Restored Historic Building in
For Sale
Contact for pricing
334 E Berry St, Fort Wayne, IN 46802
Historic mixed-use property in Fort Wayne's downtown core.
Property Size13,636 SF
Price / SF$128.34
Days on Market1212
Property Features for 334 E Berry St
General Information
Standard status
Active
Size
13,636 SF
Property subtype
Mixed Use, Office, Retail, Special Purpose
Zoning
DC
Listing Agency:
BND Commercial Real Estate
(260) 414-8415
Listed By:
Karl Behrens, CCIM, SIOR · License #IN RB14027572
Source:
Crexi
Added: Apr 18, 2023
Changed: Aug 11
Last Checked: May 12 at 11:16PM
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 BND Commercial Real Estate
Investment Insights
Based on property information with market context.
This restored historic building, originally constructed in the 1800s, is located in the downtown core of Fort Wayne. Renovations were completed as recently as 2007. The property consists of two buildings. The main building features three levels totaling 10,416 square feet. The second building, known as the Carriage House, has two floors totaling 3,220 square feet. Each building is equipped with elevators, two restrooms, and finished interiors. A parking lot is available for approximately 20 vehicles, along with entrance signage. The property benefits from a highly visible location with traffic counts exceeding 30,000 vehicles per day. It is within walking distance of downtown amenities, business offices, banking facilities, and entertainment venues. This mixed-use property offers potential business uses due to its location and features.
Key Highlights
- Restored historic building in the Downtown Core of Fort Wayne.
- Two buildings included: a main building (10,416 SF) and a carriage house (3,220 SF).
- High‑visibility location with over 30,000 vehicles per day traffic count.
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
$150,463
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
8.60%
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%
$3,009,260
$3.0M
Cap Rate 7%
$2,149,471
$2.1M
Cap Rate 9%
$1,671,811
$1.7M
Market Conditions
NOI Build-Up for 13,636 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
$232.4K $17.04/SF
− Vacancy
−$31.7K −$2.33/SF
EGI
$200.6K $14.71/SF
− OpEx
−$50.2K −$3.68/SF
NOI
$150.5K $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%
$3,009,260
Cap Rate 7%
$2,149,471
Cap Rate 9%
$1,671,811
Alternative Uses
Best Use
Office B
$2.15M
$1.88M – $2.51M
NOI $150,463 @ 7.0% cap · market cap 8.60%
Second Best
Mixed Use
$1.99M
$1.74M – $2.33M
NOI $139,599 @ 7.0% cap · market cap 7.98%
Theoretical Best
Multifamily LT 5
$11.39M
$9.97M – $13.29M
NOI $797,387 @ 7.0% cap · market cap 45.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,207
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?
Mixed-use property - Historic mixed-use property in Fort Wayne's downtown core.
Where is this mixed-use property located?
The property is located at 334 E Berry St Fort Wayne, IN.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Restored historic building in the Downtown Core of Fort Wayne.; Two buildings included: a main building (10,416 SF) and a carriage house (3,220 SF).; High‑visibility location with over 30,000 vehicles per day traffic count.
