Auto Shop with Service
For Sale
$229,900
2021 S Western Ave, Marion, IN 46953
Retail frontage is paired with a rear service area and overhead door for automotive operations.
Property Size2,940 SF
Price / SF$78.20
Days on Market42
Property Features for 2021 S Western Ave
General Information
Standard status
Active
Size
2,940 SF
Zoning
GB General Business
Amenities
overhead door
2 new furnaces
new wiring
new plumbing
new baths
newly paved parking lot
Building Details
Year Built
1960
Listing Agency:
RE/MAX Realty One
(765) 454-7300
Listed By:
Sally Jenks · License #RB14036978
Source:
Callcriswell
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 4:14AM
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 RE/MAX Realty One
Investment Insights
Based on property information with market context.
This auto shop property combines a retail-facing front area with a 32 x 70 service area positioned behind it. An overhead door provides access at the rear, supporting the property’s existing automotive service configuration. Recent improvements include 2 new furnaces, updated wiring and plumbing, refreshed bathrooms, and a newly paved parking lot.
Located at 2021 S Western Avenue in Marion, Indiana, the property is zoned GB General Business. The sale is subject to honoring a 12-month lease beginning August 1, 2026. The current layout offers both customer-facing retail space and dedicated service-area functionality within one commercial property.
Located at 2021 S Western Avenue in Marion, Indiana, the property is zoned GB General Business. The sale is subject to honoring a 12-month lease beginning August 1, 2026. The current layout offers both customer-facing retail space and dedicated service-area functionality within one commercial property.
Key Highlights
- 32 x 70 service area with rear overhead door
- Retail front area supports customer‑facing operations
- 2 new furnaces installed
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,383
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$347,660
$347.7K
Cap Rate 7%
$248,329
$248.3K
Cap Rate 9%
$193,144
$193.1K
Market Conditions
NOI Build-Up for 2,940 SF
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.
Gross rent
$27.9K $9.48/SF
− Vacancy
−$3.0K −$1.03/SF
EGI
$24.8K $8.45/SF
− OpEx
−$7.4K −$2.53/SF
NOI
$17.4K $5.91/SF
Area
Grant County, IN
Vacancy
10.90%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$347,660
Cap Rate 7%
$248,329
Cap Rate 9%
$193,144
Alternative Uses
Best Use
Retail
$394.6K
$345.3K – $460.4K
NOI $27,623 @ 7.0% cap · market cap 12.02%
Second Best
Industrial
$248.3K
$217.3K – $289.7K
NOI $17,383 @ 7.0% cap · market cap 7.56%
Theoretical Best
Specialty Retail
$571.0K
$499.6K – $666.1K
NOI $39,967 @ 7.0% cap · market cap 17.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
155k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 13%
Groceries 11%
Superstores 10%
Culver's
Dining
21,448 visits/mo
0.2 miles
Aldi
Groceries
16,471 visits/mo
0.0 miles
Speedway
Shops & Services
15,655 visits/mo
0.2 miles
Big Lots
Superstores
15,617 visits/mo
0.3 miles
Wendy's
Dining
14,018 visits/mo
0.3 miles
Demographics for 46953, IN
22,781
Population
10,095
Households
2.3
Avg Household Size
37
Median Age
16%
College-Educated
84%
High-School Grad
85.6 sq mi
ZIP Area
266
Density / Sq Mi
$46,224
Median Household Income
$25,969
Median Earnings
$800
Median Rent
$88,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Retail frontage is paired with a rear service area and overhead door for automotive operations.
Where is this auto shop located?
The property is located at 2021 S Western Ave Marion, IN.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 32 x 70 service area with rear overhead door; Retail front area supports customer‑facing operations; 2 new furnaces installed
