NNN Retail Strip
For Sale
Contact for pricing
Pending
5430 - 5462 Coldwater Rd, Fort Wayne, IN 46825
Four-tenant NNN retail center anchored by a liquor store, positioned on a high-volume, signalized corridor.
Property Size19,245 SF
Days on Market61
Property Features for 5430 - 5462 Coldwater Rd
General Information
Standard status
Pending
Size
19,245 SF
Class
A
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Site & Location
Traffic Count
36,212 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1980
Buildings
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Indianapolis
(317) 218-5314
Listed By:
Madison Harman · License #IN RB14052326
Source:
Crexi
Added: Jun 12
Changed: Aug 8
Last Checked: Jul 24 at 3:24PM
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 Marcus & Millichap - Indianapolis
Investment Insights
Based on property information with market context.
This four-tenant retail strip center is fully occupied and structured as a triple-net (NNN) investment. The property is located at 5430–5462 Coldwater Rd and includes features such as a large pylon sign and a metal standing seam roof. The center benefits from established tenancy including Cap N' Cork, an original tenant at Coldwater Plaza since 1980. Big Red Liquors guarantees the liquor store lease and acquired the Cap N' Cork operations in 2021, and the center also lists additional tenants including Boudoir Noir (since 2011 with a new five-year lease extension) and Indy Smoketime.
The property sits on Coldwater Road, one of Fort Wayne’s primary retail corridors with reported 36,212 VPD. It is located at a signalized intersection near major retail demand drivers, including Glenbrook Square Mall (reported 3.8 million visitors per year). The remarks also cite nearby anchors and adjacent retail activity that supports consumer traffic.
For tenants and operators seeking a stable, income-oriented retail platform, this center’s NNN structure, long-tenured anchor relationship, and fully leased lineup provide an immediately operational setup. The listing also highlights practical site access with excellent ingress/egress to Coldwater Road, positioning the property for straightforward customer arrival and circulation.
The property sits on Coldwater Road, one of Fort Wayne’s primary retail corridors with reported 36,212 VPD. It is located at a signalized intersection near major retail demand drivers, including Glenbrook Square Mall (reported 3.8 million visitors per year). The remarks also cite nearby anchors and adjacent retail activity that supports consumer traffic.
For tenants and operators seeking a stable, income-oriented retail platform, this center’s NNN structure, long-tenured anchor relationship, and fully leased lineup provide an immediately operational setup. The listing also highlights practical site access with excellent ingress/egress to Coldwater Road, positioning the property for straightforward customer arrival and circulation.
Key Highlights
- 100% occupied four‑tenant NNN retail center built in 1980
- Anchored by Big Red Liquors, with Cap N' Cork operations acquired in 2021; Cap N' Cork has been an original tenant since 1980
- 36,212 VPD along Coldwater Road; located at a signalized intersection about one mile from I‑69 (75,298 VPD)
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
$184,896
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
6.90%
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%
$3,697,920
$3.7M
Cap Rate 7%
$2,641,371
$2.6M
Cap Rate 9%
$2,054,400
$2.1M
Market Conditions
NOI Build-Up for 19,245 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
$288.7K $15.00/SF
− Vacancy
−$24.5K −$1.28/SF
EGI
$264.1K $13.73/SF
− OpEx
−$79.2K −$4.12/SF
NOI
$184.9K $9.61/SF
Area
Fort Wayne, IN
Vacancy
8.50%
Lease Rate
$15.00 /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%
$3,697,920
Cap Rate 7%
$2,641,371
Cap Rate 9%
$2,054,400
Alternative Uses
Best Use
Retail
$2.64M
$2.31M – $3.08M
NOI $184,896 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$16.08M
$14.07M – $18.76M
NOI $1,125,382 @ 7.0% cap · market cap 42.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
36,212 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
761
Businesses Nearby
Explore this area
Business Placement
Demographics for 46825, IN
29,062
Population
13,597
Households
2.1
Avg Household Size
38
Median Age
34%
College-Educated
91%
High-School Grad
15.6 sq mi
ZIP Area
1,863
Density / Sq Mi
$68,890
Median Household Income
$44,788
Median Earnings
$1,044
Median Rent
$202,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Four-tenant NNN retail center anchored by a liquor store, positioned on a high-volume, signalized corridor.
Where is this strip mall located?
The property is located at 5430 - 5462 Coldwater Rd Fort Wayne, IN.
What is the asking price?
The asking price for this property is $2,678,911.
What are key features of this property?
This property features: 100% occupied four‑tenant NNN retail center built in 1980; Anchored by Big Red Liquors, with Cap N' Cork operations acquired in 2021; Cap N' Cork has been an original tenant since 1980; 36,212 VPD along Coldwater Road; located at a signalized intersection about one mile from I‑69 (75,298 VPD)
