Free-Standing QSR with Dual
400 South Madison Street Muncie, IN 47305
For Sale
Contact for pricing
Vacant, free-standing restaurant building with dual drive-thru lanes, commercial kitchen, and outdoor seating on a signalized corner.
Property Size894 SF
Lot Size0.70 Acres
Price / SF$167.79
Days on Market36
Property Features for 400 South Madison Street
General Information
- Standard status
- Active
- Size
- 894 SF
- Lot size
- 0.70 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1989
Listing Agency:
Marcus & Millichap - Fort Lauderdale
Listed By:
Philip Kates · License #FL 3235872
Source:
Crexi
Added: Jun 19
Changed: Jul 23
Last Checked: Jul 23 at 4:21PM
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 Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
A vacant, free-standing quick-service restaurant property constructed in 1989, consisting of a single-story restaurant building with a commercial kitchen area. The existing improvements include dual drive-thru lanes, two walk-up service windows, and an outdoor seating area, designed to support rapid service operations. The property is situated on a parcel with approximately 14 surface parking spaces.
The site occupies a signalized hard-corner intersection with frontage along three streets, including South Madison Street. The property benefits from two points of ingress/egress and visibility to both local and commuter traffic in the Muncie trade area.
Previously occupied by Rally’s and formerly leased on a triple-net (NNN) basis, the building is now positioned as a value-add leasing opportunity. The property is zoned BV (Variety Business District), which permits a broad range of commercial, retail, restaurant, and service-oriented uses.
The site occupies a signalized hard-corner intersection with frontage along three streets, including South Madison Street. The property benefits from two points of ingress/egress and visibility to both local and commuter traffic in the Muncie trade area.
Previously occupied by Rally’s and formerly leased on a triple-net (NNN) basis, the building is now positioned as a value-add leasing opportunity. The property is zoned BV (Variety Business District), which permits a broad range of commercial, retail, restaurant, and service-oriented uses.
Key Highlights
- Vacant, free‑standing quick‑service restaurant built in 1989 at 400 S Madison St, Muncie, IN 47305.
- ±894 SF single‑story restaurant on a ±0.702‑acre (±30,562 SF) parcel with approx. 14 surface parking spaces.
- Signalized hard‑corner site with frontage on 3 streets and exposure directly across from McDonald's.
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $17.1k | $19.08 |
| − Vacancy | −$1.6k | −$1.79 |
| EGI | $15.5k | $17.29 |
| − OpEx | −$4.6k | −$5.19 |
| NOI | $10.8k | $12.10 |
894 SF · lease $19.08/SF/yr · vacancy 9.40% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$228.6K
$200.0K – $266.7K
NOI $15,999 @ 7.0% cap · market cap 10.67%
Second Best
Industrial
$154.5K
$135.2K – $180.3K
NOI $10,818 @ 7.0% cap · market cap 7.21%
Theoretical Best
Multifamily LT 5
$628.1K
$549.6K – $732.7K
NOI $43,964 @ 7.0% cap · market cap 29.31%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Rally's
Restaurant
FAQs
What type of property is this?
Drive through restaurant - Vacant, free-standing restaurant building with dual drive-thru lanes, commercial kitchen, and outdoor seating on a signalized corner.
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 $150,000.
What are key features of this property?
This property features: Vacant, free‑standing quick‑service restaurant built in 1989 at 400 S Madison St, Muncie, IN 47305.; ±894 SF single‑story restaurant on a ±0.702‑acre (±30,562 SF) parcel with approx. 14 surface parking spaces.; Signalized hard‑corner site with frontage on 3 streets and exposure directly across from McDonald's.
