Historic Apartment Building with Bar/Restaurant
215 East 3rd Street Marion, IN 46952
215 East 3rd Street, Marion, IN, 46952
$2,500,000
For Sale
$2,500,000
Historic downtown apartment building offering 24 units plus basement room for a bar or restaurant.
Property Size7,053 SF
Price / SF$354.46
Days on Market72
Property Features for 215 East 3rd Street
General Information
- Standard status
- Active
- Size
- 7,053 SF
- Property subtype
- Multi Family / Apartment Building
Building Details
- Year Built
- 1904
Listing agency
Continental Real Estate Group, Inc.
(877) 996-5728
Listed by
Derek Eisenberg · License #0225100252
(877) 996-5728
Source
Compass
Added: May 11 Updated: Jul 21 at 1:02AM Checked: Jul 21 at 6:04AM
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 Continental Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
The Castle Apartments is a historic multifamily property at 215 East 3rd Street in Marion, Indiana. The building has 11 two-bedroom units, 11 one-bedroom units, and includes one studio and one office space. In addition, there are furnished units in the mix, including 4 one-bedroom and 1 two-bedroom furnished apartments that are described as ready for extended stay or short-term rental.
The property is positioned downtown and is noted to be convenient to the YMCA, local restaurants, and small businesses in the Riverfront District.
In the basement of the Castle Apartments, there is room for a bar or restaurant, and the remarks state that a liquor license is available.
The property is positioned downtown and is noted to be convenient to the YMCA, local restaurants, and small businesses in the Riverfront District.
In the basement of the Castle Apartments, there is room for a bar or restaurant, and the remarks state that a liquor license is available.
Key Highlights
- Historic downtown apartment building built in 1904 with 24 total baths and 33 total bedrooms
- Unit mix includes 11 two‑bedrooms, 11 one‑bedrooms, 1 studio, and 1 office space
- Central air and forced‑air heating; tile and wood flooring throughout
Local Financial Insights For Specialty Retail
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 | $133.7k | $18.96 |
| − Vacancy | −$5.9k | −$0.83 |
| EGI | $127.8k | $18.13 |
| − OpEx | −$32.0k | −$4.53 |
| NOI | $95.9k | $13.59 |
7,053 SF · lease $18.96/SF/yr · vacancy 4.40% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.37M
$1.20M – $1.60M
NOI $95,881 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$501.7K
$439.0K – $585.4K
NOI $35,122 @ 7.0% cap · market cap 1.40%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Zeekz Tree Services
Landscaping
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Historic downtown apartment building offering 24 units plus basement room for a bar or restaurant.
Where is this apartment building located?
The property is located at 215 East 3rd Street Marion, IN.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Historic downtown apartment building built in 1904 with 24 total baths and 33 total bedrooms; Unit mix includes 11 two‑bedrooms, 11 one‑bedrooms, 1 studio, and 1 office space; Central air and forced‑air heating; tile and wood flooring throughout
