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

    4421 Norarrow Dr Fort Wayne, IN 46845

    • Commercial real estate
    • 3.00 lot acres
    For Sale
    View listing
    $658,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0262664
    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

    • Commercial real estate

    Property Details for 4421 Norarrow Dr

    Lot size
    3.00 lot acres
    Property type
    Commercial real estate

    Description

    Exceptional commercial development opportunity in Fort Wayne, Indiana. This 3-acre parcel, located at 4421 Norarrow Drive, offers unparalleled visibility and accessibility. Situated directly across from Parkview Regional Hospital and its medical complex, this property benefits from high traffic volume and proximity to major thoroughfares. Convenient access to I-69 via Union Chapel and Dupont Roads ensures easy commuting for employees and customers. The area is experiencing significant commercial and medical growth, presenting a strong investment potential. All utilities are readily available, and the site features excellent drainage, simplifying the development process. This property is also available for sale in conjunction with adjacent parcels (4121 and 4321 Norarrow Dr.) for a combined total of 10.71 acres, priced at $2,350,000. This prime location, coupled with its infrastructure and strategic positioning, makes it ideal for a variety of commercial or multi-family developments. The property is zoned for both commercial and residential use. This is a rare opportunity to capitalize on the thriving Fort Wayne market. Allen County, zip code 46845.

    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
    -85.0897113
    Latitude
    41.1923281

    Comparable in this City

    • $699,000
      4.11 Acres

      Coldwater Rd Redevelopment Opportunity

      4.11 Acres, Fort Wayne, IN
      11329 Coldwater Rd, Fort Wayne, IN 46845
      View Details
    • $869,500
      4.00 Acres

      Fort Wayne Commercial Land - $869,500

      Prime Commercial Development, High-Growth Area
      4121 Norarrow Dr, Fort Wayne, IN 46845
      View Details
    • $875,000
      2.58 Acres

      Prime Fort Wayne Residential Land

      2.58 Acres, $875,000 - Build Your Dream Home
      4031 Norarrow Dr, Fort Wayne, IN 46845
      View Details
    • $1,050,000
      5,468 SF

      Spacious Villa with Finished Basement

      Custom 3-bedroom villa with finished basement and residential elevator.
      1618 Autumn Run, Fort Wayne, IN 46845
      View Details
    • $110,000
      1.00 Acre

      Residential Land in Fort Wayne

      One-acre residential land with shed and trees in Fort Wayne.
      5100 Hursh Rd, Fort Wayne, IN 46845
      View Details
    • $1,100,000

      Prime Corner Lot Opportunity

      Nearly 2-acre hard-corner lot with high visibility.
      1901 Hathaway Rd, Fort Wayne, IN 46845
      View Details

    Similar Nearby for Sale

    • $699,000
      4.11 Acres

      Coldwater Rd Redevelopment Opportunity

      4.11 Acres, Fort Wayne, IN
      11329 Coldwater Rd, Fort Wayne, IN 46845
      View Details
    • $869,500
      4.00 Acres

      Fort Wayne Commercial Land - $869,500

      Prime Commercial Development, High-Growth Area
      4121 Norarrow Dr, Fort Wayne, IN 46845
      View Details
    • $875,000
      2.58 Acres

      Prime Fort Wayne Residential Land

      2.58 Acres, $875,000 - Build Your Dream Home
      4031 Norarrow Dr, Fort Wayne, IN 46845
      View Details
    • $1,050,000
      5,468 SF

      Spacious Villa with Finished Basement

      Custom 3-bedroom villa with finished basement and residential elevator.
      1618 Autumn Run, Fort Wayne, IN 46845
      View Details
    • Contact for pricing
      1.81 Acres

      Fort Wayne Commercial Land

      High-visibility corner lot, prime location.
      1901 Hathaway Rd, Fort Wayne, IN 46845
      View Details
    • $400,000

      Coldwater Road Commercial Land

      Fort Wayne retail land, high traffic.
      12309 Coldwater Rd, Fort Wayne, IN 46845
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Development in High-Growth Area

      New retail development with high visibility in growing Huntertown area.
      1955 Copper Mine Psge, Fort Wayne, IN 46845
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    • $15 SF/Yr

      Watersong Office Park Space

      Office space for lease in Watersong Office Park.
      12820-C Coldwater Rd, Fort Wayne, IN 46845
      View Details
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    Fort Wayne, IN 46845
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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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