10830 Coldwater RdFort Wayne, IN 46845

Property Details for 10830 Coldwater Rd

Year built

1997

Construction

TYPE NOT SPECIFIED

Lot size

0.71 AC

Property size (Sq ft)

3,792 SF

Property type

Retail properties

Property subtype

Auto shops

APN

02-02-34-303-001.000-091

APU

20234303001000091

Description

This exceptional investment opportunity presents a fee-simple interest in a 3,754 square foot, single-tenant auto shop located at 10830 Coldwater Rd, Fort Wayne, IN 46845. The property, built in 1997 and renovated in 2023, sits on a 0.71-acre lot and boasts a 100% occupancy rate since July 31, 2023. The current lease with Strickland Brothers "10 Minute Oil Change" commenced on that date and extends for a substantial 15.1-year term, expiring August 30, 2038, with a remaining term of 13.8 years. The lease is a triple net (NNN) agreement, ensuring minimal landlord responsibilities. Rent increases are structured with a 10% bump every five years, providing significant long-term income growth. The property enjoys a prime location on Coldwater Road, a high-traffic retail corridor with 15,800 vehicles passing daily. The strong financial performance is reflected in the $90,373 Net Operating Income (NOI) and a compelling 6.85% capitalization rate. The asking price is $1,319,314, translating to $351.44 per square foot. This is a rare opportunity to acquire a stable, high-performing asset in a thriving market with a rapidly expanding tenant boasting over 175 existing locations and projected growth to over 242 by 2024. The surrounding area demonstrates strong demographics, with an average household income exceeding $99,000 within a one-mile radius. The property offers convenient access with multiple points of ingress and egress.

• CAP approach

  CAP return

  Valuation

  6%

  $1,048,409

  6.5%

  $967,762

  7%

  $898,636

• Comparable approach

  Method

  Valuation

  Relative Method

  $298,186

  Geo Method

  $188,154

• Alternative Use

  Use

  Valuation

  Residential

  $816,343

  Hospitality

  $747,766

  Educational

  $622,133

  Medical

  $643,529

  Retail

  $967,762

Location Insight

City

Fort Wayne

County

Allen

State

Indiana

Latitude

41.1827

Longitude

-85.1317

CBSA code

23060

CBSA name

FORT WAYNE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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