Historic Two-Story Office
For Sale
Contact for pricing
622 South Calhoun Street, Fort Wayne, IN 46802
Renovated two-story brick office building with attached garage parking on Calhoun Street in downtown Fort Wayne.
Property Size5,680 SF
Price / SF$149.65
Days on Market134
Property Features for 622 South Calhoun Street
General Information
Standard status
Active
Size
5,680 SF
Class
B
Property subtype
Retail, Office
Zoning
C1
Lease Type
Full Service
Lease Terms
Lease Term
60 months
Flexible Term
Yes
Amenities
attached garage parking
Building Details
Year Built
1860
Year Renovated
2014
Buildings
1
Stories
2
Units
1
Construction
brick
Listing Agency:
Allied Commercial
Listed By:
Parker Braun · License #IN RB21001287
(260) 223-1199
Source:
Crexi
Added: Apr 28
Changed: Sep 3
Last Checked: Sep 7 at 5:40AM
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 Allied Commercial
Investment Insights
Based on property information with market context.
Allied Commercial presents a historic two-story brick office building at 622 S Calhoun Street in downtown Fort Wayne. Originally constructed in 1860 and fully renovated in 2014, the property combines 19th-century character with modern systems and finishes. The total building size is 5,680 SF, with 4,487 SF available for immediate occupancy as either a sale or lease opportunity. The building also includes attached garage parking.
Set along the Calhoun Street corridor, the property neighbors Bistro Nota and is within walking distance of Parkview Field, the Allen County Courthouse, and the central business district.
The property is zoned C1, supporting a wide range of professional, creative, and service uses. It is located within a TIF district with potential tax incentive opportunities for qualified users. Lease terms are negotiable on 3-to-5-year structures, and the lease is described as a full-service gross arrangement.
Set along the Calhoun Street corridor, the property neighbors Bistro Nota and is within walking distance of Parkview Field, the Allen County Courthouse, and the central business district.
The property is zoned C1, supporting a wide range of professional, creative, and service uses. It is located within a TIF district with potential tax incentive opportunities for qualified users. Lease terms are negotiable on 3-to-5-year structures, and the lease is described as a full-service gross arrangement.
Key Highlights
- Historic 2‑story brick office building built in 1860, fully renovated in 2014
- Total 5,680 SF with 4,487 SF available for immediate sale or lease occupancy
- C1 zoning supports professional, creative, and service uses
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
$62,675
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
7.37%
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%
$1,253,500
$1.3M
Cap Rate 7%
$895,357
$895.4K
Cap Rate 9%
$696,389
$696.4K
Market Conditions
NOI Build-Up for 5,680 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
$96.8K $17.04/SF
− Vacancy
−$13.2K −$2.33/SF
EGI
$83.6K $14.71/SF
− OpEx
−$20.9K −$3.68/SF
NOI
$62.7K $11.03/SF
Area
Fort Wayne, IN
Vacancy
13.66%
Lease Rate
$17.04 /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%
$1,253,500
Cap Rate 7%
$895,357
Cap Rate 9%
$696,389
Alternative Uses
Best Use
Office B
$895.4K
$783.4K – $1.04M
NOI $62,675 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.74M
$4.15M – $5.54M
NOI $332,147 @ 7.0% cap · market cap 39.08%
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated two-story brick office building with attached garage parking on Calhoun Street in downtown Fort Wayne.
Where is this office building located?
The property is located at 622 South Calhoun Street Fort Wayne, IN.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Historic 2‑story brick office building built in 1860, fully renovated in 2014; Total 5,680 SF with 4,487 SF available for immediate sale or lease occupancy; C1 zoning supports professional, creative, and service uses
