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Property profile & analytics
OFF-MARKET
Estimated value
$920,000
Strip malls
5907 Covington Rd Fort Wayne, IN 46804-5857
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US31-3549280
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1987
Construction
TYPE NOT SPECIFIED
Total area
6,426 SF
Lot
0.73 ac (31,842 SF)
APN
02-12-18-203-002.000-074
UPID
US31-3549280
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
-
Frontier Communications Telecommunications Service
-
Frontier Communications Sales Center Telecommunications Service Data Center
-
Zianos Italian Eatery Restaurant
-
Estate Advisors: Tamara Braun Real Estate Agency
-
John Garcia, Next Home Edgewater Realty Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$970k
CAP Approach
CAP
$1.10M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$920k
Owner & transaction history
Co Pan LLC · 6 yrs held
Co Pan LLC
since 2020
Last sale
$805,000
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Warehouse, storage
$1.4M
+731.1%
Commercial (general)
$585,000
+236.7%
Restaurant
$575,000
+230.3%
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
$930,000
ML approach
$970,000
CAP Approach
CAP Return
Estimation
6%
$1,185,000
6.5%
$1,095,000
7%
$1,015,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,445,000
Change: +731% · Conversion: Difficult
COMMERCIAL (GENERAL)
$585,000
Change: +237% · Conversion: Easy
RESTAURANT
$575,000
Change: +230% · Conversion: Difficult
Blend value · Realmo final
$920k
Range $828k – $1.01M · ±10% · vs last sale $805k (Jul 27 2020)
Last sale anchor
$805k
Jul 27 2020
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
$143 / 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
$14,320
Tax year 2023
Assessed value
$531,100
Assessed 2023
Previous assessed
$531,100
+0.0% YoY
Effective rate
2.70%
On assessed value
Assessed land
$222,800
Assessed improvement
$308,300
Land market value
$222,800
Improvement market value
$308,300
Total market value
$531,100
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1987
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
6,426 SF
Lot
0.73 ac (31,842 SF)
APN
02-12-18-203-002.000-074
UPID
US31-3549280
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
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$585,000
RESTAURANT
Est. value
$575,000
WAREHOUSE, STORAGE
COMMERCIAL (GENERAL)
RESTAURANT
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
1987
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
0.73 ac
Current owner
From public records · entity-resolved
Co Pan LLC
Entity
Mailing address
127 W BERRY ST STE #700, FORT WAYNE, IN 46802-2300
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 11, 2026
—
Co Pan LLC
—
Deed
related
$800,000 · Wesbanco Bank INC
Jul 27, 2020
$805,000
Co Pan LLC
Hds LLC
Warranty Deed
$805,000 · Midwest America FCU
Jul 26, 2016
—
Hds LLC
—
Deed
related
$292,263 · Lake City Bank
Nov 16, 2005
$423,250
Hds LLC
Stone Bridge Development LLC
Other
$382,500 · Grabill Bank
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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