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    3201 St Joe Ctr Rd Fort Wayne, IN 46835
    Property profile & analytics

    3201 St Joe Ctr Rd, Fort Wayne, IN 46835

    View on Map
    • Lifestyle centers
    • 63,543 SF
    • 8.03 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 3201 St Joe Ctr Rd

    Year built
    1969
    Lot size
    8.03 lot acres
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional investment opportunity presents Riviera Plaza Shopping Center, a single-story, 63,543 square foot retail center situated on 8.03 acres in Fort Wayne, Indiana. Built in 1969, the property boasts 253 parking spaces and is conveniently located at the highly trafficked intersection of St. Joe Center Road and St. Joe Road, experiencing a daily vehicle count of 29,900. The center is zoned NC and features a total of one building. Currently, there is 7,010 square feet of vacant space available, divisible into units as small as 2,000 square feet, with a maximum contiguous space of 5,010 square feet. The property's prime location offers exceptional visibility and accessibility, benefiting from close proximity to Purdue University Fort Wayne, Ivy Tech Community College, and Canterbury Green Apartments, ensuring a consistent flow of potential customers. The Allen County property (APN: 02-08-17-354-013.000-072) presents a compelling opportunity for investors seeking a well-positioned retail asset in a thriving market. The property's size and layout offer flexibility for a variety of retail uses. This is a rare chance to acquire a substantial retail property in a desirable location with significant growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Fort Wayne
    County
    Allen
    State
    Indiana
    Longitude
    -85.1008
    Latitude
    41.135

    Comparable in this City

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      0.91 Acres

      6648-6656 St. Joe Rd

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      0.28 Acres

      4600 Maplecrest Rd

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      10150 Maysville Rd

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    • Value Estimation
      $740,000
      36,200 SF

      10530 Maysville Rd

      SHOPPING CENTER, STRIP CENTER
      10530 Maysville Rd, Fort Wayne, IN 46835-9244
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    • Value Estimation by Request
      2.09 Acres

      4520 Maplecrest Rd

      SHOPPING CENTER, STRIP CENTER
      4520 Maplecrest Rd, Fort Wayne, IN 46835-3970
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    • Value Estimation by Request
      7,326 SF

      10446 Maysville Rd

      SHOPPING CENTER, STRIP CENTER
      10446 Maysville Rd, Fort Wayne, IN 46835-9762
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    Similar Nearby for Sale

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      Commercially Zoned Development Land

      Commercially zoned development land on a highly visible, busy arterial road with strong exposure for future business use.
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      Maplecrest Road Land For Sale

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    Similar Nearby for Lease

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      2,813 SF

      Retail Space Available For Lease

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      Retail Suites Near Kroger Center

      Retail suites available, shadow-anchored by Kroger Shopping Center.
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      High-Traffic Retail Space Available

      Prime retail location with excellent visibility and accessibility in Fort Wayne.
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      Retail Space in High-Traffic Area

      Retail space available in a well-established Fort Wayne shopping center.
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      Retail, Medical, Office Space Available

      978 SF space suitable for retail, medical, or office use.
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      Retail Space For Lease

      1,509 SF retail space with excellent demographics.
      10150 Maysville Rd, Fort Wayne, IN 46835
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    Fort Wayne, IN 46835
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    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
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