107 Pennsylvania StMarion, IN 46952

Property Details for 107 Pennsylvania St

Year built

1982

Construction

TYPE NOT SPECIFIED

Lot size

16.06 AC

Property size (Sq ft)

127,820 SF

Property type

Office properties

APN

27-07-05-103-027.000-002

APU

270705103027000002

Description

This exceptional redevelopment opportunity presents a 127,820 square foot flex space, formerly a vocational school, situated on a 16.06-acre lot in Marion, Indiana. The main building, constructed in 1982 and renovated in 2004, boasts two stories and offers ample space with large open areas. The property includes eight grade-level overhead doors (various sizes up to 14' x 14'), one dock-high door with a manual leveler, one freight elevator, and one passenger elevator. A significant feature is a large commercial kitchen equipped with hood systems. A secondary 3,120 square foot outbuilding, constructed in 2004, adds further versatility. This pole-built structure features metal siding and roofing, and two overhead doors. The property also includes a large asphalt parking lot, a greenhouse, a standing seam roof, and a diesel generator. The property is zoned R-3 (Residential) and offers convenient access to I-69, approximately five miles away. The main building sits on 11.55 acres, with an additional 4.5 acres of woodland at the rear of the site. Asking price is $3,323,000 ($26/SF).

• CAP approach

  CAP return

  Valuation

  6%

  $20,064,848

  6.5%

  $18,521,398

  7%

  $17,198,440

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,136,950

  Geo Method

  $15,873,966

• Alternative Use

  Use

  Valuation

  Residential

  $22,966,534

  Hospitality

  $21,037,222

  Educational

  $17,502,720

  Medical

  $18,104,666

  Retail

  $27,226,454

Location Insight

City

Marion

County

Grant

State

Indiana

Latitude

40.5595

Longitude

-85.6429

CBSA code

31980

CBSA name

MARION, IN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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