Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Commercial Land Along Illinois Road Title is generated by Realmo AI

    3500 Illinois Rd, Fort Wayne, IN 46802

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    14.84 acres of commercial land ready for development.

    Type:Land
    Lot size:
    14.84 Acres
    Added:
    Aug 15, 2019
    Days on Market:
    2487
    Last Refresh:
    May 19 at 9:24 pm

    Property Features for 3500 Illinois Rd

    General Information

    Standard status
    Active
    Lot size
    14.84 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Kienan O'Rourke

    Listing agent Kienan O'Rourke License #IN RB14051217

    Listing office Xplor Commercial Real Estate

    Listing date Aug 15, 2019

    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 Xplor Commercial Real Estate

    HighLights

    • Development‑ready site with all infrastructure established.
    • 14.84 acres of commercial land.
    • High daily traffic volume from travelers, business, and local residents.
    • Located along a corridor connecting Southwest Fort Wayne to Downtown.
    • Suitable for retail, office, industrial, storage, or multifamily development.
    • Priced to sell.

    Overview

    This commercial land offering consists of 14.84 acres situated along a corridor connecting Southwest Fort Wayne to Downtown. The location benefits from abundant daily traffic, including travelers, business commuters, and local residents. The site is suitable for retail, office, industrial, storage, or multifamily development. All necessary infrastructure is established, making the site development ready.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Wayne
    County
    Allen
    State
    Indiana
    Longitude
    -85.186461
    Latitude
    41.074995

    Nearby Similar for Sale

    • $450,000

      High Visibility Commercial Property

      Commercial property with high visibility and traffic flow.
      3112 N Clinton Street, Fort Wayne, IN 46805
      View Details
    • $379,999

      Retail Ready Commercial Property

      High-visibility corner lot suitable for retail or convenience operations.
      2915 S Calhoun Street, Fort Wayne, IN 46807
      View Details
    • $1,188,000

      Mixed-Use Motel and Apartment Property

      A flexible 16-room property currently used for professional business space and apartments, with separate front and back entrances.
      5634 W Jefferson Boulevard, Fort Wayne, IN 46804
      View Details
    • $990,000
      8,325 SF

      Modern Manufacturing Facility in Centennial Park

      Versatile industrial flex space ideal for manufacturing and warehousing.
      3209 Clearfield Court, Fort Wayne, IN 46808
      View Details
    • $2,000,000

      Aboite Township Mixed-Use Opportunity

      Open concept building in medical office community with flexible layout.
      7619 W Jefferson Boulevard, Fort Wayne, IN 46804
      View Details
    • $625,000
      3,945 SF

      Renovated Tudor Triplex Investment Opportunity

      Turnkey investment triplex with short-term rental potential near Purdue Fort Wayne.
      3025 N Anthony Boulevard, Fort Wayne, IN 46805-2723
      View Details
    • $750,000

      Commercial Land with Road Frontage

      Prime commercial land opportunity with high traffic and development potential.
      7828 Aboite Center Road, Fort Wayne, IN 46804
      View Details
    • $750,000

      Commercial Land on Aboite Center

      Commercial land with frontage on Aboite Center Road in Fort Wayne.
      7820 Aboite Center Road, Fort Wayne, IN 46804-4112
      View Details
    • $300,000

      Immaculate Church Building on Corner Lot

      Well-maintained church building with finished basement and great visibility.
      639 Putnam Street, Fort Wayne, IN 46808
      View Details
    • $349,900
      1,508 SF

      Fort Wayne Acreage with Potential

      3.57 acre lot with commercial and development potential.
      2605 W Dupont Road, Fort Wayne, IN 46818-8917
      View Details
    • $455,000
      1,269 SF

      High-Exposure Fort Wayne Commercial Land

      Prime commercial land with high traffic and development potential.
      4422 Hillegas Road, Fort Wayne, IN 46818
      View Details
    • $349,900

      3.57 Acre Fort Wayne Lot

      3.57 acre lot with commercial and development potential.
      2605 W Dupont Road, Fort Wayne, IN 46818-8917
      View Details

    FAQs

    What type of property is this?
    Commercial land - 14.84 acres of commercial land ready for development.
    Where is this commercial land located?
    The property is located at 3500 Illinois Rd Fort Wayne, IN.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: Development‑ready site with all infrastructure established.; **14.84 acres of commercial land.**; High daily traffic volume from travelers, business, and local residents.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Kienan O'Rourke
    Real Estate License ID: IN RB14051217
    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
    3500 Illinois Rd, Fort Wayne, IN 46802
    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!