Commercial Building with
For Sale
$395,000
4801 N Wheeling Avenue, Muncie, IN 47304
Versatile 1,600 SQFT building suitable for retail, office, or food service.
Property Size1,600 SF
Lot Size0.55 Acres
Price / SF$246.88
Days on Market171
Property Features for 4801 N Wheeling Avenue
General Information
Standard status
Active
Size
1,600 SF
Lot size
0.55 Acres
Property subtype
Mixed Use
Building Details
Year Built
1970
Listing Agency:
Coldwell Banker Lunsford
(765) 808-1400
Listed By:
Brian Allardt · License #RB14013784
(765) 808-1400
Source:
Cbcworldwide
Added: Mar 5
Changed: Aug 16
Last Checked: Aug 14 at 7:22AM
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 Coldwell Banker Lunsford
Investment Insights
Based on property information with market context.
This is a versatile commercial building offering 1,600 square feet of space, suitable for sale or lease. The property features a drive-thru, prominent outdoor signage, ample parking, and a vault. Its flexible layout accommodates various uses, including retail, office, or food service. The building is situated in a major trading zone, offering great visibility and easy access. Originally constructed as a bank branch, it most recently served as a USPS substation known as "The Mailroom". The property is an out lot to a shopping center that includes Dilman's Furniture, Dollar General, and Speedway, and sits on 0.55 acres.
Key Highlights
- Prime location in a Major Trading Zone with great visibility and easy access.
- Versatile 1,600 SQFT building suitable for retail, office, or food service.
- Includes a drive‑thru, prominent outdoor signage, ample parking, and a vault.
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
$13,425
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
3.40%
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%
$268,500
$268.5K
Cap Rate 7%
$191,786
$191.8K
Cap Rate 9%
$149,167
$149.2K
Market Conditions
NOI Build-Up for 1,600 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
$24.0K $15.00/SF
− Vacancy
−$2.5K −$1.58/SF
EGI
$21.5K $13.43/SF
− OpEx
−$8.1K −$5.03/SF
NOI
$13.4K $8.39/SF
Area
Delaware County, IN
Vacancy
10.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
37.50%
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%
$268,500
Cap Rate 7%
$191,786
Cap Rate 9%
$149,167
Alternative Uses
Best Use
Mixed Use
$191.8K
$167.8K – $223.8K
NOI $13,425 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.12M
$983.5K – $1.31M
NOI $78,683 @ 7.0% cap · market cap 19.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
Explore this area
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile 1,600 SQFT building suitable for retail, office, or food service.
Where is this mixed-use property located?
The property is located at 4801 N Wheeling Avenue Muncie, IN.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Prime location in a Major Trading Zone with great visibility and easy access.; Versatile 1,600 SQFT building suitable for retail, office, or food service.; Includes a drive‑thru, prominent outdoor signage, ample parking, and a vault.
