Building Details

Year Built 1954

Buildings 1

Stories 1

Building Size 5,202 SF

Listing Agency: RE/MAX Realty One

Listed By: Sally Jenks · License #RB14036978 Show Phone

Source: Castleonerealty

Added: Oct 20 Changed: Oct 23 Last Checked: Oct 23 at 5:26PM

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Investment Insights

Based on property information with market context.

This 5,202-square-foot flex property combines office, warehouse, workspace, and display areas, with an overhead door serving the workspace. The building dates to 1954 and has a new rubber-insulated roof. Fixtures inside belong to the tenant.

At the corner of Baldwin Avenue, Wabash, State Road 15, and State Road 9, the property is across from Walgreens, Wendy’s, Lowden Jewelers, and Comfort Suites. Paved parking is served by three ingress and egress points. The space is zoned General Business.

The property is leased through July 10, 2028, with possession negotiable. A copy of the lease is in the file.

Key Highlights

• 5,202 square feet of flex space
• Office, warehouse, workspace, and display areas
• Workspace includes an overhead door

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,349

Cap Rate

5.75%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$746,980 $747.0K

Cap Rate 7%

$533,557 $533.6K

Cap Rate 9%

$414,989 $415.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,202 SF

Gross rent

$49.3K $9.48/SF

− Vacancy

−$5.4K −$1.03/SF

EGI

$43.9K $8.45/SF

− OpEx

−$6.6K −$1.27/SF

NOI

$37.3K $7.18/SF

Area

Grant County, IN

Vacancy

10.90%

Lease Rate

$9.48 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$746,980

Cap Rate 7%

$533,557

Cap Rate 9%

$414,989

Alternative Uses

Best Use

Warehouse

$533.6K

$466.9K – $622.5K (±1% cap)

NOI $37,349 @ 7.0% cap · market cap 5.75%

Second Best

Flex RnD

$475.2K

$415.8K – $554.4K (±1% cap)

NOI $33,261 @ 7.0% cap · market cap 5.12%

Theoretical Best

Specialty Retail

$1.01M

$884.0K – $1.18M (±1% cap)

NOI $70,718 @ 7.0% cap · market cap 10.88%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Evolution Outdoor (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Restaurant Spa & Massage Center Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

554

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

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Office, warehouse, workspace, and display areas provide a mix of functional interior space.

Where is this flex space located?

The property is located at 1322 N Baldwin Avenue Marion, IN.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: 5,202 square feet of flex space; Office, warehouse, workspace, and display areas; Workspace includes an overhead door