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Property profile & analytics
OFF-MARKET
Estimated value
$630,000
Warehouses
220 Wallace St Fort Wayne, IN 46803-2341
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US31-0611099
Property summary
AI-generated overview
This exceptional commercial property, located at 220 E. Wallace St in Fort Wayne, Indiana, presents a unique investment opportunity. The 13,423 square foot space, situated on a 0.5-acre lot (APN 02-12-11-282-010.000-074), is comprised of two single-story buildings. Recently renovated in 2017 and 2023, including new roofs, the property boasts both indoor and outdoor dining areas, a private event space overlooking a former distillery/production area, a charming courtyard, and a covered patio with an open-air lounge. Currently configured as a bar and restaurant, the property's I-2 and C-2 zoning allows for a wide range of potential uses. Built in 1925, this Class B retail space offers a compelling blend of historic charm and modern amenities. The asking price is $835,000, translating to $62.21 per square foot. This high-traffic location near downtown Fort Wayne offers significant potential for a variety of businesses. The property's recent renovations and flexible zoning make it an ideal investment for discerning buyers seeking a turn-key operation or a blank canvas for their entrepreneurial vision.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1925
Construction
WOOD
Total area
9,810 SF
Lot
0.5 ac (21,693 SF)
APN
02-12-11-282-010.000-074
UPID
US31-0611099
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
Current use
Occupant on record · Public records
-
H J Schroeder Co Inc Big Box & Wholesale Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$730k
Blend (final)
Blend
$630k
Owner & transaction history
Tegustocompound LLC · 1 yrs held
Tegustocompound LLC
since 2025
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$930,000
+60.3%
Commercial (general)
$725,000
+25.4%
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
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$580,000
Current use
RETAIL STORES
$930,000
Change: +60% · Conversion: Moderate
COMMERCIAL (GENERAL)
$725,000
Change: +25% · Conversion: Difficult
Blend value · Realmo final
$630k
Range $567k – $693k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$64 / SF
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
$1,490
Tax year 2023
Assessed value
$193,100
Assessed 2023
Previous assessed
$193,100
+0.0% YoY
Effective rate
0.77%
On assessed value
Assessed land
$16,300
Assessed improvement
$176,800
Land market value
$16,300
Improvement market value
$176,800
Total market value
$193,100
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1925
Construction
WOOD
Heating
NONE
Stories
1
Total area
9,810 SF
Lot
0.5 ac (21,693 SF)
APN
02-12-11-282-010.000-074
UPID
US31-0611099
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
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$580,000
RETAIL STORES
Est. value
$930,000
COMMERCIAL (GENERAL)
Est. value
$725,000
WAREHOUSE, STORAGE Current
RETAIL STORES
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1925
Construction
WOOD
Heating
NONE
Stories
1
Lot
0.5 ac
Current owner
From public records · entity-resolved
Tegustocompound LLC
Entity
Mailing address
PO BOX 11772, FORT WAYNE, IN 46860-1772
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 24, 2025
—
Tegustocompound LLC
121 W Wayne LLC
Deed
$750,000 · Bippus State Bank
Apr 29, 2016
$96,000
121 W Wayne LLC
Kurt Mundinger
Warranty Deed
—
Aug 19, 2014
—
Kurt Mundinger
Leroy Cable
Quit Claim Deed
related
—
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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