NNN-Leased Medical Office
For Sale
$3,780,000
9835 Auburn Rd, Fort Wayne, IN 46825
Single-tenant office/medical building is fully NNN leased with eight years remaining on the lease term.
Property Size10,856 SF
Days on Market50
Property Features for 9835 Auburn Rd
General Information
Standard status
Active
Size
10,856 SF
Class
A
Property subtype
Office - Medical Office
Building Details
Building Size
10,856 SF
Year Built
2001
Year Renovated
2019
Units
1
Listing Agency:
SVN | Parke Group
Listed By:
Diana L. Parent · License #RB14025581
(260) 489-8500
Source:
Commercialcafe
Added: Jul 25
Changed: Sep 8
Last Checked: Sep 12 at 4:12AM
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 SVN | Parke Group
Investment Insights
Based on property information with market context.
This fully NNN leased office/medical property consists of a single, extensively renovated building totaling 10,856 square feet. The space is presented as turnkey, with 100% occupancy and a strong tenant in place.
The property is zoned NC and is located near Dupont Hospital and numerous medical offices, supporting a consistent demand profile for medical-oriented professional use.
With 8 years remaining on the lease, this asset offers long-term income security in a well-maintained, single-tenant configuration.
The property is zoned NC and is located near Dupont Hospital and numerous medical offices, supporting a consistent demand profile for medical-oriented professional use.
With 8 years remaining on the lease, this asset offers long-term income security in a well-maintained, single-tenant configuration.
Key Highlights
- 10,856 SF single‑tenant office/medical building fully NNN leased
- 8 years remaining on the lease term with 100% occupancy and a strong tenant
- Extensively renovated, meticulously maintained space
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
$120,090
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
3.18%
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%
$2,401,800
$2.4M
Cap Rate 7%
$1,715,571
$1.7M
Cap Rate 9%
$1,334,333
$1.3M
Market Conditions
NOI Build-Up for 10,856 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
$217.6K $20.04/SF
− Vacancy
−$17.4K −$1.60/SF
EGI
$200.1K $18.44/SF
− OpEx
−$80.1K −$7.37/SF
NOI
$120.1K $11.06/SF
Area
Fort Wayne, IN
Vacancy
8.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
40.00%
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%
$2,401,800
Cap Rate 7%
$1,715,571
Cap Rate 9%
$1,334,333
Alternative Uses
Best Use
Healthcare Medical
$1.72M
$1.50M – $2.00M
NOI $120,090 @ 7.0% cap · market cap 3.18%
Second Best
Office B
$1.71M
$1.50M – $2.00M
NOI $119,788 @ 7.0% cap · market cap 3.17%
Theoretical Best
Multifamily LT 5
$9.07M
$7.94M – $10.58M
NOI $634,822 @ 7.0% cap · market cap 16.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,116
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46825, IN
29,062
Population
13,597
Households
2.1
Avg Household Size
38
Median Age
34%
College-Educated
91%
High-School Grad
15.6 sq mi
ZIP Area
1,863
Density / Sq Mi
$68,890
Median Household Income
$44,788
Median Earnings
$1,044
Median Rent
$202,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-tenant office/medical building is fully NNN leased with eight years remaining on the lease term.
Where is this medical office space located?
The property is located at 9835 Auburn Rd Fort Wayne, IN.
What is the asking price?
The asking price for this property is $3,780,000.
What are key features of this property?
This property features: 10,856 SF single‑tenant office/medical building fully NNN leased; 8 years remaining on the lease term with 100% occupancy and a strong tenant; Extensively renovated, meticulously maintained space
