Restaurant Opportunity Near
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8607 US-24, Fort Wayne, IN 46804
5,679 SF restaurant with fully-furnished kitchen near I-69.
Property Size5,679 SF
Price / SF$211.30
Days on Market1407
Property Features for 8607 US-24
General Information
Standard status
Active
Size
5,679 SF
Property subtype
Retail
Zoning
C3
Building Details
Year Built
2000
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Sturges Property Group
(260) 424-8448
Listed By:
Neal Bowman · License #IN RB14026402
Source:
Crexi
Added: Oct 26, 2022
Changed: Aug 8
Last Checked: Aug 31 at 7:51AM
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 Sturges Property Group
Investment Insights
Based on property information with market context.
This 5,679 SF restaurant is available for purchase and includes a fully-furnished kitchen equipped with grills, ranges, deep fryers, ovens, a walk-in cooler and freezer, and two hoods. The property benefits from its location in a busy retail trade area, offering excellent visibility to I-69 through pylon and building signage. It also provides convenient access to US 24/West Jefferson Boulevard and I-69 via Exit 302. The site is located directly adjacent to two hotels with low vacancy rates. Situated in southwest Fort Wayne, an area known for its shopping centers, subdivisions, and hotels, the property is positioned on the corner of two major thoroughfares. The intersection experiences heavy traffic, with approximately 33,000 vehicles per day on West Jefferson Boulevard/US 24 and 39,000 vehicles per day on I-69.
Key Highlights
- High traffic location: Corner of two major thoroughfares with significant daily vehicle count.
- Excellent visibility to I‑69 via pylon and building signage.
- Fully‑furnished kitchen including grills, deep fryers, ovens, walk‑in cooler and freezer.
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
$62,879
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
5.24%
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%
$1,257,580
$1.3M
Cap Rate 7%
$898,271
$898.3K
Cap Rate 9%
$698,656
$698.7K
Market Conditions
NOI Build-Up for 5,679 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
$90.6K $15.96/SF
− Vacancy
−$6.8K −$1.20/SF
EGI
$83.8K $14.76/SF
− OpEx
−$21.0K −$3.69/SF
NOI
$62.9K $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%
$1,257,580
Cap Rate 7%
$898,271
Cap Rate 9%
$698,656
Alternative Uses
Best Use
Specialty Retail
$898.3K
$786.0K – $1.05M
NOI $62,879 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.74M
$4.15M – $5.53M
NOI $332,089 @ 7.0% cap · market cap 27.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,264
Businesses Nearby
Under-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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - 5,679 SF restaurant with fully-furnished kitchen near I-69.
Where is this conventional restaurant located?
The property is located at 8607 US-24 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: High traffic location: Corner of two major thoroughfares with significant daily vehicle count.; Excellent visibility to I‑69 via pylon and building signage.; Fully‑furnished kitchen including grills, deep fryers, ovens, walk‑in cooler and freezer.
