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    4501 N Superior Drive Muncie, IN 47303

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    Claim this Listing
    For Lease
    $9 SF/Yr $56,823/Mo (calc)

    Business Park,Distributing,Heavy Industry Mfg,House of Worship,Industrial Warehouse,Institutional/Govrnmntl,Light Industry Mfg,Vacant,Warehouse,Wholesale - Industrial

    Type:Manufactured Home
    Property size:
    75,764 SF
    Lot size:
    9.40 Acres
    Added:
    Mar 18, 2026
    Days on Market:
    48
    Last Refresh:
    May 4 at 11:06 am

    Property Features for 4501 N Superior Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Manufactured Home
    Rooms
    Kitchen, Office
    Parking
    400
    Parking features
    Off Street, Paved or Surfaced
    Interior features
    Drywall, Metal, 440 Volts, Three Phase, Overhead Door 1, Air Pollution Cont. Eqmt, Locker/Change Room, Office Space, Reception Area, Ventilating/Exhaust Fans, Ansel System, Clear Span, Refrigeration/Freezer
    Standard status
    Active
    APN
    18-07-33-251-006.000-003
    Size
    75,764 SF
    Lot size
    9.40 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Electric (Heating), Natural Gas
    Cooling system
    Multi Units

    Building Details

    Year built
    1999
    Floors in Building
    2
    Flooring type
    Carpet, Concrete, Laminate
    Building materials
    Concrete
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Ed Conatser

    Listing agent Ed Conatser License #RB14034629

    Listing office F.C. Tucker Muncie, REALTORS 3417 W Bethel Ave Suite E, MUNCIE, IN

    Listing date Mar 18, 2026

    MLS# 202608842 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

    Modern Flex Building with Amenities

    This well-maintained modern flex building offers 74,800 square feet of space on 9.4 acres. The property features a large, landscaped, paved parking lot with space for over 400 cars. The high bay, open span interior includes private offices, conference rooms, training rooms, and a large cafeteria/kitchen with an outdoor employee patio equipped with patio tables, chairs, and gas grills. A full workout center is available, complete with men's and women's locker/shower and restroom facilities. The interior is climate controlled with air conditioning, heating, and air cleaning systems. The building is equipped with 2,000 amp 3-phase power, a full power backup generator with auto transfer, and three server rooms with self-contained HVAC. Previously used as a call center, the site has ample data opportunities, and all components of the call center are still in place. All FF&E is negotiable. The property is adjacent to the Delaware County Regional Airport and Cardinal Greenway. It is located in Muncie, Delaware County, Indiana.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Navient Telecommunications Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Muncie
    County
    Delaware
    State
    Indiana
    Longitude
    -85.395432
    Latitude
    40.229518

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    FAQs

    What type of property is this?
    Flex space - Well-maintained flex building with ample parking and modern amenities.
    Where is this flex space located?
    The property is located at 4501 N Superior Drive Muncie, IN.
    What is the lease rate?
    The lease rate is $9 SF/Yr.
    What are key features of this property?
    This property features: 74,800 sf modern flex building on 9.4 acres with 400+ car parking; Benefit from a full power backup generator with auto transfer and 3 server rooms with self‑contained HVAC; High bay open span interior with private offices, conference rooms, and training rooms
    (765) 744-0899
    We can help!
    Listing Contact
    Ed Conatser
    Real Estate License ID: RB14034629
    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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    4501 N Superior Drive, Muncie, IN 47303

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