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    717 W 3Rd St Marion, IN 46952

    Sponsored
    For Sale
    Pending
    $153,000

    Triplex - Marion, IN

    Type:Triplex
    Property size:
    2,236 SF
    Lot size:
    0.12 Acres
    Days on Market:
    111
    Last Refresh:
    Jan 20 at 1:06 pm

    Property Features for 717 W 3Rd St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Triplex
    Standard status
    Pending
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    5
    Bathrooms
    4
    APN
    27-07-06-301-060.000-002
    EntryLevel
    Main
    Exterior features
    Basement, Off Street Parking, Countertops-laminate, Detector-carbon Monoxide, Detector-smoke, Water Heater Electric, Sump Pump, Washer Hook-up, None
    Basement Y/N
    1
    Appliances
    Range
    Size
    2,236 SF
    Lot size
    0.12 Acres

    Utilities

    Heating system
    Electric (Heating)

    Building Details

    Floors in Building
    2
    Number of units
    3
    Flooring type
    Carpet, Laminate, Wood
    Architectural style
    Other

    We can help!

    Listing Contact
    Knowe Dials

    F.C. Tucker Fort Wayne (260) 489-0013

    Listing agent Knowe Dials (260) 489-0013 License #RB20001820

    Listing date Oct 2, 2025

    MLS# 202517289 Listing URL

    Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Marion Triplex with Income Potential

    This property features two buildings on a single parcel, presenting an opportunity for immediate cash flow. The property includes 717 W 3rd and 312 Horace Mann. The middle unit at 717 W 3rd has 3 bedrooms and 1.5 bathrooms and has been remodeled with new flooring throughout, fresh paint, a new kitchen, a new half bath, and some new windows. It also features a large covered porch. There are no appliances in the vacant unit. If rented out, it is estimated that it could bring in $1,100.00. The two studio apartments are rented out for $600 each. Studio A tenant pays a flat water fee of $65.00 + $30 pet fee. Studio C tenant pays a flat water fee of $65.00. The tenants pay their own electricity. The lot size is 0.12 acres. The property is located in Marion, IN.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Marion
    County
    Grant
    State
    Indiana
    Longitude
    -85.667573
    Latitude
    40.558602

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    FAQs

    What type of property is this?
    Triplex - Two buildings on one parcel, great cash flow opportunity!
    Where is this triplex located?
    The property is located at 717 W 3Rd St Marion, IN.
    What is the asking price?
    The asking price for this property is $153,000.
    What are key features of this property?
    This property features: - Two properties on one parcel at a great price, offering immediate cash flow potential for investors.; - House hacking opportunity: live in the **remodeled 3-bed unit** and rent out two studio apartments for income.; - Middle unit is remodeled with **new flooring, fresh paint, new kitchen, new half bath, and some new windows.**
    (260) 338-9626
    Request Owner's contact information
    717 W 3Rd St Marion, IN 46952
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    Marion, IN 46952
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    717 W 3Rd St Marion, IN 46952
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    We can help!
    Listing Contact
    Knowe Dials
    Real Estate License ID: RB20001820
    (260) 338-9626
    Learn more
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