620 Calhoun StFort Wayne, IN 46802

Property Details for 620 Calhoun St

Year built

1969

Construction

WOOD

Lot size

0.06 AC

Property size (Sq ft)

9,906 SF

Property type

Retail space

APN

02-12-02-411-020.000-074

APU

21202411020000074

Description

This exceptional mixed-use property, located at 620 S Calhoun Street in Fort Wayne, Indiana's vibrant downtown core (Downtown Core (DC) zoning), presents a compelling redevelopment opportunity. The 7,155 square foot building, constructed in 1885 and renovated in 2010, boasts three stories and a charming brick façade. Currently, the building has three units with 38% occupancy, featuring the popular Bistro Nota restaurant on the first floor. The upper two floors offer 2,751 square feet of net rentable space, each with its own electrical service, ready for conversion into residential (apartments or condos) or commercial space. Recent improvements include new water lines throughout the building, new furnaces for the first floor, and a rebuilt rear window wall on the second floor. A brand-new approach from the sidewalk to the building, complete with a new CMU retaining wall and footer, enhances accessibility. The third floor features a spacious rooftop terrace. The building's 14-foot ceilings add to its unique character. With a 0.06-acre lot size and a 5-year remaining lease term (commencing January 1, 2019), this property offers significant potential for investors seeking a high-return project in a rapidly developing area. Natural gas is available on the first floor and can be extended to the upper floors. The asking price is $1,400,000 ($195.67 per square foot). This is a chance to capitalize on the revitalization of downtown Fort Wayne, just steps from the Historic Landing.

• CAP approach

  CAP return

  Valuation

  6%

  $2,738,802

  6.5%

  $2,528,124

  7%

  $2,347,544

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,066,852

  Geo Method

  $491,524

• Alternative Use

  Use

  Valuation

  Residential

  $2,132,568

  Hospitality

  $1,953,420

  Educational

  $1,625,223

  Medical

  $1,681,117

  Retail

  $2,528,124

Location Insight

City

Fort Wayne

County

Allen

State

Indiana

Latitude

41.0807

Longitude

-85.1404

CBSA code

23060

CBSA name

FORT WAYNE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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