Office Property Near University
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5308 St Joe Rd, Fort Wayne, IN 46835
1,451 SF office space near Purdue and IU Fort Wayne.
Property Size1,451 SF
Price / SF$223.98
Days on Market1227
Property Features for 5308 St Joe Rd
General Information
Standard status
Active
Size
1,451 SF
Class
B
Total Parking Spaces
5
Property subtype
Office
Zoning
R1
Investment Type
Owner/User
Building Details
Year Built
1950
Year Renovated
1986
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Bradley Company Fort Wayne
Listed By:
Chad Voglewede · License #IN RB21002632
(260) 755-7816
Source:
Crexi
Added: Apr 27, 2023
Changed: Sep 3
Last Checked: Sep 4 at 3:23PM
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 Bradley Company Fort Wayne
Investment Insights
Based on property information with market context.
This 1,451 SF office property is located on the north side of Fort Wayne, conveniently situated within walking distance of Purdue Fort Wayne and IU Fort Wayne campuses, as well as the north campus of Ivy Tech. Canterbury Green Golf Course and Market Place of Canterbury are also a short walk away, offering golfing and a variety of shopping and dining options. Furthermore, Canterbury Green Apartments and St. Joe Place, both popular student housing options, are positioned very close by.
Key Highlights
- 1,451 SF office property.
- Walking distance to Purdue Fort Wayne, IU Fort Wayne, and Ivy Tech campuses.
- Proximity to Canterbury Green Golf Course and Market Place of Canterbury (shopping and dining).
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
$16,011
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
4.93%
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%
$320,220
$320.2K
Cap Rate 7%
$228,729
$228.7K
Cap Rate 9%
$177,900
$177.9K
Market Conditions
NOI Build-Up for 1,451 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
$24.7K $17.04/SF
− Vacancy
−$3.4K −$2.33/SF
EGI
$21.3K $14.71/SF
− OpEx
−$5.3K −$3.68/SF
NOI
$16.0K $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%
$320,220
Cap Rate 7%
$228,729
Cap Rate 9%
$177,900
Alternative Uses
Best Use
Office B
$228.7K
$200.1K – $266.9K
NOI $16,011 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,850 @ 7.0% cap · market cap 26.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Explore this area
Business Placement
Demographics for 46835, IN
36,653
Population
15,945
Households
2.3
Avg Household Size
37
Median Age
37%
College-Educated
96%
High-School Grad
21.6 sq mi
ZIP Area
1,697
Density / Sq Mi
$75,595
Median Household Income
$42,118
Median Earnings
$1,101
Median Rent
$194,200
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 units - 1,451 SF office space near Purdue and IU Fort Wayne.
Where is this office units located?
The property is located at 5308 St Joe Rd Fort Wayne, IN.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 1,451 SF office property.; Walking distance to Purdue Fort Wayne, IU Fort Wayne, and Ivy Tech campuses.; Proximity to Canterbury Green Golf Course and Market Place of Canterbury (shopping and dining).
