Free-Standing Restaurant
For Sale
Contact for pricing
4036 Coldwater Road, Fort Wayne, IN 46805
Free-standing building with fully equipped restaurant space, zoned I1/Limited Industrial, on a high-traffic retail corridor.
Property Size4,480 SF
Lot Size1.72 Acres
Price / SF$234.38
Days on Market54
Property Features for 4036 Coldwater Road
General Information
Standard status
Active
Size
4,480 SF
Lot size
1.72 Acres
Property subtype
Retail
Zoning
I1/Limited Industrial
Additional Details
Business Included
Yes
Traffic Count
16,794 vehicles/day
Building Details
Year Built
1969
Buildings
1
Tenancy
Single
Listing Agency:
The Zacher Company
(260) 422-8474
Listed By:
Dan Gabbard · License #RB 18001659
Source:
Crexi
Added: Jul 1
Changed: Aug 14
Last Checked: Aug 22 at 6:15AM
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 The Zacher Company
Investment Insights
Based on property information with market context.
This free-standing restaurant building was established in 1969 and totals 4,480 SF. The interior includes a fully equipped restaurant space, providing an operational setup for food service users and a practical base for compatible retail uses. The property is zoned I1 / Limited Industrial, supporting a range of industrial and commercial operating needs consistent with that classification.
The site is positioned in the Northeast area of Fort Wayne, directly across from Glenbrook Mall, with visibility along the retail corridor. Public remarks also cite approximately 16,794 VPD along Coldwater Rd, which can support customer draw for retail-oriented concepts. An adjacent property, offering up to 1.72 acres, is also available for sale, which may be relevant for users considering expansion or redevelopment options.
For tenants, buyers, or operators seeking a ready-to-occupy restaurant layout within a free-standing format, the equipped space and accessible configuration can simplify initial occupancy planning. For investors evaluating reuse or redevelopment, the I1 / Limited Industrial zoning and the property’s strong retail-adjacent positioning can support planning for alternative concepts that align with the site’s existing improvements and zoning. The additional adjacent acreage also offers a potential path for larger-scale site planning where permitted.
The site is positioned in the Northeast area of Fort Wayne, directly across from Glenbrook Mall, with visibility along the retail corridor. Public remarks also cite approximately 16,794 VPD along Coldwater Rd, which can support customer draw for retail-oriented concepts. An adjacent property, offering up to 1.72 acres, is also available for sale, which may be relevant for users considering expansion or redevelopment options.
For tenants, buyers, or operators seeking a ready-to-occupy restaurant layout within a free-standing format, the equipped space and accessible configuration can simplify initial occupancy planning. For investors evaluating reuse or redevelopment, the I1 / Limited Industrial zoning and the property’s strong retail-adjacent positioning can support planning for alternative concepts that align with the site’s existing improvements and zoning. The additional adjacent acreage also offers a potential path for larger-scale site planning where permitted.
Key Highlights
- 4,480 SF free‑standing building built in 1969
- Zoned I1/Limited Industrial
- Includes fully equipped restaurant space suitable for retail use
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
$49,604
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
4.72%
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%
$992,080
$992.1K
Cap Rate 7%
$708,629
$708.6K
Cap Rate 9%
$551,156
$551.2K
Market Conditions
NOI Build-Up for 4,480 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
$71.5K $15.96/SF
− Vacancy
−$5.4K −$1.20/SF
EGI
$66.1K $14.76/SF
− OpEx
−$16.5K −$3.69/SF
NOI
$49.6K $11.07/SF
Area
Fort Wayne, IN
Vacancy
7.50%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
25.00%
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%
$992,080
Cap Rate 7%
$708,629
Cap Rate 9%
$551,156
Alternative Uses
Best Use
Specialty Retail
$708.6K
$620.1K – $826.7K
NOI $49,604 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.74M
$3.27M – $4.37M
NOI $261,975 @ 7.0% cap · market cap 24.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16,794 VPD
Traffic count
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,150
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46805, IN
21,138
Population
10,742
Households
2
Avg Household Size
35
Median Age
27%
College-Educated
92%
High-School Grad
6.4 sq mi
ZIP Area
3,303
Density / Sq Mi
$50,099
Median Household Income
$37,294
Median Earnings
$858
Median Rent
$131,300
Median Home Value
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - Free-standing building with fully equipped restaurant space, zoned I1/Limited Industrial, on a high-traffic retail corridor.
Where is this conventional restaurant located?
The property is located at 4036 Coldwater Road Fort Wayne, IN.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 4,480 SF free‑standing building built in 1969; Zoned I1/Limited Industrial; Includes fully equipped restaurant space suitable for retail use
