Warehouse/Office Space in Wells
For Sale
Contact for pricing
1441 Wells St, Fort Wayne, IN 46808
Historic building with warehouse and office space near downtown.
Property Size4,960 SF
Price / SF$85.69
Days on Market1978
Property Features for 1441 Wells St
General Information
Standard status
Active
Size
4,960 SF
Property subtype
Industrial, Mixed Use
Zoning
UC
Building Details
Year Built
1900
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Sturges Property Group
Listed By:
Neal Bowman · License #IN RB14026402
(260) 424-8448
Source:
Crexi
Added: Apr 6, 2021
Changed: Aug 13
Last Checked: Sep 1 at 8:48AM
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.
Located in the Wells Street Corridor, at the corner of 4th and Wells, this historic building offers a combination of warehouse and office space. Originally a theatre, the property includes 1,873 square feet of office space and 3,087 square feet of warehouse space, totaling 4,960 square feet. The warehouse area features a clear-span layout and a 12-foot by 10-foot overhead door accessible from 4th Street. Parking and outdoor storage options are available at the rear of the building. Benefiting from high visibility on Wells Street, the property sees approximately 15,000 vehicles passing by daily. Its location is approximately 0.5 miles north of Downtown Fort Wayne, near the new riverfront development and the future River North mixed-use project. The property is suitable for various uses, including a music hall, entertainment venue, corner pub, billiard room, gaming lounge, arcade, art gallery, glass-blowing or wood-working showroom, or creative workspace.
Key Highlights
- Prime location: just 0.5 miles from Downtown Fort Wayne, close to riverfront development and River North project.
- Versatile space: features 1,873 SF office and 3,087 SF warehouse suitable for various uses.
- Warehouse features clear‑span space and a 12’ x 10’ overhead door.
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
$29,686
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
6.98%
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%
$593,720
$593.7K
Cap Rate 7%
$424,086
$424.1K
Cap Rate 9%
$329,844
$329.8K
Market Conditions
NOI Build-Up for 4,960 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
$44.6K $9.00/SF
− Vacancy
−$2.2K −$0.45/SF
EGI
$42.4K $8.55/SF
− OpEx
−$12.7K −$2.56/SF
NOI
$29.7K $5.98/SF
Area
Fort Wayne, IN
Vacancy
5.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$593,720
Cap Rate 7%
$424,086
Cap Rate 9%
$329,844
Alternative Uses
Best Use
Office B
$781.9K
$684.1K – $912.2K
NOI $54,730 @ 7.0% cap · market cap 12.88%
Second Best
Mixed Use
$725.4K
$634.7K – $846.3K
NOI $50,778 @ 7.0% cap · market cap 11.95%
Theoretical Best
Multifamily LT 5
$4.14M
$3.63M – $4.83M
NOI $290,044 @ 7.0% cap · market cap 68.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,122
Businesses Nearby
Explore this area
Business Placement
Demographics for 46808, IN
19,894
Population
9,298
Households
2.1
Avg Household Size
35
Median Age
19%
College-Educated
88%
High-School Grad
10.6 sq mi
ZIP Area
1,877
Density / Sq Mi
$53,632
Median Household Income
$35,123
Median Earnings
$939
Median Rent
$127,800
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 building with warehouse and office space near downtown.
Where is this mixed-use property located?
The property is located at 1441 Wells St Fort Wayne, IN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Prime location: just 0.5 miles from Downtown Fort Wayne, close to riverfront development and River North project.; Versatile space: features 1,873 SF office and 3,087 SF warehouse suitable for various uses.; Warehouse features clear‑span space and a 12’ x 10’ overhead door.
