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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6312 Covington Rd Fort Wayne, IN 46804-7314

    • Strip malls
    • 16,000 SF
    • 1.28 lot acres
    OFF-MARKET
    Last Sale
    May 13, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0481559
    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

    • Rita's Italian Ice & Frozen Custard / Ice Cream Shop / Dessert Restaurant
    • Orchard Gallery-Fine Arts / Art Gallery

    Property Details for 6312 Covington Rd

    Year built
    1975
    Construction
    WOOD
    Lot size
    1.28 lot acres
    Property size
    16,000 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    02-12-07-378-010.000-074
    APU
    21207378010000074

    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
    -85.2224
    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
    $14,810
    $278,300
    $271,000
    $549,300
    -
    $278,300
    $271,000
    $549,300

    Comparable in this City

    • Value Estimation
      $565,000
      17,484 SF

      5129 Illinois Rd

      SHOPPING CENTER, STRIP CENTER • 17,484 SF
      5129 Illinois Rd, Fort Wayne, IN 46804-5112
      View Details
    • Value Estimation
      $665,000
      27,949 SF

      4916 Illinois Rd

      SHOPPING CENTER, STRIP CENTER • 27,949 SF
      4916 Illinois Rd, Fort Wayne, IN 46804-5115
      View Details
    • Value Estimation by Request
      19,720 SF

      7211 Jefferson Blvd

      SHOPPING CENTER, STRIP CENTER • 19,720 SF
      7211 Jefferson Blvd, Fort Wayne, IN 46804-6279
      View Details
    • Value Estimation
      $715,000
      44,600 SF

      6339 Jefferson Blvd, Unit 6447

      SHOPPING CENTER, STRIP CENTER • 44,600 SF
      6339 Jefferson Blvd, Fort Wayne, IN 46804-3076
      View Details
    • Value Estimation by Request
      4,213 SF

      7557 Jefferson Blvd

      SHOPPING CENTER, STRIP CENTER • 4,213 SF
      7557 Jefferson Blvd, Fort Wayne, IN 46804-4131
      View Details
    • Value Estimation
      $920,000
      6,426 SF

      5907 Covington Rd

      SHOPPING CENTER, STRIP CENTER • 6,426 SF
      5907 Covington Rd, Fort Wayne, IN 46804-5857
      View Details

    Similar Nearby for Sale

    • $2,500,000
      31.23 Acres

      Illinois Road Commercial Land

      Prime Fort Wayne location, high traffic, versatile
      5200 Illinois Rd, Fort Wayne, IN 46804
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    • $1,000,000
      3,553 SF

      Prime Fort Wayne Executive Office

      3,553 SF Office, $1M, High-Growth Area
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    • $925,000
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      Fort Wayne Automotive Retail Opportunity

      Prime commercial location near I-69 and Jefferson Pointe Shopping Center.
      5405 Illinois Rd, Fort Wayne, IN 46804
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    • $1,200,000
      5,988 SF

      Southwest Fort Wayne Restaurant

      Profitable Restaurant, High Traffic Area
      8607 Us Highway 24, Fort Wayne, IN 46804
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    • $1,575,000
      7,650 SF

      Fort Wayne Restaurant - $1.575M

      Prime Retail Investment, Wild Crab Tenant
      6282 Jefferson Blvd, Fort Wayne, IN 46804
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    • $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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    Similar Nearby for Lease

    • $1,575,000
      1,200 SF

      Retail Space in Covington Plaza

      Retail space available in high-traffic Fort Wayne shopping center.
      6230-6282 W Jefferson Blvd, Fort Wayne, IN 46804
      View Details
    • $14 SF/Yr
      80,119 SF

      Retail Space in Time Corners

      Retail space available in a well-located Fort Wayne shopping center.
      5826-5992 W Jefferson Blvd, Fort Wayne, IN 46804
      View Details
    • $19 SF/Yr
      25,714 SF

      Shoppes of Illinois Road Retail Space

      High-traffic retail space available; excellent location.
      5129-5215 Illinois Rd, Fort Wayne, IN 46804
      View Details
    • Contact for pricing
      10,003 SF

      Open-Air Lifestyle Center Retail Space

      Retail space available in a Mediterranean-style shopping center.
      4130-4240 W Jefferson Blvd, Fort Wayne, IN 46804
      View Details
    • $25 SF/Yr
      2,000 SF

      Retail Space Near Jefferson Pointe

      Retail space adjacent to Jefferson Pointe, Fort Wayne, Indiana.
      1306 Apple Glen Blvd, Fort Wayne, IN 46804
      View Details
    • $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
      View Details
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    6312 Covington Rd
    Fort Wayne, IN 46804-7314
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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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