Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1515 W Jackson St Muncie, IN 47303

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $120,000

    Former drive-in location suitable for retail, office, or residential development.

    Lot size:
    0.80 Acres

    Property Features for 1515 W Jackson St

    General Information

    Lot size
    0.80 Acres

    We can help!

    Listing Contact
    Lisa Brand
    Lisa Brand
    Source: Moodyscre

    Listing Agent: Lisa Brand

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

    Learn more

    Property Insight Report

    Overview

    Redevelopment Land Near Ball State

    This property, formerly a drive-in location, is available for redevelopment. Its location near Ball State University offers potential for retail, office, or residential development. Real estate taxes for 2025 reflect prior improvements which have been demolished.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Muncie
    County
    Delaware
    State
    Indiana
    Longitude
    -85.4039844
    Latitude
    40.1928189

    Nearby Similar for Sale

    • $599,900
      Pending

      Remodeled Mixed-Use Building in Downtown

      Remodeled mixed-use building with commercial space and luxury apartment.
      114 S Walnut St, Muncie, IN 47305
      View Details
    • $1,100,000
      Pending

      Downtown Muncie Office Opportunity

      Two buildings in revitalized downtown Muncie near amenities.
      110 E Charles St, Muncie, IN 47305
      View Details
    • New
      $109,900
      Pending

      Muncie Duplex: Income Opportunity

      Income-producing duplex in Muncie with long-term tenants.
      2413 S Gharkey St, Muncie, IN 47302
      View Details
    • $895,000
      2.50 Acres

      Muncie Investment Property in Airpark

      Investment property with long-term tenants in Muncie, Indiana.
      404 W Air Park Dr, Muncie, IN 47303
      View Details
    • $249,000
      0.36 Acres

      Historic Retail Property in Muncie

      Meticulously maintained historic property suitable for retail or multifamily use.
      607 E Charles St, Muncie, IN 47305
      View Details
    • $142,000
      Pending

      Muncie Duplex with Studio

      Duplex featuring a three-bedroom unit and a studio.
      218 E 8Th St, Muncie, IN 47302
      View Details
    • $169,900
      2,672 SF

      Muncie Triplex with Fenced Yard

      Triplex in Muncie, Indiana, featuring a fenced backyard.
      1901 W Riggin Rd, Muncie, IN 47304
      View Details
    • $169,900
      2,672 SF

      Muncie Multi-Unit Residential Property

      Multi-unit residential property featuring three units and a two-car garage.
      1901 W Riggin Rd, Muncie, IN 47304
      View Details
    • $105,000
      0.11 Acres

      Muncie Triplex Investment Opportunity

      Triplex near downtown Muncie, close to amenities and new development.
      802-1/2 N Mulberry St, Muncie, IN 47305
      View Details
    • $105,000
      Pending

      Triplex Investment Opportunity Muncie

      Investment triplex near downtown Muncie with recent upgrades.
      802-1/2 Mulberry St, Muncie, IN 47305
      View Details
    • $579,000
      19,800 SF

      Muncie Industrial Multi-Tenant Property

      Multi-tenant industrial property with recent upgrades and flexible space.
      2401 S Monroe St, Muncie, IN 47302
      View Details
    • $88,900
      0.07 Acres

      Muncie Duplex with Basement Potential

      Muncie duplex with basement, offering potential for additional units.
      202-204 E Maple St, Muncie, IN 47305
      View Details

    FAQs

    What type of property is this?
    Land - Former drive-in location suitable for retail, office, or residential development.
    Where is this land located?
    The property is located at 1515 W Jackson St Muncie, IN.
    What is the asking price?
    The asking price for this property is $120,000.
    What are key features of this property?
    This property features: - Excellent location near Ball State University; - Redevelopment opportunity; - Potential for retail, office, or residential development
    (765) 282-7785
    Request Owner's contact information
    1515 W Jackson St Muncie, IN 47303
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1515 W Jackson St
    Muncie, IN 47303
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1515 W Jackson St Muncie, IN 47303
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Lisa Brand
    Lisa Brand
    Real Estate License ID: RB14020834
    (765) 282-7785
    Learn more
    Google sign-in failed. Please try again or use another login method.