Off-Market Archive

No longer actively listed

Off market since April 13, 2026. Photos, details, and location data are preserved for neighborhood research and comparable analysis.

Last listed

$225,000.00

Off-Market

Marion

IN 46952, USA

List price

$225,000

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Story

🏢 Investor Overview: 305, 309, 319 W 2nd St, Marion, IN 46952 Property Type: Commercial (zoned comm., adaptable) Units: 8 potential (2 occupied) Sqft: 40,000 Lot Size: Varies (combined est. ~0.92 acres) Year Built: 1999-2021 (ownership transfers) Occupancy: 2 tenants ($2,000/mo) Asking Price: 💰 $225,000 ARV: $1.5M+ (up to $7.4M with apt conversion) Potential Annual Rents: $130,000+ (up to $518,400 with 42 apts) 🔍 Property Snapshot Type: Commercial (garage/warehouse shell) Condition: Fair-good (305/319 fair, 309 open shell) Occupancy: 25% (2/8 units) 📈 Valuation & ARV Range ARV: $1.5M (commercial), $5.2M-$7.4M (apt conversion) Comps: Strong downtown Marion demand 💵 DSCR Loan Analysis Gross Income: $14,000/mo ($168,000/yr at full commercial) Expenses (35%): ~$58,800/yr NOI: ~$109,200/yr DSCR: 1.45-1.60 (qualifies >1.2) Terms: 20-25% down, 7.25-7.5% int, 30-yr 🔧 Rehab Scope 305 W 2nd (8,612 sqft): Lite ($129,180, $15/sqft) 309 W 2nd (32,148 sqft): Medium-heavy ($642K-$1.45M, $20-$45/sqft) 319 W 2nd (2,180 sqft): Lite-medium ($32,700, $15/sqft) Total Commercial: $1.13M-$1.61M Apt Conversion: $1.3M-$1.9M (70 units, $30-$40/sqft) SOW: Trash-out ($50K-$75K), structural/insulation ($200K-$300K), partitions ($300K-$450K), HVAC/plumbing/electrical ($350K-$500K), kitchens/baths ($250K-$350K), finishes ($100K-$150K), permits ($50K-$75K) 💡 Investor Highlights Upside: 40,000 sqft, flexible use Income: $24K/yr now, $168K/yr (commercial), $518K/yr (apts) Spread: $225K ask to $1.5M+ ARV Best Use: Self-storage ($80K-$120K/yr, ROI 12-18%) or apts ($382K NOI, 15-25% ROI) Location: Growing Marion downtown 📊 Quick Numbers Purchase: $225K Rehab (Commercial): $1.13M-$1.61M All-In (Commercial): $1.36M-$1.84M ARV (Commercial): $1.5M Rehab (Apts): $1.3M-$1.9M All-In (Apts): $1.5M-$2.1M ARV (Apts): $5.2M-$7.4M Rent Potential: $14K/mo ($168K/yr) comm, $43.2K/mo ($518K/yr) apts ROI: 12-25% (strategy-dependent) 📦 More Off-Market Inventory? Options: SFRs, duplexes, quads, turnkey, rehabs Contact: Jamie Franklin, Acquire JDF Corp, 317-610-9834 Website: www.reioffer.net

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