Add Listing
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

    3005 Hillegas Rd Fort Wayne, IN 46808-3863

    • Grocery and convenience stores
    • 4,654 SF
    • 1.46 lot acres
    OFF-MARKET
    Last Sale
    Jan 11, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2380990
    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

    • Marathon Gas / Gas Station
    • Phil's One Stop / Grocery & Convenience Store

    Property Details for 3005 Hillegas Rd

    Year built
    2012
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.46 lot acres
    Property size
    4,654 SF
    Property type
    Grocery and convenience stores
    APN
    02-07-32-226-008.000-066
    APU
    20732226008000066

    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
    -85.1929
    Latitude
    41.1024
    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
    $12,242
    $254,400
    $444,000
    $698,400
    -
    $254,400
    $444,000
    $698,400

    Comparable in this City

    • Value Estimation
      $10,480,000
      90,613 SF

      1201 State Blvd

      GROCERY, SUPERMARKET • 90,613 SF
      1201 State Blvd, Fort Wayne, IN 46808
      View Details
    • Value Estimation
      $660,000
      4,968 SF

      901 Coliseum Blvd

      CONVENIENCE STORE • 4,968 SF
      901 Coliseum Blvd, Fort Wayne, IN 46808-1221
      View Details
    • Value Estimation by Request
      4,284 SF

      2304 Sherman Blvd

      CONVENIENCE STORE • 4,284 SF
      2304 Sherman Blvd, Fort Wayne, IN 46808-3162
      View Details
    • Value Estimation by Request
      3,241 SF

      1636 Bch St

      CONVENIENCE STORE • 3,241 SF
      1636 Bch St, Fort Wayne, IN 46808-3253
      View Details
    • Value Estimation by Request
      2,130 SF

      1810 Coliseum Blvd, Unit 1820

      CONVENIENCE STORE • 2,130 SF
      1810 Coliseum Blvd, Fort Wayne, IN 46808-1109
      View Details
    • Value Estimation
      $560,000
      14,720 SF

      1612 Sherman Blvd

      GROCERY, SUPERMARKET • 14,720 SF
      1612 Sherman Blvd, Fort Wayne, IN 46808-3250
      View Details

    Similar Nearby for Sale

    • $2,300,000
      8,830 SF

      Redevelopment Opportunity on Coliseum Boulevard

      8,830 SF building on 1.45 acres for sale.
      930 East Coliseum Blvd, Fort Wayne, IN 46808
      View Details
    • $225,000
      0.05 Acres

      Turnkey Restaurant/Bar in Fort Wayne

      Commercial property in Fort Wayne's historic Main Street district.
      1201 W Main St, Fort Wayne, IN 46808
      View Details
    • Contact for pricing
      42,320 SF

      Historic Mixed-Use Redevelopment Opportunity

      Located near Riverfront Park, potential for retail, office, or apartments.
      200 6Th St, Fort Wayne, IN 46808
      View Details
    • Contact for pricing
      2,340 SF

      Commercial Space on Goshen Road

      2,340 SF commercial space with C4 zoning for sale.
      1320 Goshen Ave, Fort Wayne, IN 46808
      View Details
    • New
      $389,900
      0.75 Acres

      Prime Commercial Land Opportunity

      Under an acre, endless commercial potential near Hillegas Road.
      3640 W State Blvd, Fort Wayne, IN 46808
      View Details
    • $489,000
      1.05 Acres

      Land with Commercial Potential

      Over one acre of land with commercial potential.
      3726 W State Blvd, Fort Wayne, IN 46808
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr
      2,520 SF

      Retail Space in Established Center

      Retail space available in a well-established shopping center.
      6505 E State Blvd, Fort Wayne, IN 46808
      View Details
    • Contact for pricing
      3,000 SF

      Retail Spaces in Kroger Anchored Center

      Retail and office spaces available in Kroger anchored shopping center.
      1201 W State Blvd, Fort Wayne, IN 46808
      View Details
    • Contact for pricing
      2,644 SF

      Retail Space with Dedicated Parking

      Retail space in vibrant corridor with on-site parking.
      1530 N Wells St, Fort Wayne, IN 46808
      View Details
    • Contact for pricing
      1,900 SF

      New Retail Spaces with Drive-Thru

      New retail spaces with drive-thru, high-traffic location.
      4615-4623 Bass Rd, Fort Wayne, IN 46808
      View Details
    • Contact for pricing
      6,686 SF

      Retail Space in Coliseum Shoppes

      Retail space for rent in Fort Wayne's Coliseum Shoppes.
      501-549 E Coliseum Blvd, Fort Wayne, IN 46808
      View Details
    • Contact for pricing

      High Visibility Fort Wayne Location

      Versatile commercial space with high traffic exposure and convenient access.
      910-916 W Coliseum Blvd, Fort Wayne, IN 46808
      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.
    3005 Hillegas Rd
    Fort Wayne, IN 46808-3863
    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.
    Sign Up Successful!
    You now have access to more from Realmo!