sq Mi
$53,632
Median Household Income
$35,123
Median Earnings
$939
Median Rent
$127,800
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?
Industrial property - I-2 General Industrial zoning supports the property’s industrial classification.
Where is this industrial property located?
The property is located at 3605 Independence Dr Fort Wayne, IN.
What is the asking price?
The asking price for this property is $5,400,000.
What are key features of this property?
This property features: 60,000 square feet of industrial building area; I‑2 General Industrial zoning; 1992 construction
