Medical/Office Space on Jefferson
For Sale
Contact for pricing
5107 North Bend Drive, Fort Wayne, IN 46804
Medical/Office space with excellent visibility near new developments.
Property Size2,843 SF
Price / SF$181.15
Days on Market109
Property Features for 5107 North Bend Drive
General Information
Standard status
Active
Size
2,843 SF
Property subtype
Office
Zoning
C1 - General Commercial
Lease Type
NNN
Building Details
Year Built
1965
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Sturges Property Group
(260) 424-8448
Listed By:
Neal Bowman · License #IN RB14026402
Source:
Crexi
Added: May 15
Changed: Aug 27
Last Checked: Aug 31 at 3:33AM
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 commercial property offers excellent visibility on W Jefferson Blvd and is surrounded by several new developments. The property is suitable for medical or office use and contains five exam rooms. The property size is 2843 square feet.
Key Highlights
- Excellent visibility on W Jefferson Blvd
- Surrounded by several new developments
- Five exam rooms provide ample space
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
$31,449
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
6.11%
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%
$628,980
$629.0K
Cap Rate 7%
$449,271
$449.3K
Cap Rate 9%
$349,433
$349.4K
Market Conditions
NOI Build-Up for 2,843 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
$57.0K $20.04/SF
− Vacancy
−$4.6K −$1.60/SF
EGI
$52.4K $18.44/SF
− OpEx
−$21.0K −$7.37/SF
NOI
$31.4K $11.06/SF
Area
Fort Wayne, IN
Vacancy
8.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
40.00%
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%
$628,980
Cap Rate 7%
$449,271
Cap Rate 9%
$349,433
Alternative Uses
Best Use
Healthcare Medical
$449.3K
$393.1K – $524.2K
NOI $31,449 @ 7.0% cap · market cap 6.11%
Second Best
Office B
$448.1K
$392.1K – $522.8K
NOI $31,370 @ 7.0% cap · market cap 6.09%
Theoretical Best
Multifamily LT 5
$2.37M
$2.08M – $2.77M
NOI $166,249 @ 7.0% cap · market cap 32.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
602
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46804, IN
28,800
Population
12,959
Households
2.2
Avg Household Size
40
Median Age
44%
College-Educated
96%
High-School Grad
17.7 sq mi
ZIP Area
1,627
Density / Sq Mi
$84,778
Median Household Income
$49,050
Median Earnings
$1,134
Median Rent
$241,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical/Office space with excellent visibility near new developments.
Where is this medical office space located?
The property is located at 5107 North Bend Drive Fort Wayne, IN.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Excellent visibility on W Jefferson Blvd; Surrounded by several new developments; Five exam rooms provide ample space
