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    3308 Western Ave Marion, IN 46953
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    3308 Western Ave Marion, IN 46953

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    • Neighborhood centers
    • 29,974 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Cloud 9 / (Bike/Boat/Book/etc) Store / Alternative Medicine Practice

    Property Details for 3308 Western Ave

    Property size
    29,974 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    Valley View Plaza presents a unique investment opportunity in a thriving retail environment. This 29,974 square foot strip center boasts a prime location along Highway 15, the main retail corridor serving Marion and surrounding communities. The center benefits significantly from its position as a Walmart shadow center, enjoying an estimated 2.5 million annual visits generated by the adjacent Walmart. Currently, 7,725 square feet of space is available for lease, offering flexibility for a variety of businesses. The existing tenant mix includes established and successful businesses such as GameStop and AT&T, providing a strong foundation for future tenants. The high visibility and accessibility from Highway 15 ensure excellent exposure to a large customer base. This property is ideally suited for retail businesses, healthcare services, or restaurants seeking a location with proven high traffic and strong anchor tenants. The combination of a desirable location, high foot traffic, and established tenants makes Valley View Plaza an exceptional investment opportunity. The available space presents a chance to capitalize on the significant traffic generated by the Walmart shadow center and the overall vibrancy of the Highway 15 retail corridor.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Marion
    County
    Grant
    State
    Indiana
    Longitude
    -85.6764
    Latitude
    40.5315

    Comparable in this City

    • Value Estimation by Request
      37,193 SF

      3156 Western Ave

      Lifestyle centers • 37,193 SF
      3156 Western Ave, Marion, IN 46953
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    • Value Estimation
      $805,000
      6,250 SF

      3409 Western Ave

      SHOPPING CENTER, STRIP CENTER • 6,250 SF
      3409 Western Ave, Marion, IN 46953-4284
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    • Value Estimation
      $4,265,000
      36,750 SF

      3164 Western Ave

      SHOPPING CENTER, STRIP CENTER • 36,750 SF
      3164 Western Ave, Marion, IN 46953-3965
      View Details
    • Value Estimation
      $1,850,000
      15,740 SF

      3702 Western Ave

      SHOPPING CENTER, STRIP CENTER • 15,740 SF
      3702 Western Ave, Marion, IN 46953-4827
      View Details
    • Value Estimation
      $1,735,000
      14,400 SF

      3300 Western Ave

      SHOPPING CENTER, STRIP CENTER • 14,400 SF
      3300 Western Ave, Marion, IN 46953
      View Details
    • Value Estimation
      $11,875,000
      110,040 SF

      1500 Western Ave, Unit A

      SHOPPING CENTER, STRIP CENTER • 110,040 SF
      1500 Western Ave, Marion, IN 46953-1542
      View Details

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      Valley View Plaza Retail Center

      37,193 SF shopping center in Marion, Indiana for sale.
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    • $229,900
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      Retail and Service Property

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      Retail Space in Walmart Center

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      Retail Space in Walmart Shadow

      Retail space available in Walmart shadow center with high traffic.
      3248 S Western Ave, Marion, IN 46953
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      Retail/Commercial Space in Marion

      Premier leasing opportunity for retail or commercial ventures.
      3220 S Washington St, Marion, IN 46953
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    • $1.00 SF/Yr
      2,940 SF

      Retail and Service Space Available

      Retail and service area with overhead door in rear.
      2021 S Western Ave, Marion, IN 46953
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    • Contact for pricing
      4,800 SF

      Retail Space Available For Lease

      Retail space available for lease, totaling 4,800 square feet.
      3164 S Western Ave, Marion, IN 46953
      View Details
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    Marion, IN 46953
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    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.

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