Remodeled 3-Unit
3718 S Wayne Avenue, Fort Wayne, IN 46807
For Sale
$279,900
Under Contract
INVESTMENT, Two Story, Fort Wayne, IN
Property Size2,696 SF
Lot Size0.19 Acres
Price / SF$103.82
Days on Market51
Property Features for 3718 S Wayne Avenue
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Fireplace
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
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Cooling system
Amenities
coin-operated laundry
basement storage
Building Details
Year built
Floors in Building
Number of units
Flooring type
Architectural style
Buildings
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Jordan Wildman · License IN RB19001056
(260) 498-0384
Added: Sep 24
Changed: Nov 3
Last Checked: Nov 13 at 11:06PM
MLS# 202639701
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.
This 2,696-square-foot triplex contains three apartments: a main-level unit with three bedrooms and one bathroom, and two upper-level units, each with one bedroom and one bathroom. The main residence includes a solarium and spacious living and dining areas. Interior renovations updated kitchens, bathrooms, flooring, and fixtures. The property also has central air, a basement with coin-operated laundry, aluminum siding, and a mix of wood and carpet flooring. The legal triplex configuration is established by a variance.
Recent work includes a shingle roof with gutter guards, a separate flat-roof section, updated gas line, and foundation wall restoration. Utilities are billed through RUBS. Built in 1930, the property occupies a 0.19-acre lot on South Wayne Avenue in Fort Wayne’s 46807 ZIP code.
Recent work includes a shingle roof with gutter guards, a separate flat-roof section, updated gas line, and foundation wall restoration. Utilities are billed through RUBS. Built in 1930, the property occupies a 0.19-acre lot on South Wayne Avenue in Fort Wayne’s 46807 ZIP code.
Key Highlights
- Three legal units: one 3‑bedroom apartment and two 1‑bedroom apartments
- 2,696 square feet on a 0.19‑acre lot
- Main‑level apartment includes a solarium and over 1,200+ sq. ft.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,229
Cap Rate
8.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$484,580
$484.6K
Cap Rate 7%
$346,129
$346.1K
Cap Rate 9%
$269,211
$269.2K
Market Conditions
NOI Build-Up for 2,696 SF
Gross rent
$36.6K $13.56/SF
− Vacancy
−$1.9K −$0.72/SF
EGI
$34.6K $12.84/SF
− OpEx
−$10.4K −$3.85/SF
NOI
$24.2K $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%
$484,580
Cap Rate 7%
$346,129
Cap Rate 9%
$269,211
Alternative Uses
Best Use
Apartment 5plus
$2.02M
$1.77M – $2.36M
NOI $141,444 @ 7.0% cap
Second Best
Multifamily LT 5
$346.1K
$302.9K – $403.8K
NOI $24,229 @ 7.0% cap · market cap 8.66%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
495
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
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - The legal three-unit layout pairs a three-bedroom apartment with two one-bedroom units, plus coin-operated laundry in the basement.
Where is this triplex located?
The property is located at 3718 S Wayne Avenue 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: Three legal units: one 3‑bedroom apartment and two 1‑bedroom apartments; 2,696 square feet on a 0.19‑acre lot; Main‑level apartment includes a solarium and over 1,200+ sq. ft.
