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    200 W Charter Drive Muncie, IN 47303

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    New
    Pending
    $194,900

    Ranch, Duplex - Muncie, IN

    Type:Duplex
    Property size:
    2,252 SF
    Lot size:
    0.21 Acres
    Added:
    Apr 16, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 18 at 4:06 am

    Property Features for 200 W Charter Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Laundry
    Parking features
    Garage, Garage - Attached, Off Street
    Exterior features
    Cable Available, Countertops-laminate, Garage Door Opener, None, Fence
    Fencing
    Fenced
    Appliances
    Dishwasher, Garbage Disposer, Range, Washer
    Standard status
    Pending
    APN
    18-07-33-430-005.000-003
    Size
    2,252 SF
    Lot size
    0.21 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Number of units
    2
    Flooring type
    Laminate
    Building materials
    Stucco
    Roof type
    Shingle
    Architectural style
    Ranch
    Additional Structures
    Garage(s)

    We can help!

    Listing Contact
    Kathy J Smith

    Listing agent Kathy J Smith License #RB14039328

    Listing office NextHome Elite Real Estate 1806 W. McGalliard Rd, Muncie, IN

    Listing date Apr 16, 2026

    MLS# 202613386 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.

    Overview

    Muncie Duplex with Leased Units

    This north-end duplex in Muncie, Indiana, presents an investment opportunity. Unit 202 features 2 bedrooms, 1 bathroom, and a two-car garage. The unit includes a new dishwasher (2025) and a new glass sliding door (2026) that opens to a fenced-in yard. All kitchen appliances are included. The unit offers new flooring, spacious bedrooms, and a walk-in closet in the primary bedroom. The tenant pays all utilities and is currently leased at $960 per month through August 28, 2026. Unit 200 offers 2 large bedrooms, one with a walk-in closet, 1 bath, and a 1-car garage. The home features new flooring throughout, and all appliances remain. The current tenant has occupied the property for 20 years, paying $800 per month plus all utilities, with the lease in place through the end of April 2027. The property is situated on a 0.21-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Muncie
    County
    Delaware
    State
    Indiana
    Longitude
    -85.387607
    Latitude
    40.224721

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    FAQs

    What type of property is this?
    Duplex - Duplex in Muncie, both units currently leased.
    Where is this duplex located?
    The property is located at 200 W Charter Drive Muncie, IN.
    What is the asking price?
    The asking price for this property is $194,900.
    What are key features of this property?
    This property features: Duplex investment opportunity with two units, providing immediate rental income.; Both units are currently leased with long‑term tenants, ensuring consistent cash flow through April and August of 2026/2027.; Unit 202 features a 2‑car garage, new dishwasher (2025), and new sliding door (2026) to a fenced yard.
    (765) 717-9910
    We can help!
    Listing Contact
    Kathy J Smith
    Real Estate License ID: RB14039328
    Learn More
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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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