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Marion Downtown Corner Units/Retail & Office 201 W 3rd St 13,500 SF Vacant Retail Building Marion, IN 46952 $369,919 CAD ($27.40 CAD/SF)
INVESTMENT HIGHLIGHTS
- Zoning: CB (Central Business District) – Highly Flexible Usage For Office, Retail & Medical
- Strong Value-Add Upside Through Rent Growth and Property Improvements
- Visibility: Strong Foot and Vehicular Traffic
EXECUTIVE SUMMARY
Downtown Investment Opportunity | CB-Zoned Mixed-Use Commercial Property
Presenting a rare opportunity to acquire a high-visibility, CB-zoned commercial corner property in Downtown Marion, Indiana. Located just steps from the post office, this property benefits from consistent foot and vehicle traffic—making it a perfect fit for retail, office, restaurant, or mixed-use development.
Zoning: CB (Central Business District) — offering exceptional flexibility for a wide variety of commercial uses, including:
Retail stores
Professional services
Restaurants & cafés
Co-working hubs
Art studios
Property Highlights:
Ground Floor: Approx. 7,700 GSF total
Basement: Approx. 4,600 USF (connected to Units 2 & 5)
Upper Floor: Approx. 1,200 USF (included in Unit 4)
Seven versatile commercial units
Prominent corner lot with street frontage on both 3rd Street and Boots Street
Two units include basement access for storage or expansion
Unit Breakdown:
Unit 1 – 3,120 SF | 201 W 3rd St | Rented - Gross Modified Lease, Month-to-Month
Unit 2 – 1,400 SF | 308 S Boots St | Includes 4,200 SF basement
Unit 3 – 1,400 SF | 310 S Boots St
Unit 4 – 1,800 SF | 312 S Boots St | 1,400 SF ground level + 400 SF upstairs
Unit 5 – 1,224 SF | 201 W 3rd St (Rear Access) | Includes 400 SF basement
Unit 6 – 800 SF | 306 S Boots St
Pro Forma Investment Potential:
This property offers significant value-add upside for investors seeking strong returns and long-term growth.
Based on Unit 1’s current lease at $5.77/SF, the remaining rentable square footage supports an estimated annual NOI of $51,353 at an 8.0% cap rate—excluding income from basement areas. This positions the pro forma valuation well over $500,000, creating a compelling entry point at the current market price.
With room to improve unit quality, increase occupancy, and raise rental rates, this property presents a prime opportunity to capitalize on Marion’s evolving downtown landscape.
Investor Highlights:
Strong value-add upside through rent growth and property improvements
Potential to tap into currently underutilized basement space for added revenue
Presenting a rare opportunity to acquire a high-visibility, CB-zoned commercial corner property in Downtown Marion, Indiana. Located just steps from the post office, this property benefits from consistent foot and vehicle traffic—making it a perfect fit for retail, office, restaurant, or mixed-use development.
Zoning: CB (Central Business District) — offering exceptional flexibility for a wide variety of commercial uses, including:
Retail stores
Professional services
Restaurants & cafés
Co-working hubs
Art studios
Property Highlights:
Ground Floor: Approx. 7,700 GSF total
Basement: Approx. 4,600 USF (connected to Units 2 & 5)
Upper Floor: Approx. 1,200 USF (included in Unit 4)
Seven versatile commercial units
Prominent corner lot with street frontage on both 3rd Street and Boots Street
Two units include basement access for storage or expansion
Unit Breakdown:
Unit 1 – 3,120 SF | 201 W 3rd St | Rented - Gross Modified Lease, Month-to-Month
Unit 2 – 1,400 SF | 308 S Boots St | Includes 4,200 SF basement
Unit 3 – 1,400 SF | 310 S Boots St
Unit 4 – 1,800 SF | 312 S Boots St | 1,400 SF ground level + 400 SF upstairs
Unit 5 – 1,224 SF | 201 W 3rd St (Rear Access) | Includes 400 SF basement
Unit 6 – 800 SF | 306 S Boots St
Pro Forma Investment Potential:
This property offers significant value-add upside for investors seeking strong returns and long-term growth.
Based on Unit 1’s current lease at $5.77/SF, the remaining rentable square footage supports an estimated annual NOI of $51,353 at an 8.0% cap rate—excluding income from basement areas. This positions the pro forma valuation well over $500,000, creating a compelling entry point at the current market price.
With room to improve unit quality, increase occupancy, and raise rental rates, this property presents a prime opportunity to capitalize on Marion’s evolving downtown landscape.
Investor Highlights:
Strong value-add upside through rent growth and property improvements
Potential to tap into currently underutilized basement space for added revenue
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$71,685
|
$5.31
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$71,685
|
$5.31
|
| Taxes |
$7,777
|
$0.58
|
| Operating Expenses |
$3,490
|
$0.26
|
| Total Expenses |
$11,266
|
$0.83
|
| Net Operating Income |
$60,418
|
$4.48
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $71,685 |
| Annual Per SF | $5.31 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $71,685 |
| Annual Per SF | $5.31 |
| Taxes (CAD) | |
|---|---|
| Annual | $7,777 |
| Annual Per SF | $0.58 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $3,490 |
| Annual Per SF | $0.26 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $11,266 |
| Annual Per SF | $0.83 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $60,418 |
| Annual Per SF | $4.48 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Building Size
13,500 SF
Building Class
C
Year Built
1920
Price
$369,919 CAD
Price Per SF
$27.40 CAD
Percent Leased
Vacant
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.83
Lot Size
0.37 AC
Opportunity Zone
Yes
Zoning
CB - City of Marion - CB - CENTRAL BUSINESS - City of Marion - See Zoning Attachment!
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Chambers Property Services
- Management of Companies and Enterprises
- 3,120 SF
- -
- Modified Gross
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Chambers Property Services | Management of Companies and Enterprises | 3,120 SF | - | Modified Gross | - |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 27-07-06-402-051.000-002 | Total Assessment | $262,023 CAD (2024) |
| Land Assessment | $72,243 CAD (2024) | Annual Taxes | $7,777 CAD ($0.58 CAD/SF) |
| Improvements Assessment | $189,780 CAD (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
27-07-06-402-051.000-002
Land Assessment
$72,243 CAD (2024)
Improvements Assessment
$189,780 CAD (2024)
Total Assessment
$262,023 CAD (2024)
Annual Taxes
$7,777 CAD ($0.58 CAD/SF)
Tax Year
2025
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Marion Downtown Corner Units/Retail & Office | 201 W 3rd St
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