3232 St Joe Ctr Rd Fort Wayne, IN 46835

Property Details for 3232 St Joe Ctr Rd

Year built

1975

Lot size

0.65 lot acres

Property size

2,981 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This single-tenant, NNN retail property, located at 3232 St Joe Center Rd, Fort Wayne, IN 46835, offers a compelling investment opportunity. The 2,981 square foot restaurant building sits on a 0.65-acre lot with 40 parking spaces and benefits from a high-traffic location near I-69, Ivy Tech Community College, Purdue Fort Wayne, and downtown Fort Wayne. The property is situated in a plaza with other established businesses including McDonald's, Dunkin' Donuts, Taco Bell, Pizza Hut, Piere's Entertainment Center, and Summit City Comedy Club, ensuring high visibility and foot traffic. Built in 1975, the building has undergone significant renovations in 2002, 2012, 2021, and most recently in 2024 with a new roof. The current tenant, a seasoned restaurant operator with over 40 years of experience and owner of three other restaurants, has a 7-year remaining lease with a 10% rental increase built into the term. The property boasts a current NOI of $72,000 and a pro-forma NOI of $79,200, translating to a current cap rate of 7.27% and a projected cap rate of 8% within two years. The asking price is $990,000, representing a price per square foot of $332.10. The property is zoned NC and features one single-story building. This is a turnkey investment opportunity with a stable tenant and strong potential for future growth.

Location Insight

City

Fort Wayne

County

Allen

State

Indiana

Longitude

-85.1008

Latitude

41.1332