Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    4917 Wheeling Ave Muncie, IN 47304
    Back to Search
    Property profile & analytics

    4917 Wheeling Ave Muncie, IN 47304

    View on Map
    • Land
    • 1.50 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 4917 Wheeling Ave

    Lot size
    1.50 lot acres
    Property type
    Land

    Description

    This 1.5-acre commercial land parcel is situated at the highly visible intersection of Wheeling Avenue and Riggin Road in northwest Muncie, Indiana. The property, Parcel A, is priced at $300,000 and benefits from a traffic signal, ensuring excellent visibility and accessibility. Its location directly across from the Country Village Shopping Center, which includes a Speedway gas station, Dollar General, and other established businesses, provides significant advantages for commercial development. The area also boasts a recently constructed childcare facility nearby. Wheeling Avenue is a major thoroughfare connecting substantial residential subdivisions and State Road 28 to Ball State University and downtown Muncie, guaranteeing high traffic volume. While this listing focuses on the 1.5-acre Parcel A, it's important to note that two additional parcels are available for sale in this area. Lot sizes may be flexible, requiring a survey and potential replatting to accommodate specific development needs. This prime location offers exceptional potential for a variety of commercial ventures, capitalizing on its high visibility and convenient access to a thriving community. The property is located at 4917 Wheeling Ave, Muncie, IN 47304.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Muncie
    County
    Delaware
    State
    Indiana
    Longitude
    -85.4109
    Latitude
    40.2333

    Comparable in this City

    • Value Estimation by Request
      16.00 Acres

      10510 Jackson St

      Wedding venues • 5,900 SF
      10510 Jackson St, Muncie, IN 47304
      View Details
    • Value Estimation by Request
      1.88 Acres

      Morrison Rd

      Land • 1.88 Acres
      0 Morrison Rd, Muncie, IN 47304
      View Details
    • Value Estimation by Request

      2400 Mcgalliard Rd

      Land
      2400 Mcgalliard Rd, Muncie, IN 47304
      View Details
    • Value Estimation by Request

      2011 Mcgalliard Rd

      Land
      2011 Mcgalliard Rd, Muncie, IN 47304
      View Details
    • Value Estimation by Request
      7.00 Acres

      1301 Nebo Rd

      Land • 7.00 Acres
      1301 Nebo Rd, Muncie, IN 47304
      View Details
    • Value Estimation by Request
      5.06 Acres

      Hessler Rd

      Land • 5.06 Acres
      0 Hessler Rd, Muncie, IN 47304
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Land Available in Muncie, Indiana

      Land for sale at 5600 W Kilgore Ave, Muncie, IN.
      5600 W Kilgore Ave, Muncie, IN 47304
      View Details
    • Contact for pricing

      Land Available for Sale

      Land available for sale at 4801 W Bethel Ave, Muncie, IN.
      4801 W Bethel Ave, Muncie, IN 47304
      View Details
    • $195,000
      25.26 Acres

      Muncie Industrial Land Investment

      25-Acre Industrial Land, Income Producing
      5400 Kilgore Ave, Muncie, IN 47304
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Muncie Retail Spaces For Lease

      Retail spaces available in Muncie's main retail corridor.
      1401 W Mcgalliard Rd, Muncie, IN 47304
      View Details
    • Contact for pricing

      Medical Office Space Near Hospital

      Medical office space for rent near IU Health Ball.
      3631 N Morrison Rd, Muncie, IN 47304
      View Details
    • $17 SF/Yr
      32,806 SF

      Muncie Commercial Space Available

      Versatile commercial space suitable for medical, office, or retail use.
      4197 W Clara Ln, Muncie, IN 47304
      View Details
    • Contact for pricing
      900 SF

      Corner Office Suite For Rent

      Corner office suite with utilities included and parking.
      2000 W Riggin Rd, Muncie, IN 47304
      View Details
    • Contact for pricing
      2,762 SF

      Office Space Available For Rent

      Office space available with expansion possibilities.
      3000 West White River Blvd, Muncie, IN 47304
      View Details
    • New
      $17 SF/Yr
      2,106 SF

      Muncie Office on McGalliard Road

      Professional office space on high-traffic corridor, suitable for medical/retail.
      2106 W Mcgalliard Rd, Muncie, IN 47304
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    4917 Wheeling Ave
    Muncie, IN 47304
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    4917 Wheeling Ave, Muncie, IN, 47304
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!