Freestanding Bank Branch with
For Sale
Contact for pricing
3605 N BROADWAY AVE, Muncie, IN 47303
Vacant freestanding former bank with two units and prominent Broadway frontage, featuring an existing drive-through canopy.
Property Size1,880 SF
Price / SF$345.21
Days on Market20
Property Features for 3605 N BROADWAY AVE
General Information
Standard status
Active
Size
1,880 SF
Property subtype
Retail
Zoning
BV
Building Details
Year Built
1990
Stories
1
Units
1
Listing Agency:
Midland Realty Group Inc
(317) 702-8049
Listed By:
Jhirmal Singh · License #RB20002065
Source:
Crexi
Added: Jul 23
Changed: Aug 8
Last Checked: Aug 11 at 5:30AM
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 Midland Realty Group Inc
Investment Insights
Based on property information with market context.
Freestanding former Northwest Bank branch building featuring approximately 1,880 SF and two units, constructed in 1990. The property is currently vacant and includes an existing bank drive-through canopy, paved circulation and parking areas, and established curb access. The municipal approvals for gas station use support a fuel and convenience redevelopment direction, while the existing structure may also be suitable for reuse as retail, office, financial services, medical, or food-service concepts.
Located at 3605 N Broadway Ave in Muncie’s north-side commercial district, the property is near the Broadway and Princeton area and close to the McGalliard Road retail corridor and the former mall area that is undergoing gradual reinvestment and repositioning. Nearby uses include national retailers, restaurants, entertainment, automotive businesses, neighborhood commercial services, and established residential areas.
With its freestanding configuration, drive-through improvements, and visible Broadway frontage, the building offers a flexible starting point for neighborhood-oriented commercial uses.
Located at 3605 N Broadway Ave in Muncie’s north-side commercial district, the property is near the Broadway and Princeton area and close to the McGalliard Road retail corridor and the former mall area that is undergoing gradual reinvestment and repositioning. Nearby uses include national retailers, restaurants, entertainment, automotive businesses, neighborhood commercial services, and established residential areas.
With its freestanding configuration, drive-through improvements, and visible Broadway frontage, the building offers a flexible starting point for neighborhood-oriented commercial uses.
Key Highlights
- Approximately 1,880 SF freestanding former Northwest Bank branch with two units
- Vacant building constructed in 1990
- Existing bank drive‑through canopy plus paved circulation and parking areas
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
$33,645
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
5.18%
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%
$672,900
$672.9K
Cap Rate 7%
$480,643
$480.6K
Cap Rate 9%
$373,833
$373.8K
Market Conditions
NOI Build-Up for 1,880 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
$46.9K $24.96/SF
− Vacancy
−$2.1K −$1.10/SF
EGI
$44.9K $23.86/SF
− OpEx
−$11.2K −$5.97/SF
NOI
$33.6K $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%
$672,900
Cap Rate 7%
$480,643
Cap Rate 9%
$373,833
Alternative Uses
Best Use
Specialty Retail
$480.6K
$420.6K – $560.8K
NOI $33,645 @ 7.0% cap · market cap 5.18%
Second Best
Retail
$448.6K
$392.5K – $523.4K
NOI $31,402 @ 7.0% cap · market cap 4.84%
Theoretical Best
Multifamily LT 5
$1.32M
$1.16M – $1.54M
NOI $92,453 @ 7.0% cap · market cap 14.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
460
Businesses Nearby
333k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 45%
Dining 34%
Shops & Services 19%
Beauty & Spa 1%
Kohl's
Apparel
58,653 visits/mo
0.2 miles
T.J. Maxx
Apparel
52,298 visits/mo
0.2 miles
McDonald's
Dining
41,564 visits/mo
0.4 miles
Puerto Vallarta
Dining
17,086 visits/mo
0.2 miles
Buffalo Wild Wings
Dining
16,684 visits/mo
0.4 miles
Demographics for 47303, IN
24,069
Population
11,567
Households
2.1
Avg Household Size
30
Median Age
25%
College-Educated
90%
High-School Grad
58.0 sq mi
ZIP Area
415
Density / Sq Mi
$42,556
Median Household Income
$22,497
Median Earnings
$883
Median Rent
$106,600
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?
Bank - Vacant freestanding former bank with two units and prominent Broadway frontage, featuring an existing drive-through canopy.
Where is this bank located?
The property is located at 3605 N BROADWAY AVE Muncie, IN.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Approximately 1,880 SF freestanding former Northwest Bank branch with two units; Vacant building constructed in 1990; Existing bank drive‑through canopy plus paved circulation and parking areas
