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Property profile & analytics
FOR LEASE
Turn key restaurants
603 Northcrest Shopping Ctr Fort Wayne, IN 46805
Entity Owned
1-yr Hold
Free & Clear
Property ID
US31-0584078
For Lease
1 / 4
$630,000
603 Northcrest Shopping Ctr, Fort Wayne, IN 46805
View Listing →
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1985
Construction
WOOD
Total area
5,706 SF
Lot
37.85 ac (1,648,572 SF)
APN
02-07-24-376-001.000-073
UPID
US31-0584078
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$570k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$684k
Blend (final)
Blend
$630k
Owner & transaction history
Nc Center Ft Wayne LLC · 1 yrs held
Nc Center Ft Wayne LLC
since 2025
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
by Request
ML approach
$570,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$520,000
Current use
COMMERCIAL (GENERAL)
$435,000
Change: -16% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$420,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$630k
Range $567k – $693k · ±10%
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
$110 / 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
$396,306
Tax year 2023
Assessed value
$15,027,600
Assessed 2023
Previous assessed
$15,027,600
+0.0% YoY
Effective rate
2.64%
On assessed value
Assessed land
$7,001,500
Assessed improvement
$8,026,100
Land market value
$7,001,500
Improvement market value
$8,026,100
Total market value
$15,027,600
Applied tax rate
80.0000
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
Turn key restaurants
Use group
RESTAURANT
Status
For Lease
Year built
1985
Construction
WOOD
Heating
NONE
Buildings
4
Stories
1
Total area
5,706 SF
Lot
37.85 ac (1,648,572 SF)
APN
02-07-24-376-001.000-073
UPID
US31-0584078
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
RESTAURANT Current
Est. value
$520,000
COMMERCIAL (GENERAL)
Est. value
$435,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$420,000
RESTAURANT Current
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
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
1985
Construction
WOOD
Heating
NONE
Stories
1
Buildings
4
Lot
37.85 ac
Current owner
From public records · entity-resolved
Nc Center Ft Wayne LLC
Entity
Free & Clear · 1 yrs held
Mailing address
PO BOX 11200, FORT WAYNE, IN 46856-1200
Ownership since
2025
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 23, 2026
—
Diane Zazzera Noble Revocable Trust
—
Deed
related
$1,325,000 · First Savings Bank
Jan 2, 2025
—
Nc Center Ft Wayne LLC
Indiana Land Trust Company
Deed
—
Jan 27, 2023
—
Indiana Land Trust Company
—
Deed
related
$16,500,000 · Rga Reinsurance Co
Jan 3, 2020
—
Diocese Of Fort Wayne South Bend In
Charles A Mcnulty
Warranty Deed
—
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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