Take 5 Car
For Sale
Contact for pricing
3500 North Nebo Road, Muncie, IN 47304
Operating car wash facility subject to an absolute NNN lease with more than 18 years remaining and four five-year renewal options.
Property Size6,269 SF
Lot Size1.41 Acres
Price / SF$596.64
Days on Market142
Property Features for 3500 North Nebo Road
General Information
Standard status
Active
Size
6,269 SF
Lot size
1.41 Acres
Property subtype
Retail, Special Purpose
Occupancy
100%
Lease Type
NNN
Net Operating Income
$224,421
Building Details
Year Built
2020
Buildings
1
Listing Agency:
SURMOUNT
(332) 345-4222
Listed By:
Edward Otocka · License #NY 10401298466
Source:
Crexi
Added: Apr 12
Changed: Aug 30
Last Checked: Apr 24 at 10:10PM
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 SURMOUNT
Investment Insights
Based on property information with market context.
This Take 5 Car Wash includes approximately 6,269 rentable square feet within a building situated on an estimated 1.41-acre parcel. The property is located at 3500 N Nebo Rd in Muncie, Indiana, and is offered subject to a long-term absolute triple-net lease.
The lease has a 20-year base term, with over 18 years remaining. Contractual rent increases of 2% annually begin in year 7 and continue through the base term. The agreement also provides four additional five-year renewal options, creating an extended lease framework for the car wash facility.
The lease has a 20-year base term, with over 18 years remaining. Contractual rent increases of 2% annually begin in year 7 and continue through the base term. The agreement also provides four additional five-year renewal options, creating an extended lease framework for the car wash facility.
Key Highlights
- Take 5 Car Wash at 3500 N Nebo Rd, Muncie, IN 47304
- Approximately 6,269 rentable square feet of building space
- Estimated 1.41‑acre parcel
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
$112,192
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
3.00%
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%
$2,243,840
$2.2M
Cap Rate 7%
$1,602,743
$1.6M
Cap Rate 9%
$1,246,578
$1.2M
Market Conditions
NOI Build-Up for 6,269 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
$156.5K $24.96/SF
− Vacancy
−$6.9K −$1.10/SF
EGI
$149.6K $23.86/SF
− OpEx
−$37.4K −$5.97/SF
NOI
$112.2K $17.90/SF
Area
Delaware County, IN
Vacancy
4.40%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$2,243,840
Cap Rate 7%
$1,602,743
Cap Rate 9%
$1,246,578
Alternative Uses
Best Use
Specialty Retail
$1.60M
$1.40M – $1.87M
NOI $112,192 @ 7.0% cap · market cap 3.00%
Second Best
Retail
$1.50M
$1.31M – $1.75M
NOI $104,713 @ 7.0% cap · market cap 2.80%
Theoretical Best
Multifamily LT 5
$4.40M
$3.85M – $5.14M
NOI $308,292 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
170k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 48%
Home Improvements & Furnishings 26%
Shops & Services 26%
Meijer
Groceries
82,286 visits/mo
0.2 miles
Menards
Home Improvements & Furnishings
44,007 visits/mo
0.2 miles
Dollar Tree
Shops & Services
15,922 visits/mo
0.1 miles
Meijer Gas Station
Shops & Services
15,320 visits/mo
0.3 miles
Discount Tire Store
Shops & Services
4,778 visits/mo
0.2 miles
Demographics for 47304, IN
30,366
Population
14,303
Households
2.1
Avg Household Size
39
Median Age
41%
College-Educated
95%
High-School Grad
34.7 sq mi
ZIP Area
875
Density / Sq Mi
$67,756
Median Household Income
$33,077
Median Earnings
$951
Median Rent
$161,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Operating car wash facility subject to an absolute NNN lease with more than 18 years remaining and four five-year renewal options.
Where is this car wash located?
The property is located at 3500 North Nebo Road Muncie, IN.
What is the asking price?
The asking price for this property is $3,740,351.
What are key features of this property?
This property features: Take 5 Car Wash at 3500 N Nebo Rd, Muncie, IN 47304; Approximately 6,269 rentable square feet of building space; Estimated 1.41‑acre parcel
