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

    1923 Spy Run Ave Fort Wayne, IN 46805-4038

    • Commercial real estate
    • 2,409 SF
    • 0.17 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0401426
    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

    • Bug Free Pest Control, LLC / Garden Center

    Property Details for 1923 Spy Run Ave

    Year built
    1880
    Construction
    WOOD
    Lot size
    0.17 lot acres
    Property size
    2,409 SF
    Property type
    Commercial real estate
    APN
    02-07-35-478-045.000-074
    APU
    20735478045000074

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Wayne
    County
    Allen
    State
    Indiana
    Longitude
    -85.1349
    Latitude
    41.0926
    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
    $1,799
    $15,000
    $56,100
    $71,100
    -
    $15,000
    $56,100
    $71,100

    Comparable in this City

    • Value Estimation by Request
      0.10 Acres

      3200 Cres Ave

      COMMERCIAL (GENERAL) • 0.10 Acres
      3200 Cres Ave, Fort Wayne, IN 46805
      View Details
    • Value Estimation by Request
      1,280 SF

      2329 Cres Ave

      COMMERCIAL (GENERAL) • 1,280 SF
      2329 Cres Ave, Fort Wayne, IN 46805-3521
      View Details
    • Value Estimation by Request
      2,400 SF

      3511 Eleanor Ave

      COMMERCIAL (GENERAL) • 2,400 SF
      3511 Eleanor Ave, Fort Wayne, IN 46805-1843
      View Details
    • Value Estimation by Request
      1,800 SF

      435 Livingston Ave

      COMMERCIAL (GENERAL) • 1,800 SF
      435 Livingston Ave, Fort Wayne, IN 46805-1869
      View Details
    • Value Estimation by Request
      1,020 SF

      318 Norfolk Ave

      SHOW ROOM, WAREHOUSE • 1,020 SF
      318 Norfolk Ave, Fort Wayne, IN 46805-1744
      View Details
    • Value Estimation by Request
      2,416 SF

      1326 Spy Run Ave

      COMMERCIAL (GENERAL) • 2,416 SF
      1326 Spy Run Ave, Fort Wayne, IN 46805-4028
      View Details

    Similar Nearby for Sale

    • $490,000
      1.46 Acres

      Coliseum Blvd Commercial Land Parcels

      Two prime development lots in Fort Wayne.
      2800 Coliseum Blvd, Fort Wayne, IN 46805
      View Details
    • $199,000
      0.28 Acres

      Prime Commercial Land, Fort Wayne

      0.276 Acres, High Visibility, C-3 Zoning
      545 State Blvd, Fort Wayne, IN 46805
      View Details
    • $349,000
      1.87 Acres

      Hobson Road Development Site

      1.87 Acres, High-Traffic Location
      2001 Hobson Rd, Fort Wayne, IN 46805
      View Details
    • $4,000,000
      36,533 SF

      Fort Wayne Industrial Investment Opportunity

      36,533 SF building with 5 units, 100% occupancy.
      3427-3425 North Clinton St, Fort Wayne, IN 46805
      View Details
    • $3,724,380
      169,448 SF

      Roller Dome North Redevelopment Opportunity

      Redevelopment opportunity near shopping, retail, and industrial corridors.
      444 Coliseum Blvd West, Fort Wayne, IN 46805
      View Details
    • $199,000

      Highly Visible Commercial Lot

      Commercial lot with high visibility and traffic count.
      545 E State Blvd, Fort Wayne, IN 46805
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      575 SF

      Lake Avenue Executive Office Suite

      Downtown-adjacent office space, 575 sq ft available.
      2250 Lake Ave, Fort Wayne, IN 46805
      View Details
    • Contact for pricing
      7,930 SF

      Former Medical Office Space Available

      7,930 SF medical office for lease on 1.33 acres.
      3909 Lake Ave, Fort Wayne, IN 46805
      View Details
    • $4 SF/Yr
      89,080 SF

      Office/Flex Space For Rent

      Office and flex space with high visibility and easy access.
      909-929 N Coliseum Blvd, Fort Wayne, IN 46805
      View Details
    • Contact for pricing
      254,112 SF

      Glenbrook Commons Retail Space

      Fort Wayne Shopping Center: Space Available
      4200 Lima Rd, Fort Wayne, IN 46805
      View Details
    • $18 SF/Yr
      8,911 SF

      Statewood Plaza Retail Space

      Fort Wayne retail space, ample parking.
      3905-3931 State Blvd, Fort Wayne, IN 46805
      View Details
    • $7 SF/Yr
      89,080 SF

      Industrial Space on Coliseum Boulevard

      7,800 SF industrial space with I-69 access.
      917 North Coliseum Blvd, Fort Wayne, IN 46805
      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.
    1923 Spy Run Ave
    Fort Wayne, IN 46805-4038
    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.