W 2nd St

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🏢 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

More photos or info: https://docs.google.com/document/d/1pXq5ENlv-IvEqNQrlOVRqhUXnoQ-IPbVZXLXfrBJar0/edit?usp=sharing

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Resources:

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