Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    3148 S Western Ave Marion, IN 46953

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    High-visibility restaurant pad site with strong co-tenants.

    Property size:
    7,675 SF
    Lot size:
    1.42 Acres

    Property Features for 3148 S Western Ave

    General Information

    Size
    7,675 SF
    Lot size
    1.42 Acres

    We can help!

    Listing Contact
    Jon Bannister
    Source: Moodyscre

    Listing Agent: Jon Bannister

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Restaurant Pad Site For Sale

    This property is an outlot to a Walmart Supercenter, situated on a hard corner and benefiting from an existing traffic signal. The location is a high-profile retail pad with co-tenants including IHOP, Fazoli’s, Starbucks, and Taco Bell. The site is intended for use as a restaurant. An Applebee’s restaurant, operated by Flynn Restaurant Group, has signed a 15-year Absolute NNN lease, ensuring zero landlord responsibilities. The location is in Marion, the county seat of Grand County. Applebee’s has operated in Marion since 1995 and is relocating to this location with stronger co-tenancy and increased traffic. The new site is expected to open in Q4 2025. The property benefits from traffic of 25,697 ADT. The property size is 7675 square feet.
    Location Intelligence

    Current Use by Public Records

    Restaurants

    Suggested Use

    Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Marion
    County
    Grant
    State
    Indiana
    Longitude
    -85.67519
    Latitude
    40.532184

    Nearby Similar for Sale

    • $94,900
      0.20 Acres

      High Traffic Location Office Building

      Professional office building with high visibility and ample parking.
      1328 W 2Nd St, Marion, IN 46952
      View Details
    • $69,900
      0.13 Acres

      Marion Duplex For Sale

      Duplex in Marion, Indiana with month-to-month tenants.
      702 W 6Th St, Marion, IN 46953
      View Details
    • Contact for pricing
      1,089 SF

      Commercial Building with Restaurant Potential

      1,089 SF commercial building suitable for restaurant or retail.
      2402 S Home Ave, Marion, IN 46953
      View Details
    • $153,000
      Pending

      Marion Triplex with Income Potential

      Two buildings on one parcel, great cash flow opportunity!
      717 W 3Rd St, Marion, IN 46952
      View Details
    • $239,900
      0.35 Acres

      Retail and Service Property

      Retail front with service area and overhead door.
      2021 S Western Ave, Marion, IN 46953
      View Details
    • $425,000
      1.16 Acres

      Marion, IN Vacant Land

      Vacant land approved for gas stations, restaurants, and hotels.
      45 S E St, Marion, IN 46953
      View Details
    • $250,000
      1.02 Acres

      Marion Restaurant Opportunity For Sale

      Restaurant opportunity in Marion, Indiana with high traffic location.
      1515 S Western Ave, Marion, IN 46953
      View Details
    • Contact for pricing

      Two-Unit Duplex For Sale

      Two-unit duplex with renovation potential, sold as-is.
      2306 S Washington St, Marion, IN 46953
      View Details
    • Contact for pricing
      130,940 SF

      Marion Industrial Property with Greenhouse

      130,940 SF industrial property with greenhouse near I-69.
      107 S Pennsylvania St, Marion, IN 46952
      View Details
    • $1,300,000
      11,000 SF

      Excellent Condition Office Building

      Prime location office building with high visibility and ample parking.
      711 W Gardner Dr, Marion, IN 46952
      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 46953
      View Details
    • $925,000

      Marion Redevelopment Opportunity

      Portfolio of six parcels in Marion, Indiana, for redevelopment.
      610 S Adams St, Marion, IN 46953
      View Details

    FAQs

    What type of property is this?
    Restaurant - High-visibility restaurant pad site with strong co-tenants.
    Where is this restaurant located?
    The property is located at 3148 S Western Ave Marion, IN.
    What are key features of this property?
    This property features: - 15-year Absolute NNN lease (zero landlord responsibilities); - Located on a hard-corner outlot to Walmart Supercenter; - High-profile retail pad with strong co-tenants (IHOP, Fazoli’s, Starbucks, Taco Bell)
    (317) 493-1267
    Request Owner's contact information
    3148 S Western Ave Marion, IN 46953
    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.
    3148 S Western Ave
    Marion, IN 46953
    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
    3148 S Western Ave Marion, IN 46953
    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

    We can help!
    Listing Contact
    Jon Bannister
    Real Estate License ID: RB19001231
    (317) 493-1267
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.