Fresh Thyme Grocery
For Sale
Contact for pricing
505 West McGalliard Road, Muncie, IN 47303
Natural and specialty grocer with multiple ingress and egress points on W McGalliard Road.
Property Size28,709 SF
Price / SF$293.55
Days on Market15
Property Features for 505 West McGalliard Road
General Information
Standard status
Active
Size
28,709 SF
Total Parking Spaces
178
Property subtype
Retail
Zoning
BV Variety Business
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$653,130
Site & Location
Traffic Count
25,000 vehicles/day
Road Access
Yes
Building Details
Year Built
2018
Tenancy
Single
Listing Agency:
CBRE - Oak Brook
Listed By:
Michael Kaider · License #IL 475154630
Source:
Crexi
Added: Jul 28
Changed: Aug 10
Last Checked: Aug 10 at 7:57AM
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 CBRE - Oak Brook
Investment Insights
Based on property information with market context.
This freestanding Fresh Thyme grocery property contains 28,709 square feet and was constructed in 2018. The store operates under a lease with more than six years remaining, a 6% rent increase scheduled for June 2028, and four additional 5-year renewal options. The lease is guaranteed by Lakes Venture LLC, a direct subsidiary of Meijer.
Located at 505 West McGalliard Road in Muncie, the property is positioned along a commercial corridor reporting average daily traffic exceeding 25,000 vehicles. Multiple access points support customer circulation, while nearby retailers include Walmart, Lowe’s, and Target. Muncie Mall, Ball State University, and Ball Memorial Hospital are also in the surrounding area. The property is zoned BV Variety Business.
Located at 505 West McGalliard Road in Muncie, the property is positioned along a commercial corridor reporting average daily traffic exceeding 25,000 vehicles. Multiple access points support customer circulation, while nearby retailers include Walmart, Lowe’s, and Target. Muncie Mall, Ball State University, and Ball Memorial Hospital are also in the surrounding area. The property is zoned BV Variety Business.
Key Highlights
- 28,709‑square‑foot freestanding grocery property built in 2018
- More than six years of remaining lease term
- 6% rental increase scheduled for June 2028
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
$513,785
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
6.10%
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%
$10,275,700
$10.3M
Cap Rate 7%
$7,339,786
$7.3M
Cap Rate 9%
$5,708,722
$5.7M
Market Conditions
NOI Build-Up for 28,709 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
$716.6K $24.96/SF
− Vacancy
−$31.5K −$1.10/SF
EGI
$685.0K $23.86/SF
− OpEx
−$171.3K −$5.97/SF
NOI
$513.8K $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 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%
$10,275,700
Cap Rate 7%
$7,339,786
Cap Rate 9%
$5,708,722
Alternative Uses
Best Use
Specialty Retail
$7.34M
$6.42M – $8.56M
NOI $513,785 @ 7.0% cap · market cap 6.10%
Second Best
Retail
$6.85M
$5.99M – $7.99M
NOI $479,533 @ 7.0% cap · market cap 5.69%
Theoretical Best
Multifamily LT 5
$20.17M
$17.65M – $23.53M
NOI $1,411,828 @ 7.0% cap · market cap 16.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
381k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 71%
Shops & Services 15%
Groceries 12%
Electronics 1%
Chick-fil-A
Dining
51,576 visits/mo
0.1 miles
Texas Roadhouse
Dining
37,503 visits/mo
0.2 miles
Aldi
Groceries
32,959 visits/mo
0.2 miles
Starbucks
Dining
31,889 visits/mo
0.2 miles
Crew Carwash
Shops & Services
22,358 visits/mo
0.1 miles
Demographics for 47303, IN
24,069
Population
11,567
Households
2.1
Avg Household Size
30
Median Age
25%
College-Educated
90%
High-School Grad
58.0 sq mi
ZIP Area
415
Density / Sq Mi
$42,556
Median Household Income
$22,497
Median Earnings
$883
Median Rent
$106,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Target Grocery — 3601 N Barr St, Muncie, IN 47303
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Natural and specialty grocer with multiple ingress and egress points on W McGalliard Road.
Where is this grocery and convenience store located?
The property is located at 505 West McGalliard Road Muncie, IN.
What is the asking price?
The asking price for this property is $8,427,484.
What are key features of this property?
This property features: 28,709‑square‑foot freestanding grocery property built in 2018; More than six years of remaining lease term; 6% rental increase scheduled for June 2028
