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Property profile & analytics
OFF-MARKET
Residential income homes
1414 Reckeweg Rd Fort Wayne, IN 46804-1793
Entity Owned
8-yr Hold
Property ID
US31-0590187
Property summary
AI-generated overview
This exceptional 10-unit apartment building presents a compelling investment opportunity in the thriving southwest Fort Wayne area. Priced at $1,040,000, this property boasts a strong 6.64% cap rate and a substantial net operating income (NOI) of $69,045, reflecting a 100% occupancy rate. The complex comprises two one-story buildings totaling 7,224 square feet situated on a 1.19-acre lot at 1414 Reckeweg Rd, Fort Wayne, IN 46804. Six of the ten units have been recently remodeled and updated, offering immediate upside potential through market rent adjustments. Its convenient location between Illinois Road and W. Jefferson Blvd, near Jefferson Pointe, provides easy access to I-69 and downtown Fort Wayne. The property benefits from its proximity to a retail corridor within a residential neighborhood, ensuring consistent demand. All units are well-maintained and currently occupied. Showings are by appointment only, following the execution of a Letter of Intent. This is a turnkey investment ready to generate immediate income.
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
1961
Construction
WOOD
Total area
2,240 SF
Lot
0.42 ac (18,295 SF)
APN
02-12-08-105-008.000-074
UPID
US31-0590187
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Verte LLC · 8 yrs held
Verte LLC
since 2017
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Fort Wayne submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Fort Wayne submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$1,658
Tax year 2023
Assessed value
$72,500
Assessed 2023
Previous assessed
$72,500
+0.0% YoY
Effective rate
2.29%
On assessed value
Assessed land
$14,700
Assessed improvement
$57,800
Land market value
$14,700
Improvement market value
$57,800
Total market value
$72,500
Applied tax rate
91.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Status
Off-Market
Year built
1961
Construction
WOOD
Heating
NONE
Stories
1
Units
4
Total area
2,240 SF
Lot
0.42 ac (18,295 SF)
APN
02-12-08-105-008.000-074
UPID
US31-0590187
Jurisdiction
ALLEN
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1961
Construction
WOOD
Heating
NONE
Stories
1
Units
4
Lot
0.42 ac
Current owner
From public records · entity-resolved
Verte LLC
Entity
Mailing address
5651 COVENTRY LN #195, FORT WAYNE, IN 46804-7145
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 1, 2017
$297,000
Verte LLC
Gernard R Payton
Personal Representative Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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