Marion, Indiana- 14,014 sq ft Commercial Building- Excellent income potential
415- 417 S Branson, Marion, IN 46953 (includes 310- 303 E. 5th Ave)
14,014 sq ft Office building: a single story building and 3 storey building with ample parking space.
Clear title - No back taxes - Warranty deed
Great Investment Opportunity- Suitable for a variety of uses. Potential gross rental income: $140,000/ year.
For a tenant, the buildings offers large or small customizable professional space, with parking at the door. For an investor, the buildings offer flexible space that can be easily subdivided and rented out.
The property consists of 4 parcels:
Parcel: 27-07-06-401-109.000-002 (016-01012-20): 0.213 Acres
Parcel: 27-07-06-401-110.000-002 (016-90001-30) : 0.304 Acres
Parcel: 27-07-06-401-117.001-002 (016-01012-31): 0.049 Acres
Parcel: 27-07-06-401-117.000-002 (016-01012-30): 0.139 Acres
Total: 0.705 Acres
Buildings: 6138 sq + 7876sq ft- Total: 14,014 sq ft
Class C office building Corner building, currently divided into four leaseable units on first floor:
Four finished office suites ready to lease or use with total leasable space (first floor only) of about 9,850 square feet. The two upper floors could be utilized for future growth as they need some rehab/ updating and have an area totalling 4,164 sq ft
Office space can be leased, from 858 sq. ft. and up.
The property has lots of rooms and nice long and wide hallway.
The parking lot has 45 parking slots.
Location:
Downtown office building in direct area of county and city government offices.
The property is in a nice neighborhood in a great commercial location in downtown Marion, right down the street from the police department, one block off the Square and very close to city and county offices, this building offers flexible space, convenience and ample off-street parking.
Demographics:
Total Population : 10,553 (1 mile)- $28,345 (3 mile)
% white: 76.38% - % Black/ African American: 15.07%
Average Household income: $46,238
(*Loopnet)
Price Comps/ similar properties - For sale:
1605 W. Kem Road, Marion, Indiana - 1,824 sq ft offices- $140,000
440 S Baldwin Ave, Marion, IN 46953- 1,242 sq ft- $134,900
3014 S Washington St, Marion, IN 46953- 4,480 sq ft - $99,900
601 W 38th St, Marion, IN 46953- 3,152 sq ft - $310,000
4506 S Western Ave, Marion, IN 46953 - 2,156 sq ft- $175,000
124 W 31st St, Marion, IN 46953- 3,573 sq ft- $79,000
1871 S. Western Ave, Marion, IN 46953- 3,680 sq ft- $295,000
1117 N Baldwin Ave, Marion, IN 46952- 4,627 sq ft- $450,000
Price Comps/ similar properties- Sold:
506 N Baldwin Avenue, Marion, IN- 1,800 sq ft- Sold 05/22/2015: $175,000 ($92/sq ft)
1194 N Washington Street, Marion, IN 46952- Sold 04/28/2015- $365,000 ($80/SF)
1130 1136 N Baldwin Avenue, Marion, IN 46952- Sold 12/22/2014: $1,587,206 ($139/sq ft)
Average price for offices in Marion (loopnet): $72/ sq ft which puts a value on this property of $1,000,000
Leasing comps:
323 E Second St Marion IN- 1,238 sq ft - $1,238/ month ($12/ sq ft / year)
321 E Second St Marion IN- 870 sq ft - $870/ month ($12/ sq ft / year)
3700 S Western Ave, Marion, IN 46953- 1,200 sq ft- $8/sq ft
1871 S. Western Ave, Marion, IN 46953 - 3,680 sq ft- $8.15/sq ft
101 S Branson St, Marion , IN - 1,000 sq ft office- $1,043/ month ($12.4/ sq ft / year)
1117 N Baldwin Ave, Marion, IN 46952- 4,627 sq ft- $12/sq ft
3016 S. Western Avenue, Marion, IN 46953- 4,432 sq ft- $14/sq ft
Average leasing / sq ft/ year price for offices in Marion (loopnet): $14/ sq ft
Based on a lower rent of $10/sq ft the potential gross income of this property is: $140,000/ year
Real Estate Tax:
Low Real Estate Taxes:
27-07-06-401-109.000-002 (016-01012-20): $750/ year
27-07-06-401-110.000-002 (016-90001-30) : $195/ year
27-07-06-401-117.001-002 (016-01012-31): $ 582/ year
27-07-06-401-117.000-002 (016-01012-30): $345/year
Total Real Estate Tax: $1,872
PROPERTY IS SOLD AS IS, WHERE IS- Clear title - No back taxes - Warranty deed
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer will also be responsible for $500 deed prep and doc fee but no auction premium is charged.
10% non-refundable deposit and $500 deed preparation and doc fee are due within 48 hours of auction close.
Final Payment to be made within 21 days of the Auction close.
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All bidders to do their due diligence. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property. The sale of this property is subject to the Purchase Agreement which is attached under "Additional Details".
