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    Versatile Industrial Building with Flex-Star Roof Title is generated by Realmo AI

    703 W 13th St, Muncie, IN

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    Industrial building with warehouse, shop, and office spaces available.

    Type:INDUSTRIAL
    Property size:
    21,818 SF
    Lot size:
    1.44 Acres
    Price / SF:
    $24/SF
    Added:
    Nov 24, 2025
    Days on Market:
    185
    Last Refresh:
    May 20 at 9:36 pm

    Property Features for 703 W 13th St

    General Information

    Standard status
    Active
    Size
    21,818 SF
    Lot size
    1.44 Acres
    Property subtype
    INDUSTRIAL

    We can help!

    Listing Contact
    Lisa Brand, CCIM
    Lisa Brand, CCIM

    Listing agent Lisa Brand, CCIM License #RB14020834

    Listing office ADM Commercial Real Estate

    Listing date Nov 24, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of ADM Commercial Real Estate

    HighLights

    • 5,600 SF shop area with 14 x 14 drive‑in door, plus a 14 x 14 fire‑rated overhead door.
    • Four external overhead doors (three 14 x 14, one 9 x 10).
    • 3‑phase power, bus duct, and air lines available.
    • Flex‑Star roof system installed in 2019 with a 15‑year service warranty.
    • Fully fenced property with 3 entry gates.
    • Building has municipal water and sewer, plus a well.

    Overview

    This industrial building, previously used as an office, shop, and warehouse by an ambulance service, offers versatile space. The building features a 5,600 square foot shop area separated by a firewall, equipped with a 14 x 14 drive-in door, plus a 14 x 14 fire-rated overhead door leading into the main warehouse, and an office. Three-phase power, bus duct, and air lines are available. There are four external overhead doors, three measuring 14 x 14 and one measuring 9 x 10. An internal 2-hour fire-rated overhead door measures 14 x 14. The office area includes gas heat, central air, a restroom, and a kitchenette. The warehouse is equipped with radiant heat, two restrooms (one with a shower), and an office, along with multiple storage rooms. The property has municipal water and sewer connections, as well as a well. A Flex-Star roof system was installed in 2019 and includes a 15-year service warranty. The property is fully fenced and has three entry gates. The estimated taxes are based on a 2024 assessed value of $152,500, plus $1,188 for stormwater and a $10 annual ditch fee. The total property size is 21,818 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Eaton EMT Freight Service

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic Pharmacy

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

    Similar Places Nearby

    • CubeSmart Self Storage — 1920 S Hoyt Ave, Muncie, IN 47302
    • Storage Rentals of America — 2680 W Kilgore Ave, Muncie, IN 47304

    Location Insight

    • Map
    • Local Demand
    City
    Muncie
    County
    Delaware
    State
    Indiana
    Longitude
    -85.3944
    Latitude
    40.1771

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    FAQs

    What type of property is this?
    Warehouse - Industrial building with warehouse, shop, and office spaces available.
    Where is this warehouse located?
    The property is located at 703 W 13th St Muncie, IN.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: 5,600 SF shop area with 14 x 14 drive‑in door, plus a 14 x 14 fire‑rated overhead door.; Four external overhead doors (three 14 x 14, one 9 x 10).; 3‑phase power, bus duct, and air lines available.
    (765) 744-7905 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Lisa Brand, CCIM
    Lisa Brand, CCIM
    Real Estate License ID: RB14020834
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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.

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