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    Property profile & analytics

    5610 Coventry Ln Fort Wayne, IN 46804

    • Banks
    • 3,553 SF
    • 0.98 lot acres
    For Sale
    View listing
    $1,000,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1092003
    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

    • PNC Bank ATM / Atm

    Property Details for 5610 Coventry Ln

    Year built
    1992
    Construction
    WOOD
    Lot size
    0.98 lot acres
    Property size
    3,553 SF
    Property type
    Banks
    APN
    02-11-23-327-003.000-075
    APU
    21123327003000075

    Description

    This exceptional 3,553-square-foot executive office space, located at 5610 Coventry Lane in Fort Wayne, Indiana, presents a unique investment opportunity. The property, built in 1992, boasts a desirable C-1 zoning classification and sits on a 0.98-acre lot within the Airport Overlay District. Its strategic location offers unparalleled convenience, situated near major thoroughfares including I-69 and Jefferson Boulevard, ensuring easy accessibility for clients and employees. The building's modern architecture is complemented by a substantial 33-space dedicated parking lot, a significant advantage in a high-traffic area. Previously a bank branch, the property features four drive-thru lanes, making it ideally suited for a variety of uses, including retail, office, or medical practices. The surrounding area is thriving, with nearby establishments such as Kroger and Lutheran Hospital, attracting a high volume of foot traffic and providing a strong customer base. This property represents a rare chance to acquire a well-positioned, versatile commercial space in a rapidly growing section of Fort Wayne and Allen County. The asking price is $1,000,000. The property's features and location make it an attractive investment for discerning buyers seeking a high-return opportunity in a prime Fort Wayne location.

    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
    -85.2587
    Latitude
    41.0362
    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
    $18,264
    $149,400
    $591,500
    $740,900
    -
    $149,400
    $591,500
    $740,900

    Comparable in this City

    • Value Estimation
      $580,000
      5,062 SF

      9705 Illinois Rd

      FINANCIAL BUILDING • 5,062 SF
      9705 Illinois Rd, Fort Wayne, IN 46804-5793
      View Details
    • Value Estimation by Request
      2,973 SF

      5760 Coventry Ln

      FINANCIAL BUILDING • 2,973 SF
      5760 Coventry Ln, Fort Wayne, IN 46804-7141
      View Details
    • Value Estimation by Request
      2,276 SF

      10010 Illinois Rd

      FINANCIAL BUILDING • 2,276 SF
      10010 Illinois Rd, Fort Wayne, IN 46804-5772
      View Details
    • Value Estimation by Request
      4,094 SF

      6020 Jefferson Blvd

      FINANCIAL BUILDING • 4,094 SF
      6020 Jefferson Blvd, Fort Wayne, IN 46804-3069
      View Details
    • Value Estimation by Request
      2,548 SF

      5513 Illinois Rd

      FINANCIAL BUILDING • 2,548 SF
      5513 Illinois Rd, Fort Wayne, IN 46804-1151
      View Details
    • Value Estimation by Request
      3,285 SF

      7412 Illinois Rd

      FINANCIAL BUILDING • 3,285 SF
      7412 Illinois Rd, Fort Wayne, IN 46804
      View Details

    Similar Nearby for Sale

    • $799,000

      Former Bank Branch with Drive-Thru

      Well-positioned outparcel for retail, office, or medical uses.
      5610 Coventry Ln, Fort Wayne, IN 46804
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    • $2,500,000
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      Illinois Road Commercial Land

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    • $1,000,000
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      Prime Fort Wayne Executive Office

      3,553 SF Office, $1M, High-Growth Area
      5610 Coventry Ln, Fort Wayne, IN 46804
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      Fort Wayne Restaurant - $1.575M

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      Fort Wayne Automotive Retail Opportunity

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    Similar Nearby for Lease

    • $1,100 /Mo
      650 SF

      Office/Retail Space For Lease

      Multi-tenant building with office and retail spaces available for lease.
      4930 Illinois Rd, Fort Wayne, IN 46804
      View Details
    • $15 SF/Yr
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      Fort Wayne Retail/Office Spaces

      Prime retail/office spaces in southwest professional office park.
      4011 W Jefferson Blvd, Fort Wayne, IN 46804
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    • $9 SF/Yr
      27,462 SF

      Retail Space in High-Traffic Area

      Retail space available in desirable location with strong traffic counts.
      3830 Illinois Rd, Fort Wayne, IN 46804
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    • $14 SF/Yr
      32,874 SF

      Retail Space in Parkwest Center

      Retail space in a high-traffic Fort Wayne shopping center.
      3810-3950 West Jefferson Blvd, Fort Wayne, IN 46804
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    • $14 SF/Yr
      1,080 SF

      Retail Space on Jefferson Boulevard

      Retail space available for lease on West Jefferson Boulevard.
      5956-5992 W Jefferson Blvd, Fort Wayne, IN 46804
      View Details
    • Contact for pricing
      5,805 SF

      Retail Space in High-Traffic Area

      Commercial rental properties in Fort Wayne's affluent southwest side.
      6331 W Jefferson Blvd, Fort Wayne, IN 46804
      View Details
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    Fort Wayne, IN 46804
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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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