Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Shoppes of Illinois Road Space Title is generated by Realmo AI

    5129-5215 Illinois Rd, Fort Wayne, IN 46804

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Retail and office spaces in a thriving southwest location.

    Type:Retail, Office
    Added:
    Aug 30, 2018
    Days on Market:
    2836
    Last Refresh:
    May 19 at 10:17 pm

    Property Features for 5129-5215 Illinois Rd

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office

    Building Details

    Year Built
    2007

    Spaces For Lease

    at 5129-5215 Illinois Rd Contact us

    We can help!

    Listing Contact
    Stanley Phillips
    Stanley Phillips

    Listing agent Stanley Phillips License #IN RB14003860

    Listing office Bradley Company Fort Wayne

    Listing date Aug 30, 2018

    Source Crexi

    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

    HighLights

    • High visibility location on Illinois Road.
    • Strong foot traffic due to surrounding retailers.
    • Vibrant and thriving southwest location.
    • Proximity to Jefferson Pointe and Apple Glen Crossing.
    • Access to national retailers and local boutiques.
    • Built in 2007.

    Overview

    Shoppes of Illinois Road provides retailers and small professional office users with access to a vibrant southwest location. The property is surrounded by national retailers and local boutiques, and is near the high-traffic Jefferson Pointe and Apple Glen Crossing. This location offers high visibility and strong foot traffic, providing a setting to establish a dynamic presence.
    Location Intelligence

    Current Use by Public Records

    Wingstop Restaurant SHOPPES OF ILLINOIS ROAD Business Service Center

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Building Supply Nail Salon Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Wayne
    County
    Allen
    State
    Indiana
    Longitude
    -85.2080107
    Latitude
    41.074229

    Nearby Similar for Lease

    • $17 SF/Yr
      2,734 SF

      Downtown Fort Wayne Mixed-Use Space

      Prime downtown location suitable for office, retail, or live/work.
      529 W Jefferson Boulevard, Fort Wayne, IN 46802
      View Details
    • $5,000/Mo
      8,360 SF

      Versatile Industrial Space in Fort Wayne

      Functional industrial space in downtown Fort Wayne, ideal for various uses.
      1205 W Main Street, Fort Wayne, IN 46808-3334
      View Details
    • $3,500/Mo
      3,400 SF

      Historic Mixed-Use Space in Fort Wayne

      Unique commercial space in desirable West Central neighborhood.
      902 W Wayne Street, Fort Wayne, IN 46802
      View Details
    • $15 SF/Yr
      4,015 SF

      Fort Wayne Retail/Office Spaces

      Prime retail/office spaces in southwest professional office park.
      4011 W Jefferson Boulevard, Fort Wayne, IN 46804
      View Details
    • $1,500/Mo
      905 SF

      Prime Office Location For Lease

      Office space for lease near I-69 and Illinois Rd.
      1319 Magnavox (Suite 400) Way, Fort Wayne, IN 46804
      View Details
    • $1,200/Mo
      504 SF

      Office Space Near I-69

      Office space for lease near I-69 and Illinois Rd.
      1319 Magnavox (Suite 200) Way, Fort Wayne, IN 46804
      View Details
    • $399/Mo
      216 SF

      Versatile Mixed-Use Space Available

      Customizable space ideal for various business types in Fort Wayne.
      2429 W Main Streets, Fort Wayne, IN 46802
      View Details
    • Sponsored
      Contact for pricing

      Fort Wayne, IN - Indiana Michigan Power Building

      110 Wayne St, Fort Wayne, IN 46802
      View Details
    • $8 SF/Yr
      12,077 SF

      Office/Warehouse Space Near Purdue Campus

      12,077 SF office/warehouse space near Purdue University's campus.
      2980 East Coliseum Boulevard, Suite 102, Fort Wayne, IN 46805
      View Details
    • $350/Mo
      110 SF

      Office Space For Lease

      Office space for lease in a convenient Fort Wayne location.
      6008 Brandy Chase I Cove, Fort Wayne, IN 46815
      View Details
    • $3,780,000 SF/Yr
      10,856 SF

      Triple-Net Leased Medical Office Building

      Fully NNN leased medical office with renovated 2019 updates, strong access, and long remaining term structure.
      9835 Auburn Rd, Fort Wayne, IN 46825
      View Details
    • $10 SF/Yr
      3,240 SF

      Flex Space in Kroger-Anchored Center

      Endcap flex suite with open front and rear areas plus a rear overhead door for versatile operations.
      6302-6770 E. State Boulevard, Fort Wayne, IN 46815
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail and office spaces in a thriving southwest location.
    Where is this retail space located?
    The property is located at 5129-5215 Illinois Rd Fort Wayne, IN.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: High visibility location on Illinois Road.; Strong foot traffic due to surrounding retailers.; Vibrant and thriving southwest location.
    (260) 423-4311 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Stanley Phillips
    Stanley Phillips
    Real Estate License ID: IN RB14003860
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5129-5215 Illinois Rd, Fort Wayne, IN 46804
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!