Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    Tower Terrace Rd & 3rd St Marion, IA

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Flexible commercial land suitable for retail, restaurant, or office development.

    Type:LAND
    Lot size:
    3.71 Acres
    Added:
    Apr 23, 2024
    Days on Market:
    744
    Last Refresh:
    Apr 5 at 8:39 pm

    Property Features for Tower Terrace Rd & 3rd St

    General Information

    Standard status
    Active
    Lot size
    3.71 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Adam Gibbs
    Adam Gibbs

    Listing agent Adam Gibbs License #B43857000

    Listing office GLD Commercial

    Listing date Apr 23, 2024

    Source Moodyscre

    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 GLD Commercial

    HighLights

    • Flexible lot sizes available from 1 to 3.71 acres.
    • Zoned for flexible commercial and retail development.
    • Prime location near Linn Mar campus, new fire station, and YMCA.
    • Located in an upscale professional park with established businesses.
    • Utilities readily available for efficient development.
    • Surrounded by established businesses and residential neighborhoods.

    Overview

    Commercial Land in Marion, Iowa

    This commercial land, ranging from 1 to 3.71 acres, is located on the southeast corner of Tower Terrace Road and 3rd Street in Marion. The site is zoned for flexible commercial and retail development, making it ideal for retail, restaurant, office, or mixed-use projects. It is situated within an upscale professional park alongside established businesses such as the ESCO Group, Edward Jones, Barrel House, and Dollar Tree, as well as other retail and service providers. The location is near the Linn Mar campus, the new central fire station, and the Marion YMCA. The surrounding area includes established businesses and residential neighborhoods, offering a potential for a strong customer base. Utilities are readily available for efficient development, and access to fiber connection is available from IMON. The lots are subject to design covenants and a moratorium related to specific uses as determined by the City of Marion.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Marion
    County
    Linn
    State
    Iowa
    Longitude
    -91.6073
    Latitude
    42.0304

    Nearby Similar for Sale

    • $3,795,000
      22,451 SF

      Versatile Commercial Building Near Highway

      22,451 SF commercial building near Highway 13 and 151.
      6240 N Gateway Drive, Marion, IA 52302
      View Details
    • $1,985,000
      15,000 SF

      Versatile Commercial Building in Marion, IA

      15,000 SF commercial building with additional mezzanine space for sale.
      6200 N. Gateway Drive, Marion, IA 52302
      View Details
    • $235,000
      2,796 SF

      Marion Duplex in Historic District

      Charming duplex with income potential in Marion's historic district.
      1990 8th Avenue, Marion, IA 52302
      View Details
    • Contact for pricing
      5,210 SF

      Uptown Marion Office Suite

      Two-room office suite in the heart of Uptown Marion.
      642 10th Street unit: 101, Marion, IA 52302
      View Details
    • Contact for pricing
      7,400 SF

      Retail Space in High-Traffic Area

      Prime retail space in Marion, IA, available June 2026.
      1101 Eagleview Blvd unit: 102 & 103, Marion, IA 52302
      View Details
    • $180,000

      Marion Acreage for Custom Home

      2.25-acre lot ideal for custom home, barndominium, or shouse.
      Alburnett Road, Marion, IA 52302
      View Details
    • $154,900
      1,600 SF

      Marion Duplex: Investor Opportunity

      Well-maintained Marion duplex with long-term tenants and separate utilities.
      535 8th Ave, Marion, IA 52302
      View Details
    • $225,000
      2,023 SF

      Remodeled Mixed-Use Gem in Marion

      Charming, remodeled 2-story property in historic Uptown Marion.
      448 7th Ave, Marion, IA 52302
      View Details
    • $154,900
      1,600 SF

      Marion Duplex: Investor Opportunity

      Well-maintained Marion duplex with long-term tenants and separated utilities.
      535 8th Avenue, Marion, IA 52302
      View Details
    • Contact for pricing
      11,964 SF

      Marion Commercial Space For Sale

      Office or retail space available on 7th Avenue in Marion.
      2931 7th Avenue unit: 200, Marion, IA 52302
      View Details
    • $75,000

      Land Backing Hunters Ridge Golf

      Residential land near Hunters Ridge Golf Club in Marion, Iowa.
      2933 Clubhouse Dr and 2935, Marion, IA 52302
      View Details
    • $750,000

      Prime East Town Crossing Lot

      1.67 acre commercial lot in thriving Marion development.
      5975 Carlson Way, Marion, IA 52302
      View Details

    FAQs

    What type of property is this?
    Commercial land - Flexible commercial land suitable for retail, restaurant, or office development.
    Where is this commercial land located?
    The property is located at Tower Terrace Rd & 3rd St Marion, IA.
    What are key features of this property?
    This property features: Flexible lot sizes available from 1 to 3.71 acres.; Zoned for flexible commercial and retail development.; Prime location near Linn Mar campus, new fire station, and YMCA.
    (319) 731-3400 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Adam Gibbs
    Adam Gibbs
    Real Estate License ID: B43857000
    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
    Tower Terrace Rd & 3rd St, Marion, IA
    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!