Leased Shopping Center for
For Sale
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5826-5992 West Jefferson Boulevard, Fort Wayne, IN 46804
Fee-simple sale of an 84%-leased shopping center in Fort Wayne, Indiana.
Property Size80,353 SF
Price / SF$117.11
Days on Market126
Property Features for 5826-5992 West Jefferson Boulevard
General Information
Standard status
Active
Size
80,353 SF
Property subtype
Retail
Occupancy
83%
Investment Type
Value Add
Net Operating Income
$716,083
Building Details
Year Built
1960
Year Renovated
2015
Tenancy
Multi
Listing Agency:
Mid-America Real Estate
Listed By:
Joe Girardi · License #471014197
(630) 954-7392
Source:
Crexi
Added: May 4
Changed: Aug 21
Last Checked: Aug 30 at 8:47PM
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 Mid-America Real Estate
Investment Insights
Based on property information with market context.
Mid-America Real Estate Corporation has been retained on behalf of the owner to sell the 100% fee simple interest in Time Corners, a shopping center currently 84% leased.
The property is located at 5826–5992 West Jefferson Boulevard in Fort Wayne, Indiana. This offering presents a single ownership opportunity for investors seeking a leased retail shopping center.
Additional leasing or tenant mix details are not provided in the information made available for this listing.
The property is located at 5826–5992 West Jefferson Boulevard in Fort Wayne, Indiana. This offering presents a single ownership opportunity for investors seeking a leased retail shopping center.
Additional leasing or tenant mix details are not provided in the information made available for this listing.
Key Highlights
- Fee‑simple sale of a shopping center in Fort Wayne, Indiana
- Property is 84% leased
- Owner is selling 100% fee simple interest
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
$771,991
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
8.20%
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%
$15,439,820
$15.4M
Cap Rate 7%
$11,028,443
$11.0M
Cap Rate 9%
$8,577,678
$8.6M
Market Conditions
NOI Build-Up for 80,353 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
$1.21M $15.00/SF
− Vacancy
−$102.5K −$1.28/SF
EGI
$1.10M $13.73/SF
− OpEx
−$330.9K −$4.12/SF
NOI
$772.0K $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%
$15,439,820
Cap Rate 7%
$11,028,443
Cap Rate 9%
$8,577,678
Alternative Uses
Best Use
Retail
$11.03M
$9.65M – $12.87M
NOI $771,991 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$67.13M
$58.73M – $78.31M
NOI $4,698,770 @ 7.0% cap · market cap 49.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
836
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Village at Time Corners — 6435 W. Jefferson Blvd., #150, MAILING ADDRESS ONLY My studio is in my, home and not open to the pub
- Covington Plaza — 6382 W Jefferson Blvd, Fort Wayne, IN 46804
- Jefferson Crossing — 6101 W Jefferson Blvd, Fort Wayne, IN 46804
- Covington Shoppes — 5825 Covington Rd, Fort Wayne, IN 46804
- Time Corners Shopping Center — 5976 W Jefferson Blvd, Fort Wayne, IN 46804
Frequently Asked Questions
What type of property is this?
Shopping center - Fee-simple sale of an 84%-leased shopping center in Fort Wayne, Indiana.
Where is this shopping center located?
The property is located at 5826-5992 West Jefferson Boulevard Fort Wayne, IN.
What is the asking price?
The asking price for this property is $9,410,000.
What are key features of this property?
This property features: Fee‑simple sale of a shopping center in Fort Wayne, Indiana; Property is 84% leased; Owner is selling 100% fee simple interest
