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    6226 Covington Rd Fort Wayne, IN 46804-7312
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    6226 Covington Rd Fort Wayne, IN 46804-7312

    View on Map
    • Office properties & Spaces
    • 19,032 SF
    • 0.82 lot acres
    Off-Market
    Property ID
    US31-3496873
    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
    $1,570,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Ed Brower - Financial Advisor, Ameriprise Financial Services, LLC / Financial Advisor
    • Joel Henline - Associate Financial Advisor, Ameriprise Financial Services, LLC / Financial Advisor
    • James Weber - Financial Advisor, Ameriprise Financial Services, LLC / Financial Advisor
    • Lee Morris - Associate Financial Advisor, Ameriprise Financial Services, LLC / Financial Advisor
    • Elizabeth Holtzman - Associate Financial Advisor, Ameriprise Financial Services, LLC / Financial Advisor

    Property Details for 6226 Covington Rd

    Year built
    1976
    Construction
    WOOD
    Lot size
    0.82 lot acres
    Property size
    19,032 SF
    Property type
    Office properties & Spaces
    APN
    02-12-07-378-012.000-074
    APU
    21207378012000074

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,261,000
      Market price range: $537k - $2.48M
      AI Estimate
      $1,551,000
      Market price range: $613k - $2.71M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,410,000
      Current use
      RETAIL STORES
      $1,805,000
      Change: +28% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Wayne
    County
    Allen
    State
    Indiana
    Longitude
    -85.2215
    Latitude
    41.06
    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
    $28,726
    $179,500
    $885,900
    $1,065,400
    -
    $179,500
    $885,900
    $1,065,400

    Comparable in this City

    • Value Estimation
      $625,000
      6,690 SF

      1625 Magnavox Way

      OFFICE (GENERAL) • 6,690 SF
      1625 Magnavox Way, Fort Wayne, IN 46804-1556
      View Details
    • Value Estimation
      $860,000
      6,000 SF

      4101 Jefferson Blvd

      OFFICE (GENERAL) • 6,000 SF
      4101 Jefferson Blvd, Fort Wayne, IN 46804-6815
      View Details
    • Value Estimation
      $2,890,000
      23,600 SF

      7221 Engle Rd

      OFFICE (GENERAL) • 23,600 SF
      7221 Engle Rd, Fort Wayne, IN 46804-2229
      View Details
    • Value Estimation
      $1,430,000
      9,960 SF

      9336 Illinois Rd

      OFFICE (GENERAL) • 9,960 SF
      9336 Illinois Rd, Fort Wayne, IN 46804-5758
      View Details
    • Value Estimation
      $1,255,000
      8,739 SF

      4203 Jefferson Blvd

      OFFICE (GENERAL) • 8,739 SF
      4203 Jefferson Blvd, Fort Wayne, IN 46804-6817
      View Details
    • Value Estimation
      $720,000
      7,000 SF

      4911 Illinois Rd

      OFFICE (GENERAL) • 7,000 SF
      4911 Illinois Rd, Fort Wayne, IN 46804-1167
      View Details

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      10.18 Acres on Illinois Road

      10.18 acres ideal for retail, medical, office, or restaurant.
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      High Visibility Development Opportunity

      Prime commercial land for diverse development in a growing area.
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      850 SF

      Office Suites in Southwest Location

      Office suites in a professionally managed building near I-69.
      5716-5738 Coventry Ln, Fort Wayne, IN 46804
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      240,652 SF

      Fort Wayne Office Space Available

      Office space for rent with high traffic and frontage.
      8001 W Jefferson Blvd, Fort Wayne, IN 46804
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    Similar Nearby for Lease

    • Contact for pricing

      Multi-Tenant Office/Retail Building For Rent

      Multi-tenant office/retail building with easy access to I-69.
      4930 Illinois Rd, Fort Wayne, IN 46804
      View Details
    • Contact for pricing

      Professional Office Building For Rent

      13,824 SF office building in Fort Wayne's Southwest area.
      5716-5738 Coventry Ln, Fort Wayne, IN 46804
      View Details
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      Jefferson Park Office Space Available

      Multi-tenant office building with various suite sizes for rent.
      7209 Engle Rd, Fort Wayne, IN 46804
      View Details
    • $22 SF/Yr

      Retail/Office Space on Illinois Road

      Retail and office space in a high-traffic southwest location.
      5129-5215 Illinois Rd, Fort Wayne, IN 46804
      View Details
    • $10 SF/Yr
      3,402 SF

      Fort Wayne Office Space Available

      Two-story office building with modern amenities and convenient location.
      7209 Engle Rd, Fort Wayne, IN 46804
      View Details
    • Contact for pricing

      Fort Wayne Office Space Available

      Office building with walking trail in southwest Fort Wayne.
      1700 Magnavox Way, Fort Wayne, IN 46804
      View Details
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    6226 Covington Rd
    Fort Wayne, IN 46804-7312
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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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