10830 Coldwater Rd Fort Wayne, IN 46845-1241

Property Details for 10830 Coldwater Rd

Year built

1997

Construction

TYPE NOT SPECIFIED

Lot size

0.71 lot acres

Property size

3,792 SF

Property type

Auto shops

APN

02-02-34-303-001.000-091

APU

20234303001000091

Description

This exceptional investment opportunity presents a fee-simple interest in a 3,754 square foot, single-tenant auto shop located at 10830 Coldwater Rd, Fort Wayne, IN 46845. The property, built in 1997 and renovated in 2023, sits on a 0.71-acre lot and boasts a 100% occupancy rate since July 31, 2023. The current lease with Strickland Brothers "10 Minute Oil Change" commenced on that date and extends for a substantial 15.1-year term, expiring August 30, 2038, with a remaining term of 13.8 years. The lease is a triple net (NNN) agreement, ensuring minimal landlord responsibilities. Rent increases are structured with a 10% bump every five years, providing significant long-term income growth. The property enjoys a prime location on Coldwater Road, a high-traffic retail corridor with 15,800 vehicles passing daily. The strong financial performance is reflected in the $90,373 Net Operating Income (NOI) and a compelling 6.85% capitalization rate. The asking price is $1,319,314, translating to $351.44 per square foot. This is a rare opportunity to acquire a stable, high-performing asset in a thriving market with a rapidly expanding tenant boasting over 175 existing locations and projected growth to over 242 by 2024. The surrounding area demonstrates strong demographics, with an average household income exceeding $99,000 within a one-mile radius. The property offers convenient access with multiple points of ingress and egress.

Location Insight

City

Fort Wayne

County

Allen

State

Indiana

Longitude

-85.1317

Latitude

41.1827

CBSA code

23060

CBSA name

FORT WAYNE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments