Live-Work Industrial
For Sale
$139,900
313 W 5th Street, Muncie, IN 47302
INVESTMENT, Muncie, IN
Property Size1,014 SF
Lot Size0.78 Acres
Price / SF$137.97
Days on Market100
Property Features for 313 W 5th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Basement, Bedroom 1, Bathroom 1, Bedroom 2
Parking
10
Parking features
Off Street
Fencing
Chain Link
Lot features
City/ Town/ Suburb, Corner
Elementary school
Southview
Middle school
Southside
High school
Central
Elementary school district
Muncie Community Schools
Middle school district
Muncie Community Schools
High school district
Muncie Community Schools
Directions
GPS friendly
Subdivision
Delaware County
Standard status
Active
APN
181116430007000003
Size
1,014 SF
Lot size
0.78 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
S P A E 140FT LOT 1 BLK 6
Legal Description
S P A E 140FT LOT 1 BLK 6
Utilities
Cooling system
Multi Units, Central Air
Building Details
Year built
1900
Number of units
1
Flooring type
Mixed
Roof type
Metal, Asphalt, Shingle
Listing Agency:
RE/MAX Real Estate Groups · RE/MAX International
(765) 288-0400
Listed By:
Lisa Buckner · License #RB14050240
(765) 215-9665
Added: May 29
Changed: Sep 4
Last Checked: Sep 5 at 8:06PM
MLS# 202623603
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.
Investment Insights
Based on property information with market context.
This live-work property combines an operating machine shop with additional outbuildings and residential income. The setup includes the commercial machine shop building, an additional pole barn for storage or expansion, and a separate 2-bedroom, 1-bath rental home with an unfinished attic. The fenced property provides outdoor space, including ample parking.
Conveniently located near downtown Muncie, the property offers a mixed configuration for buyers seeking established industrial space alongside a residential unit for rental income.
Conveniently located near downtown Muncie, the property offers a mixed configuration for buyers seeking established industrial space alongside a residential unit for rental income.
Key Highlights
- Operating machine shop in place, with history dating to the early 1900s (Kemp Machine Shop and later BK Machine Shop).
- Includes commercial building plus an additional pole barn for storage or expansion.
- Separate 2‑bedroom, 1‑bath rental home with an unfinished attic.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,270
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$245,400
$245.4K
Cap Rate 7%
$175,286
$175.3K
Cap Rate 9%
$136,333
$136.3K
Market Conditions
NOI Build-Up for 1,014 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$19.3K $19.08/SF
− Vacancy
−$1.8K −$1.79/SF
EGI
$17.5K $17.29/SF
− OpEx
−$5.3K −$5.19/SF
NOI
$12.3K $12.10/SF
Area
Delaware County, IN
Vacancy
9.40%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$245,400
Cap Rate 7%
$175,286
Cap Rate 9%
$136,333
Alternative Uses
Best Use
Apartment 5plus
$617.2K
$540.0K – $720.0K
NOI $43,201 @ 7.0% cap · market cap 30.88%
Second Best
Industrial
$175.3K
$153.4K – $204.5K
NOI $12,270 @ 7.0% cap · market cap 8.77%
Theoretical Best
Multifamily LT 5
$712.4K
$623.3K – $831.1K
NOI $49,866 @ 7.0% cap · market cap 35.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
Explore this area
Business Placement
Demographics for 47302, IN
25,704
Population
12,625
Households
2
Avg Household Size
42
Median Age
12%
College-Educated
86%
High-School Grad
65.2 sq mi
ZIP Area
394
Density / Sq Mi
$47,185
Median Household Income
$31,795
Median Earnings
$865
Median Rent
$70,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Manufacturing property - Operating machine shop, additional pole barn, and a fenced site with a 2-bedroom rental home.
Where is this manufacturing property located?
The property is located at 313 W 5th Street Muncie, IN.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: Operating machine shop in place, with history dating to the early 1900s (Kemp Machine Shop and later BK Machine Shop).; Includes commercial building plus an additional pole barn for storage or expansion.; Separate 2‑bedroom, 1‑bath rental home with an unfinished attic.
