Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Multifamily Property with Parking Lot Title is generated by Realmo AI

    1534 West 2nd Street, Marion, IN 46952

    View on Map
    Claim this Listing
    For Sale
    $180,000

    Multifamily property with apartment and paved parking.

    Type:Multi Family / Other
    Property size:
    2,880 SF
    Lot size:
    0.50 Acres
    Price / SF:
    $62/SF
    Added:
    Aug 12, 2025
    Days on Market:
    298
    Last Refresh:
    Mar 13 at 4:52 pm

    Property Features for 1534 West 2nd Street

    General Information

    Standard status
    Active
    Size
    2,880 SF
    Lot size
    0.50 Acres
    Property subtype
    Multi Family / Other

    Building Details

    Year Built
    1928

    We can help!

    Listing Contact
    Kayla Poling-Garcia

    Listing agent Kayla Poling-Garcia License #RB18001933

    Listing office F.C. Tucker Realty Center

    Listing date Aug 12, 2025

    Source Compass

    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

    HighLights

    • Excellent visibility on a main road, ideal for business
    • Full paved parking lot plus additional parking on included nearly half‑acre lot
    • Move‑in‑ready 1‑bedroom apartment upstairs for rental income or owner occupancy
    • Central air conditioning
    • Two total bathrooms
    • Gas forced air heating

    Overview

    This multifamily property is located on a main road, offering high visibility and convenience. It includes a full paved parking lot, with additional parking available across the street on an included lot measuring nearly half an acre. The property features a move-in-ready 1-bedroom apartment upstairs, suitable for rental income or owner occupancy. The property size is 2880 square feet. This property is positioned as a business opportunity.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $30.4k $10.56
    − Vacancy −$4.3k −$1.51
    EGI $26.1k $9.05
    − OpEx −$11.7k −$4.07
    NOI $14.3k $4.98
    2,880 SF · lease $10.56/SF/yr · vacancy 14.26% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $204.9K
    $179.3K – $239.0K (±1% cap)
    NOI $14,342 @ 7.0% cap · market cap 7.97%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $559.3K
    $489.4K – $652.5K (±1% cap)
    NOI $39,152 @ 7.0% cap · market cap 21.75%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Gabby's Hair Salon Hair Salon Gabbi's Hair Salon Melodie Gordon Hair Salon

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Marion
    County
    Grant
    State
    Indiana
    Longitude
    -85.6786
    Latitude
    40.560246

    Nearby Similar for Sale

    • $299,900
      3,618 SF

      Professional Arts Office Building

      Professional office building with excellent curb appeal and paved parking.
      703 W CHAPEL Pike, Marion, IN 46952
      View Details
    • $2,500,000
      7,053 SF

      Historic Apartments in Downtown Marion

      Unique apartments in Marion's Riverfront District with bar/restaurant potential.
      215 E 3Rd Street, Marion, IN 46952-4077
      View Details
    • $375,500

      Restaurant/Bar with Apartments and Patio

      Restaurant/bar with apartments, liquor license, patio, and parking.
      117 S Branson Street, Marion, IN 46952
      View Details
    • $229,900

      Retail Service Building with Rear Door

      Retail front and rear service area with an overhead door, plus updated building systems and parking.
      2021 S Western Avenue, Marion, IN 46953
      View Details
    • $100,000
      1,560 SF

      All-Brick Duplex in Marion, Indiana

      Low-maintenance, single-level duplex with two units ready for immediate cashflow.
      3625 S Landess Street, Marion, IN 46953
      View Details
    • $104,000
      780 SF

      All-Brick Duplex in Marion, IN

      Low-maintenance, all-brick duplex with two units for immediate cash flow.
      3627 S Landess Street, Marion, IN 46953
      View Details
    • $94,900

      High Traffic Location Office Building

      Professional office building with high visibility and ample parking.
      1328 W 2ND Street, Marion, IN 46952
      View Details
    • $45,000
      2,304 SF

      Marion Duplex with Long-Term Renters

      Duplex with long-term renters; landlord pays all utilities.
      1522 S Washington Street, Marion, IN 46953
      View Details
    • $28,500
      1,089 SF

      Commercial Building with Restaurant Potential

      1,089 SF commercial building suitable for restaurant or bar.
      2402 S Home Avenue, Marion, IN 46953
      View Details
    • $90,000

      Former Church with Finished Basement

      Open concept building, full finished basement, corner lot.
      324 W 10th Street, Marion, IN 46953
      View Details
    • $8,000,000
      15,000 SF

      Historic Building with Commercial Space

      Renovated historic building featuring commercial space and market-rate apartments.
      402 S Washington St, Marion, IN
      View Details
    • $1,911,756
      1,750 SF

      NNN Retail Investment Opportunity

      NNN leased retail property with long-term tenant in place.
      2015 S Western Ave, Marion, IN
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Multifamily property with apartment and paved parking.
    Where is this multifamily property located?
    The property is located at 1534 West 2nd Street Marion, IN.
    What is the asking price?
    The asking price for this property is $180,000.
    What are key features of this property?
    This property features: Excellent visibility on a main road, ideal for business; Full paved parking lot plus additional parking on included nearly half‑acre lot; Move‑in‑ready 1‑bedroom apartment upstairs for rental income or owner occupancy
    (765) 662-6099
    We can help!
    Listing Contact
    Kayla Poling-Garcia
    Real Estate License ID: RB18001933
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1534 West 2nd Street, Marion, IN 46952
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!