1721 Magnavox WayFort Wayne, IN 46804

Property Details for 1721 Magnavox Way

Year built

1979

Construction

TYPE NOT SPECIFIED

Lot size

2.38 AC

Property size (Sq ft)

13,992 SF

Property type

Healthcare properties

Property subtype

Medical offices

APN

02-12-07-178-004.000-074

APU

21207178004000074

Description

This exceptional 20,000-square-foot Class B medical office building, located at 1721 Magnavox Way in Fort Wayne, Indiana, presents a compelling investment opportunity. Currently 100% occupied by a well-established surgery center specializing in spine, total joint, and pain procedures, the property boasts a strong 7.27% cap rate and a projected net operating income (NOI) of $799,700. Built in 1979, this facility is strategically situated on a 2.38-acre lot within a thriving commercial park on Fort Wayne's southwest side, benefiting from high traffic counts and proximity to major shopping centers like Apple Glen, Jefferson Pointe, and Orchard Crossing. Its convenient location is also less than half a mile from the I-69 exit, and near Lutheran Hospital and the VA Northern Indiana Health Care System, ensuring strong patient access. The property includes extensive on-site equipment, including MRI and CT scanners, and is specifically designed for orthopedic surgery, encompassing preoperative areas, fully equipped operating rooms, post-surgery recovery areas, and medical office suites. A 15-year leaseback is included upon sale, providing investors with a long-term, recession-resistant asset and a stabilized NOI. The asking price is $11,000,000, representing a price per square foot of $550. This turnkey investment offers significant potential for long-term growth and stable returns. The property is zoned for medical use within Allen County, zip code 46804.

• CAP approach

  CAP return

  Valuation

  6%

  $2,631,629

  6.5%

  $2,429,196

  7%

  $2,255,682

• Comparable approach

  Method

  Valuation

  Relative Method

  $598,795

  Geo Method

  $275,502

• Alternative Use

  Use

  Valuation

  Residential

  $3,012,204

  Hospitality

  $2,759,162

  Educational

  $2,295,590

  Medical

  $2,374,540

  Retail

  $3,570,918

Location Insight

City

Fort Wayne

County

Allen

State

Indiana

Latitude

41.0692

Longitude

-85.2211

CBSA code

23060

CBSA name

FORT WAYNE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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