Rehabbed Retail
For Sale
Contact for pricing
413 S Tillotson Avenue #1, Muncie, IN 47304
Commercial suite with a restroom, private office, breakroom, utility area, and potential basement storage.
Property Size720 SF
Price / SF$17.92
Days on Market62
Property Features for 413 S Tillotson Avenue #1
General Information
Standard status
Active
Size
720 SF
Property subtype
Commercial
Building Details
Year Built
1966
Listing Agency:
RE/MAX Real Estate Groups
Listed By:
Ryan Kramer · License #36824
(765) 717-2489
Source:
Housesinfortwayne
Added: Aug 18
Changed: Oct 14
Last Checked: Oct 16 at 6:13AM
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 RE/MAX Real Estate Groups
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Investment Insights
Based on property information with market context.
Suite 1 at 413 S Tillotson Avenue provides 720 square feet of commercial space within a 1966 property. The interior includes a restroom and a private area configured for office, breakroom, and utility functions. Basement storage may also be available. The premises are currently arranged for salon use, while the existing layout may support retail, service, or professional office functions.
The building received a full rehabilitation in 2023, including a new facade, mural, landscaping, and signage. Its position in the Tillotson business district places it near BSU and IU Health, with exposure along a busy corridor and access supported by nearby traffic lights. The suite also includes use of a newly designed billboard-style sign.
The building received a full rehabilitation in 2023, including a new facade, mural, landscaping, and signage. Its position in the Tillotson business district places it near BSU and IU Health, with exposure along a busy corridor and access supported by nearby traffic lights. The suite also includes use of a newly designed billboard-style sign.
Key Highlights
- 720 SF commercial suite
- Full rehabilitation completed in 2023
- New facade, mural, landscaping, and signage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$7,661
Suggested Prices Based on Cap Rates
Cap Rate 5%
$153,220
$153.2K
Cap Rate 7%
$109,443
$109.4K
Cap Rate 9%
$85,122
$85.1K
Market Conditions
NOI Build-Up for 720 SF
Gross rent
$13.0K $18.12/SF
− Vacancy
−$2.8K −$3.93/SF
EGI
$10.2K $14.19/SF
− OpEx
−$2.6K −$3.55/SF
NOI
$7.7K $10.64/SF
Area
Delaware County, IN
Vacancy
21.70%
Lease Rate
$18.12 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$153,220
Cap Rate 7%
$109,443
Cap Rate 9%
$85,122
Alternative Uses
Best Use
Retail
$171.8K
$150.3K – $200.4K
NOI $12,026 @ 7.0% cap · market cap 93.22%
Second Best
Office B
$109.4K
$95.8K – $127.7K
NOI $7,661 @ 7.0% cap · market cap 59.39%
Theoretical Best
Multifamily LT 5
$505.8K
$442.6K – $590.1K
NOI $35,408 @ 7.0% cap · market cap 274.48%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,363
Businesses Nearby
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Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - Commercial suite with a restroom, private office, breakroom, utility area, and potential basement storage.
Where is this retail space located?
The property is located at 413 S Tillotson Avenue #1 Muncie, IN.
What are key features of this property?
This property features: 720 SF commercial suite; Full rehabilitation completed in 2023; New facade, mural, landscaping, and signage
