Mixed-Use Riverfront Restaurant
For Sale
$525,000
123 E 3rd St, Marion, IN 46952
Renovated commercial building with a main-level cafe/restaurant and two second-level apartments, all currently rented.
Property Size6,216 SF
Price / SF$84.46
Days on Market94
Property Features for 123 E 3rd St
General Information
Standard status
Active
Size
6,216 SF
Occupancy
100%
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Amenities
gated park
stage
courtyard
Building Details
Year Built
1900
Stories
2
Tenancy
Multi
Listing Agency:
F.C. Tucker Realty Center
Listed By:
Susan Reese
(765) 517-1514
Source:
Kmsrealestategroup
Added: Jul 27
Changed: Oct 25
Last Checked: Oct 7 at 12:57PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of F.C. Tucker Realty Center
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Investment Insights
Based on property information with market context.
This renovated commercial building combines a main-level cafe/restaurant with two apartments on the second level. The space has been overhauled, including updated floor-to-ceiling windows on the main level and in the upstairs apartments. All units are rented, and the property is offered as a turnkey option.
The building is described as located in the Riverfront District and downtown Marion, with access to the surrounding downtown area. Outside, the exterior includes a gated park setting with a stage and a courtyard-style feel intended for al fresco dining and live entertainment.
With multiple rentable units and a restaurant-focused ground-floor configuration, the property provides income-producing commercial and residential space within one renovated building.
The building is described as located in the Riverfront District and downtown Marion, with access to the surrounding downtown area. Outside, the exterior includes a gated park setting with a stage and a courtyard-style feel intended for al fresco dining and live entertainment.
With multiple rentable units and a restaurant-focused ground-floor configuration, the property provides income-producing commercial and residential space within one renovated building.
Key Highlights
- Renovated commercial building in the Riverfront District and DORA in downtown Marion
- Main‑level cafe/restaurant with updated floor‑to‑ceiling windows
- Two second‑level apartments with updated floor‑to‑ceiling windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,855
Cap Rate
6.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$677,100
$677.1K
Cap Rate 7%
$483,643
$483.6K
Cap Rate 9%
$376,167
$376.2K
Market Conditions
NOI Build-Up for 6,216 SF
Gross rent
$55.9K $9.00/SF
− Vacancy
−$7.6K −$1.22/SF
EGI
$48.4K $7.78/SF
− OpEx
−$14.5K −$2.33/SF
NOI
$33.9K $5.45/SF
Area
Grant County, IN
Vacancy
13.55%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$677,100
Cap Rate 7%
$483,643
Cap Rate 9%
$376,167
Alternative Uses
Best Use
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,502 @ 7.0% cap · market cap 16.10%
Second Best
Multifamily LT 5
$483.6K
$423.2K – $564.3K
NOI $33,855 @ 7.0% cap · market cap 6.45%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
821
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46952, IN
18,996
Population
8,832
Households
2.2
Avg Household Size
46
Median Age
25%
College-Educated
89%
High-School Grad
105.5 sq mi
ZIP Area
180
Density / Sq Mi
$53,481
Median Household Income
$39,246
Median Earnings
$785
Median Rent
$129,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Renovated commercial building with a main-level cafe/restaurant and two second-level apartments, all currently rented.
Where is this conventional restaurant located?
The property is located at 123 E 3rd St Marion, IN.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Renovated commercial building in the Riverfront District and DORA in downtown Marion; Main‑level cafe/restaurant with updated floor‑to‑ceiling windows; Two second‑level apartments with updated floor‑to‑ceiling windows
