Equipped Restaurant
For Sale
Contact for pricing
4111 Parnell Ave, Fort Wayne, IN 46805
Existing restaurant improvements occupy a shopping-center-zoned commercial property in Fort Wayne.
Property Size6,257 SF
Lot Size2.03 Acres
Price / SF$203.77
Days on Market16
Property Features for 4111 Parnell Ave
General Information
Standard status
Active
Size
6,257 SF
Lot size
2.03 Acres
Property subtype
RETAIL
Listing Agency:
Sturges Property Group
(260) 424-8448
Listed By:
Barry Sturges · License #RB14026402
Source:
Moodyscre
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 25 at 12:11PM
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 Sturges Property Group
Investment Insights
Based on property information with market context.
This Fort Wayne restaurant property includes 6,257 square feet of existing improvements configured for restaurant use. The building is currently equipped for operations, providing an established physical setting for a restaurant user or owner-operator.
The property encompasses 2.03 acres and carries SC—Shopping Center zoning. Located at 4111 Parnell Ave, the site combines a substantial commercial land area with an existing restaurant building and installed equipment.
The property encompasses 2.03 acres and carries SC—Shopping Center zoning. Located at 4111 Parnell Ave, the site combines a substantial commercial land area with an existing restaurant building and installed equipment.
Key Highlights
- 6,257‑square‑foot restaurant building
- 2.03‑acre commercial property
- SC—Shopping Center zoning
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
$69,279
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
5.43%
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%
$1,385,580
$1.4M
Cap Rate 7%
$989,700
$989.7K
Cap Rate 9%
$769,767
$769.8K
Market Conditions
NOI Build-Up for 6,257 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
$99.9K $15.96/SF
− Vacancy
−$7.5K −$1.20/SF
EGI
$92.4K $14.76/SF
− OpEx
−$23.1K −$3.69/SF
NOI
$69.3K $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%
$1,385,580
Cap Rate 7%
$989,700
Cap Rate 9%
$769,767
Alternative Uses
Best Use
Specialty Retail
$989.7K
$866.0K – $1.15M
NOI $69,279 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$5.23M
$4.57M – $6.10M
NOI $365,888 @ 7.0% cap · market cap 28.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
816
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 - Existing restaurant improvements occupy a shopping-center-zoned commercial property in Fort Wayne.
Where is this conventional restaurant located?
The property is located at 4111 Parnell Ave Fort Wayne, IN.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: 6,257‑square‑foot restaurant building; 2.03‑acre commercial property; SC—Shopping Center zoning
