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    Heated Flex Space For Lease Title is generated by Realmo AI

    1803 W Purdue Avenue, Muncie, IN 47304

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    For Lease
    $2,500/Mo $7 SF/Yr (calc)

    Special Purpose - Muncie, IN

    Property size:
    4,000 SF
    Lot size:
    0.59 Acres
    Added:
    Apr 6, 2026
    Days on Market:
    52
    Last Refresh:
    May 27 at 8:06 am

    Property Features for 1803 W Purdue Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Parking
    28
    Interior features
    None, Overhead Door 1, Overhead Door 2, Clear Span
    Standard status
    Active
    APN
    18-07-32-428-006.000-003
    Size
    4,000 SF
    Lot size
    0.59 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Multi Units

    Building Details

    Year built
    1963
    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Brick
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    Ryan Kramer
    Ryan Kramer

    Listing agent Ryan Kramer License #RB14042267

    Listing office RE/MAX Real Estate Groups 2200 W McGalliard, Muncie, IN

    Listing date Apr 6, 2026

    MLS# 202611676 Listing URL

    Copyright © 2026 Mid-Eastern Indiana Association of Realtor MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 4000 sq. ft. of heated and cooled flex space suitable for various uses.
    • Free‑span steel frame construction and clear span interior.
    • Benefit from 28 parking spaces.
    • Gated rear storage/work area.
    • Two 10 ft overhead doors and glass double door entry.
    • Gross lease includes snow removal, taxes, building insurance, and exterior maintenance.

    Overview

    This property offers 4000 square feet of heated and cooled flex space suitable for personal storage, retail, a service hub, and other commercial applications. The building features free-span steel frame construction, two 10-foot overhead doors, two standard entry doors, and a glass double door entry. The property includes 28 parking spaces and a gated rear storage or work area. The lease is a gross lease with a one-year term. The landlord reserves the right to a portion of the rear exterior of the building within the gated area on the south end. The tenant is responsible for gas, electric, sewage, water, lawn care, and tenant insurance. The landlord will provide snow removal, taxes, building insurance, and exterior maintenance. The property is located in Muncie, Indiana, in Delaware County, and has a lot size of 0.59 acres. During Sunday church services, the parking lot will be used by the church.
    Property Profile Location Intelligence

    Current Use by Public Records

    H&K Supply Building Supply Penske Truck Rental Car Rental Facility

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Muncie
    County
    Delaware
    State
    Indiana
    Longitude
    -85.407752
    Latitude
    40.225779

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    FAQs

    What type of property is this?
    Flex space - 4000 SF flex space suitable for various commercial uses.
    Where is this flex space located?
    The property is located at 1803 W Purdue Avenue Muncie, IN.
    What is the lease rate?
    The lease rate is $2,500 /Mo.
    What are key features of this property?
    This property features: 4000 sq. ft. of heated and cooled flex space suitable for various uses.; Free‑span steel frame construction and clear span interior.; Benefit from **28 parking spaces**.
    (765) 717-2489
    We can help!
    Listing Contact
    Ryan Kramer
    Ryan Kramer
    Real Estate License ID: RB14042267
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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.

    More about this property
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