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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    321 State Blvd Fort Wayne, IN 46808-3134

    • Turn key restaurants
    • 2,710 SF
    • 0.62 lot acres
    OFF-MARKET
    Last Sale
    Jun 09, 2021
    Value Estimations
    $215,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0198222
    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

    • Clara’s Pizza King / Pizza Restaurant

    Property Details for 321 State Blvd

    Year built
    1979
    Construction
    WOOD
    Lot size
    0.62 lot acres
    Property size
    2,710 SF
    Property type
    Turn key restaurants
    APN
    02-07-35-328-001.000-074
    APU
    20735328001000074

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $170,000
      Market price range: $171k - $342k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $255,000
      Current use
      RETAIL STORES
      $210,000
      Change: -17% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Wayne
    County
    Allen
    State
    Indiana
    Longitude
    -85.146
    Latitude
    41.0958
    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
    $3,788
    $81,000
    $59,500
    $140,500
    -
    $81,000
    $59,500
    $140,500

    Comparable in this City

    • Value Estimation
      $80,000
      364 SF

      930 Goshen Ave

      RESTAURANT • 364 SF
      930 Goshen Ave, Fort Wayne, IN 46808-2059
      View Details
    • Value Estimation
      $220,000
      3,040 SF

      904 State Blvd

      RESTAURANT • 3,040 SF
      904 State Blvd, Fort Wayne, IN 46808-3164
      View Details
    • Value Estimation
      $335,000
      5,281 SF

      2929 Goshen Rd

      RESTAURANT • 5,281 SF
      2929 Goshen Rd, Fort Wayne, IN 46808-1321
      View Details
    • Value Estimation
      $220,000
      2,990 SF

      1020 Coliseum Blvd

      RESTAURANT • 2,990 SF
      1020 Coliseum Blvd, Fort Wayne, IN 46808-1224
      View Details
    • Value Estimation
      $215,000
      2,580 SF

      1603 Wls St

      RESTAURANT • 2,580 SF
      1603 Wls St, Fort Wayne, IN 46808-3233
      View Details
    • Value Estimation
      $305,000
      5,350 SF

      1732 Main St

      RESTAURANT • 5,350 SF
      1732 Main St, Fort Wayne, IN 46808-3355
      View Details

    Similar Nearby for Sale

    • $2,600,000
      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
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    • $425,000
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      Downtown Fort Wayne Bar for Sale

      Historic Main Street, turnkey bar, liquor license included.
      1201 Main St, Fort Wayne, IN 46808
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    • $325,000
      2,985 SF

      Versatile Retail or Office Building

      Adaptable building suitable for retail or office use.
      1314 E State Blvd, Fort Wayne, IN 46808
      View Details
    • $395,000
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      Goshen Road Retail Investment Opportunity

      Fort Wayne retail property, high growth area.
      1323 Goshen Rd, Fort Wayne, IN 46808
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    • $200,000

      Prime Fort Wayne Commercial Land

      Build Your Business Here! High Traffic Area!
      3625 Coliseum Blvd, Fort Wayne, IN 46808
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    • $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
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    Similar Nearby for Lease

    • $6 SF/Yr
      43,560 SF

      Retail Space Near I-69

      Retail spaces available near I-69 and Downtown Fort Wayne.
      1421-1575 Goshen Ave, Fort Wayne, IN 46808
      View Details
    • $22 SF/Yr
      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
    • $12 SF/Yr

      Retail Center on Bustling Street

      Retail suites available in high-traffic Fort Wayne location.
      821 W Coliseum Blvd, Fort Wayne, IN 46808
      View Details
    • $6 SF/Yr
      2,607 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
    • $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
      6,977 SF

      Fort Wayne Retail Space Available

      Prime Retail Space, 5,600 SF Available
      902 Goshen Ave, Fort Wayne, IN 46808
      View Details
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    Fort Wayne, IN 46808-3134
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    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
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