Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1414 Reckeweg Rd Fort Wayne, IN 46804-1793

    • Residential income homes
    • 2,240 SF
    • 0.42 lot acres
    OFF-MARKET
    Value Estimations
    $200,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0590187
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Residential income homes

    Property Details for 1414 Reckeweg Rd

    Year built
    1961
    Construction
    WOOD
    Lot size
    0.42 lot acres
    Property size
    2,240 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    02-12-08-105-008.000-074
    APU
    21208105008000074

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $245,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $152,000
      Market price range: $146k - $217k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $165,000
      Current use
      COMMERCIAL (GENERAL)
      $205,000
      Change: +25% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Fort Wayne
    County
    Allen
    State
    Indiana
    Longitude
    -85.206
    Latitude
    41.0722
    CBSA code
    23060
    CBSA name
    FORT WAYNE, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,658
    $14,700
    $57,800
    $72,500
    -
    $14,700
    $57,800
    $72,500

    Comparable in this City

    • Value Estimation
      $235,000
      3,432 SF

      3839 Sleepy Holw Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,432 SF
      3839 Sleepy Holw Ln, Fort Wayne, IN 46804-6278
      View Details
    • Value Estimation
      $240,000
      3,600 SF

      3705 Sleepy Holw Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,600 SF
      3705 Sleepy Holw Ln, Fort Wayne, IN 46804-6276
      View Details
    • Value Estimation
      $240,000
      3,476 SF

      3837 Sleepy Holw Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,476 SF
      3837 Sleepy Holw Ln, Fort Wayne, IN 46804-6277
      View Details
    • Value Estimation
      $230,000
      2,314 SF

      2203 Reckeweg Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,314 SF
      2203 Reckeweg Rd, Fort Wayne, IN 46804-1727
      View Details
    • Value Estimation
      $235,000
      3,600 SF

      3705 Sleepy Holw Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,600 SF
      3705 Sleepy Holw Ln, Fort Wayne, IN 46804-6276
      View Details
    • Value Estimation
      $230,000
      3,432 SF

      3839 Sleepy Holw Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,432 SF
      3839 Sleepy Holw Ln, Fort Wayne, IN 46804-6278
      View Details

    Similar Nearby for Sale

    • $1,188,000
      0.57 Acres

      Mixed-Use Property in Fort Wayne

      Mixed-use property suitable for motel, business, or apartments.
      5634 W Jefferson Blvd, Fort Wayne, IN 46804
      View Details
    • Contact for pricing
      10.18 Acres

      Illinois Road Commercial Land

      10 Acres, High Traffic, Development Ready
      9026 Illinois Rd, Fort Wayne, IN 46804
      View Details
    • $2,238,624
      3.40 Acres

      Inverness Park Commercial Land

      Fort Wayne development site, high traffic.
      7621 Illinois Rd, Fort Wayne, IN 46804
      View Details
    • $595,000
      0.87 Acres

      Fort Wayne Commercial Land Opportunity

      High-potential commercial land, prime location.
      7933 Aboite Center Rd, Fort Wayne, IN 46804
      View Details
    • Contact for pricing
      0.65 Acres

      Getz Road Development Land

      Fort Wayne development site, prime location.
      1706-1835 Getz Rd, Fort Wayne, IN 46804
      View Details
    • $375,000
      0.84 Acres

      Getz Road Commercial Land - Fort Wayne

      0.84 Acres, C-2 Zoning, High Traffic
      1907 Getz Rd, Fort Wayne, IN 46804
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      130,100 SF

      Orchard Crossing Retail Space

      Fort Wayne retail space, high-traffic location.
      1000 Thomas Rd, Fort Wayne, IN 46804
      View Details
    • $17 SF/Yr
      1,350 SF

      Office Suite For Lease

      1,350 SF office suite with excellent visibility available for lease.
      4705 Illinois Rd, Fort Wayne, IN 46804
      View Details
    • Contact for pricing

      Commercial Land Near Jefferson Pointe

      Commercial land available across from Jefferson Pointe Mall.
      4030 Illinois Rd, Fort Wayne, IN 46804
      View Details
    • Contact for pricing

      Commercial Outlot in Power Center

      0.277 acre outlot with existing 1,835 SF building.
      4906 Illinois Rd, Fort Wayne, IN 46804
      View Details
    • $22 SF/Yr
      1,679 SF

      High Visibility Office Space

      Office space for lease with high visibility and ample parking.
      9307 Illinois Rd, Fort Wayne, IN 46804
      View Details
    • $19 SF/Yr
      58,988 SF

      Pointe Inverness II Office Space

      Class A Office Suites in Fort Wayne, IN
      7030 Pointe Inverness Way, Fort Wayne, IN 46804
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1414 Reckeweg Rd
    Fort Wayne, IN 46804-1793
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.