5820 Challenger PkwyFort Wayne, IN 46818

Property Details for 5820 Challenger Pkwy

Year built

2003

Construction

WOOD

Lot size

1.73 AC

Property size (Sq ft)

18,580 SF

Property type

Retail properties

Property subtype

Retail space

APN

02-07-22-201-002.000-073

APU

20722201002000073

Description

This exceptional retail property, situated in the thriving Cross Creek Commons, presents a compelling investment opportunity. The single-story, 18,440 square foot building boasts nine suites, with 3,360 square feet currently available for lease. Built in 2003, this Class B center is strategically located on Washington Center Road, just 0.1 miles north of the high-traffic Lima Road/I-69 interchange (Exit 111), experiencing 15,000 vehicles per day. The property features ample parking with 143 spaces and benefits from prominent pylon and building signage opportunities, particularly for end-cap suites. The 1.73-acre lot is zoned Sc/Shopping Center, providing flexibility for various retail uses. The property is locally owned and professionally managed, offering a stable and well-maintained environment. Currently, lease rates are $15.00 per square foot per year, NNN. This multi-tenant strip center offers a blend of established businesses and available space, making it an ideal investment for both seasoned and emerging investors seeking a high-visibility location with strong traffic counts. The Allen County location and convenient access to major roadways ensure consistent customer flow and high potential for return on investment. The property's address is further identified by APN 02-07-22-201-002.000-073 and is conveniently located near St. Rd. 3/Lima Rd.

• CAP approach

  CAP return

  Valuation

  6%

  $5,136,981

  6.5%

  $4,741,828

  7%

  $4,403,126

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,000,629

  Geo Method

  $921,917

• Alternative Use

  Use

  Valuation

  Residential

  $3,999,910

  Hospitality

  $3,663,896

  Educational

  $3,048,318

  Medical

  $3,153,155

  Retail

  $4,741,828

Location Insight

City

Fort Wayne

County

Allen

State

Indiana

Latitude

41.1319

Longitude

-85.1626

CBSA code

23060

CBSA name

FORT WAYNE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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