Drive-Through Storefront
New
For Sale
$395,000
4801 N Wheeling Avenue, Muncie, IN 47304
COMMERCIAL, Muncie, IN
Property Size1,600 SF
Lot Size0.55 Acres
Price / SF$246.88
Days on Market1
Property Features for 4801 N Wheeling Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking features
Off Street
Directions
From McGalliard Rd heading East, turn left onto Wheeling Ave, property on left side
Subdivision
Delaware County
Standard status
Active
APN
18-07-32-203-013.000-003
Lot size
0.55 Acres
Taxes and HOA fees
Tax Year
24
Tax Description
S32 T21 R10 0.550 AC
Tax Annual Amount
3831
Legal Description
S32 T21 R10 0.550 AC
Utilities
Cooling system
Central Air
Amenities
drive-thru
outdoor signage
vault
Building Details
Year built
1970
Flooring type
Carpet, Tile
Listing Agency:
Coldwell Banker Real Estate Group
(765) 289-2228
Listed By:
Brian Allardt · License #RB14013784
(765) 808-1400
Added: Aug 22
Last Checked: Aug 22 at 6:06PM
MLS# 202634476
Copyright © 2026 Mid-Eastern Indiana Association of Realtor MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,600-square-foot storefront property in Muncie offers a flexible commercial layout with a drive-through, outdoor signage, a vault, and off-street parking. Interior finishes include carpet and tile, with central air conditioning serving the building. The configuration supports retail, office, or food service use as identified for the property.
Built in 1970, the building was originally developed for a bank branch and later operated as The Mailroom, a USPS substation. The property occupies 0.55 acres as an out lot within a shopping center that includes Dilman's Furniture, Dollar General, and Speedway. Located at 4801 N Wheeling Avenue, the site provides an established commercial setting for a range of storefront operations.
Built in 1970, the building was originally developed for a bank branch and later operated as The Mailroom, a USPS substation. The property occupies 0.55 acres as an out lot within a shopping center that includes Dilman's Furniture, Dollar General, and Speedway. Located at 4801 N Wheeling Avenue, the site provides an established commercial setting for a range of storefront operations.
Key Highlights
- 1,600‑square‑foot commercial storefront on 0.55 acres
- Drive‑through, outdoor signage, vault, and off‑street parking
- Flexible layout identified for retail, office, or food service use
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
$26,725
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
6.77%
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%
$534,500
$534.5K
Cap Rate 7%
$381,786
$381.8K
Cap Rate 9%
$296,944
$296.9K
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
$39.9K $24.96/SF
− Vacancy
−$1.8K −$1.10/SF
EGI
$38.2K $23.86/SF
− OpEx
−$11.5K −$7.16/SF
NOI
$26.7K $16.70/SF
Area
Delaware County, IN
Vacancy
4.40%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
30.00%
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%
$534,500
Cap Rate 7%
$381,786
Cap Rate 9%
$296,944
Alternative Uses
Best Use
Retail
$381.8K
$334.1K – $445.4K
NOI $26,725 @ 7.0% cap · market cap 6.77%
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
30k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 78%
Dining 22%
Speedway
Shops & Services
10,198 visits/mo
0.1 miles
Pizza King
Dining
6,666 visits/mo
0.5 miles
Shell
Shops & Services
6,263 visits/mo
0.4 miles
Dollar General
Shops & Services
5,852 visits/mo
0.1 miles
Storage Rentals of America
Shops & Services
671 visits/mo
0.5 miles
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Flexible commercial layout with central air, off-street parking, and a vault.
Where is this storefront 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: 1,600‑square‑foot commercial storefront on 0.55 acres; Drive‑through, outdoor signage, vault, and off‑street parking; Flexible layout identified for retail, office, or food service use
