Historic Mixed-Use
For Sale
Contact for pricing
620 S Calhoun St, Fort Wayne, IN 46802
Renovated historic building with separate floor metering and a flexible mixed-use configuration.
Property Size9,906 SF
Price / SF$121.14
Days on Market397
Property Features for 620 S Calhoun St
General Information
Standard status
Active
Size
9,906 SF
Property subtype
RETAIL
Zoning
DC
Amenities
newer mechanical systems
separate metering for each floor
rooftop with 180-degree views
Building Details
Year Built
1885
Year Renovated
2023
Buildings
1
Stories
3
Construction
Victorian-Richardsonian-Romanesque
Listing Agency:
Xplor Commercial Real Estate
(260) 450-8443
Listed By:
Kienan O'Rourke
(260) 450-8443
Source:
Moodyscre
Added: Jul 30, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:11AM
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 Xplor Commercial Real Estate
Investment Insights
Based on property information with market context.
This 9,906 SF, three-story historic building contains three versatile units and is home to a restaurant. Constructed in 1885 and renovated in 2023, the property retains Victorian-Richardsonian-Romanesque architectural character while incorporating newer mechanical systems. Separate metering serves each floor, supporting independent utility management across the building.
A structurally supported rooftop provides 180-degree views of Downtown Fort Wayne. The property carries DC zoning and is positioned next to The Landing in downtown Fort Wayne. Its existing configuration supports office, retail, or residential use, subject to applicable requirements, with a restaurant already operating within the building.
A structurally supported rooftop provides 180-degree views of Downtown Fort Wayne. The property carries DC zoning and is positioned next to The Landing in downtown Fort Wayne. Its existing configuration supports office, retail, or residential use, subject to applicable requirements, with a restaurant already operating within the building.
Key Highlights
- 9,906 SF, 3‑story historic building constructed in 1885
- Renovated in 2023 with newer mechanical systems
- Three versatile units with separate metering for each floor
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
$109,682
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
9.14%
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%
$2,193,640
$2.2M
Cap Rate 7%
$1,566,886
$1.6M
Cap Rate 9%
$1,218,689
$1.2M
Market Conditions
NOI Build-Up for 9,906 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
$158.1K $15.96/SF
− Vacancy
−$11.9K −$1.20/SF
EGI
$146.2K $14.76/SF
− OpEx
−$36.6K −$3.69/SF
NOI
$109.7K $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%
$2,193,640
Cap Rate 7%
$1,566,886
Cap Rate 9%
$1,218,689
Alternative Uses
Best Use
Specialty Retail
$1.57M
$1.37M – $1.83M
NOI $109,682 @ 7.0% cap · market cap 9.14%
Second Best
Mixed Use
$1.45M
$1.27M – $1.69M
NOI $101,413 @ 7.0% cap · market cap 8.45%
Theoretical Best
Multifamily LT 5
$8.28M
$7.24M – $9.65M
NOI $579,269 @ 7.0% cap · market cap 48.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,719
Businesses Nearby
Explore this area
Business Placement
Demographics for 46802, IN
10,664
Population
5,831
Households
1.8
Avg Household Size
35
Median Age
23%
College-Educated
83%
High-School Grad
4.2 sq mi
ZIP Area
2,539
Density / Sq Mi
$40,903
Median Household Income
$32,172
Median Earnings
$880
Median Rent
$131,600
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?
Mixed-use property - Renovated historic building with separate floor metering and a flexible mixed-use configuration.
Where is this mixed-use property located?
The property is located at 620 S Calhoun St Fort Wayne, IN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 9,906 SF, 3‑story historic building constructed in 1885; Renovated in 2023 with newer mechanical systems; Three versatile units with separate metering for each floor
