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    5909 Illinois Rd Fort Wayne, IN 46804
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    5909 Illinois Rd, Fort Wayne, IN 46804

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    • Outlet malls
    • 218,656 SF
    • 42.69 lot acres
    For Lease
    $5,715,000
    View Listing →
    Retail Space Inside Meijer For Lease
    $5,715,000

    Retail Space Inside Meijer

    Prime retail opportunity within high-traffic Meijer stores in the Midwest.

    5909 Illinois Rd, Fort Wayne, IN 46804
    View Listing
    Property ID
    US31-0207245
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • VetIQ Petcare / Veterinary Clinic
    • Meijer Pharmacy / Pharmacy
    • Quick-Tag / (Bike/Boat/Book/etc) Store / Pet Store & Service
    • Fort Financial Credit Union / Credit Union
    • Meijer Deli / Food Market / Restaurant

    Property Details for 5909 Illinois Rd

    Year built
    1993
    Construction
    TYPE NOT SPECIFIED
    Lot size
    42.69 lot acres
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    02-12-07-201-007.000-074
    APU
    21207201007000074

    Description

    This exceptional retail leasing opportunity offers two available spaces, totaling 904 square feet, within high-traffic Meijer stores across the Midwest. These prime, front-of-store locations provide unparalleled visibility and access to thousands of weekly customers. The all-inclusive monthly fee covers real estate taxes, property insurance, common area maintenance (CAM), and utilities, simplifying operations. Strategically placed for maximum customer interaction, these spaces boast both interior and exterior branding opportunities via building signage. Located in thriving trade areas with desirable demographics, these spaces are ideal for a variety of businesses, including financial institutions, food and beverage establishments, service businesses, and health and wellness providers. Multiple vacancies exist in various Meijer locations throughout the Midwest. Allen County properties are currently available. The spaces range in size from 661 to 904 square feet. This "Store-Within-A-Store" concept offers a unique opportunity to position your business within one of the Midwest's most well-known retail destinations. Currently, 904 square feet are vacant and ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $5,633,000
      Market price range: $3.94M - $17.6M

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Wayne
    County
    Allen
    State
    Indiana
    Longitude
    -85.2161
    Latitude
    41.0717
    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
    $272,433
    $3,865,300
    $6,204,800
    $10,070,100
    -
    $3,865,300
    $6,204,800
    $10,070,100

    Comparable in this City

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      127,390 SF

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    • Value Estimation
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      213,793 SF

      1710 Apple Gln Blvd

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      1710 Apple Gln Blvd, Fort Wayne, IN 46804-1725
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    • Value Estimation
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      162,300 SF

      6310 Illinois Rd

      WHOLESALE OUTLET, DISCOUNT STORE
      6310 Illinois Rd, Fort Wayne, IN 46804-5670
      View Details
    • Value Estimation
      $4,360,000
      58,913 SF

      1500 Apple Gln Blvd

      WHOLESALE OUTLET, DISCOUNT STORE
      1500 Apple Gln Blvd, Fort Wayne, IN 46804
      View Details
    • Value Estimation
      $1,960,000
      66,710 SF

      6323 Jefferson Blvd

      WHOLESALE OUTLET, DISCOUNT STORE
      6323 Jefferson Blvd, Fort Wayne, IN 46804
      View Details
    • Value Estimation
      $1,605,000
      65,111 SF

      8801 Us Hwy 24th W

      WHOLESALE OUTLET, DISCOUNT STORE
      8801 Us Hwy 24th W, Fort Wayne, IN 46804-4747
      View Details

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      Freestanding Restaurant For Sale

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      Fort Wayne Commercial Land Available

      1.725 acre building site in prestigious southwest Fort Wayne.
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      32,874 SF

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      View Details
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      Retail Space in Jefferson Pointe

      Open-air lifestyle center with shopping, dining, and entertainment options.
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      View Details
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      Retail Space Near Jefferson Pointe

      Retail space adjacent to Jefferson Pointe, Fort Wayne, Indiana.
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      View Details
    • Contact for pricing
      2,000 SF

      Retail Space Near Jefferson Pointe

      Retail space adjacent to Jefferson Pointe, Fort Wayne, Indiana.
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      Retail Space in Covington Plaza

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      Open-Air Lifestyle Center Retail Space

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      View Details
    View Listing
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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.

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