Freestanding Drive-Through
400 South Madison Street, Muncie, IN 47305
For Sale
New
$400,000
A former quick-service restaurant offers dual drive-through lanes, outdoor seating, and a commercial kitchen.
Property Size768 SF
Lot Size0.67 Acres
Price / SF$520.83
Days on Market2
Property Features for 400 South Madison Street
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Zoning
Site & Location
Drive-Thru
Pylon Signage
Traffic Count
Road Access
Additional Details
Patio
Building Details
Building Size
Year Built
Year Renovated
Buildings
Listing Agency:
Elevate Net Lease
Listed By:
Robert Michil · License #6505433330
Source:
Commercialcafe
Added: Nov 8
Changed: Nov 9
Last Checked: Sep 5 at 3:33AM
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 Elevate Net Lease
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Investment Insights
Based on property information with market context.
This freestanding restaurant occupies a 0.67-acre site and contains a 768 SF building. Built in 1989 and remodeled in 1996, the former Rally’s location includes a commercial kitchen, outdoor seating, dual drive-through lanes, pylon signage, and 13 dedicated parking spaces. Two points of ingress and egress serve the property, which fronts three roadways and sits at a signalized corner. The site is zoned BV – Variety Business.
South Madison Street carries approximately 14,322 vehicles per day. McDonald’s is directly across the street, Main Street is approximately 0.2 miles away, and Ball State University and IU Health Ball Memorial Hospital are within approximately two miles. The university has 22,000+ students, and the hospital is a 314-bed regional facility.
South Madison Street carries approximately 14,322 vehicles per day. McDonald’s is directly across the street, Main Street is approximately 0.2 miles away, and Ball State University and IU Health Ball Memorial Hospital are within approximately two miles. The university has 22,000+ students, and the hospital is a 314-bed regional facility.
Key Highlights
- 0.67‑acre site with a 768 SF freestanding building
- Dual drive‑through lanes and two points of ingress and egress
- Frontage on three roadways at a signalized corner
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,744
Cap Rate
3.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$274,880
$274.9K
Cap Rate 7%
$196,343
$196.3K
Cap Rate 9%
$152,711
$152.7K
Market Conditions
NOI Build-Up for 768 SF
Gross rent
$19.2K $24.96/SF
− Vacancy
−$843 −$1.10/SF
EGI
$18.3K $23.86/SF
− OpEx
−$4.6K −$5.97/SF
NOI
$13.7K $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 Rate 5%
$274,880
Cap Rate 7%
$196,343
Cap Rate 9%
$152,711
Alternative Uses
Best Use
Specialty Retail
$196.3K
$171.8K – $229.1K
NOI $13,744 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$539.5K
$472.1K – $629.5K
NOI $37,768 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Current Use
Lease Details
14,322 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,121
Businesses Nearby
52k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 29%
Hotels & Casinos 16%
McDonald's
Dining
23,291 visits/mo
0.0 miles
Courtyard Muncie At Horizon Convention Center
Hotels & Casinos
8,366 visits/mo
0.4 miles
Rally's
Dining
5,247 visits/mo
0.1 miles
Marathon Petroleum
Shops & Services
5,212 visits/mo
0.4 miles
STAR Financial Bank
Shops & Services
3,063 visits/mo
0.5 miles
Demographics for 47305, IN
3,629
Population
2,512
Households
1.4
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
1.3 sq mi
ZIP Area
2,792
Density / Sq Mi
$33,125
Median Household Income
$30,648
Median Earnings
$744
Median Rent
$77,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Drive through restaurant - A former quick-service restaurant offers dual drive-through lanes, outdoor seating, and a commercial kitchen.
Where is this drive through restaurant located?
The property is located at 400 South Madison Street Muncie, IN.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 0.67‑acre site with a 768 SF freestanding building; Dual drive‑through lanes and two points of ingress and egress; Frontage on three roadways at a signalized corner
