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Property profile & analytics
OFF-MARKET
Estimated value
$1,285,000
Outlet malls
1616 Royerton Rd, Muncie, IN 47303
Entity Owned
9-yr Hold
Free & Clear
Property ID
US31-2501111
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
2016
Construction
TYPE NOT SPECIFIED
Total area
9,100 SF
Lot
1.22 ac (53,143 SF)
APN
18-07-15-476-002.000-006
UPID
US31-2501111
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Dollar General Discount Store
-
Redbox Cinema (Bike/Boat/Book/etc) Store
-
Western Union Bank Credit Union
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.22M
Blend (final)
Blend
$1.29M
Owner & transaction history
Westminster Development LLC · 9 yrs held
Westminster Development LLC
since 2016
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$825,000
+7.0%
Commercial (general)
$800,000
+3.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Muncie submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Muncie submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$770,000
Current use
RESTAURANT
$825,000
Change: +7% · Conversion: Easy
COMMERCIAL (GENERAL)
$800,000
Change: +4% · Conversion: Easy
Blend value · Realmo final
$1.29M
Range $1.16M – $1.41M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$141 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$15,542
Tax year 2023
Assessed value
$831,100
Assessed 2023
Previous assessed
$831,100
+0.0% YoY
Effective rate
1.87%
On assessed value
Assessed land
$137,200
Assessed improvement
$693,900
Land market value
$137,200
Improvement market value
$693,900
Total market value
$831,100
Applied tax rate
6.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
2016
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
9,100 SF
Lot
1.22 ac (53,143 SF)
APN
18-07-15-476-002.000-006
UPID
US31-2501111
Jurisdiction
DELAWARE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$770,000
RESTAURANT
Est. value
$825,000
COMMERCIAL (GENERAL)
Est. value
$800,000
RETAIL STORES Current
RESTAURANT
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2016
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
1.22 ac
Current owner
From public records · entity-resolved
Westminster Development LLC
Entity
Free & Clear · 9 yrs held
Mailing address
2601 W 26TH ST, ERIE, PA 16506-3063
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 26, 2016
—
Westminster Development LLC
Royerton Partners LLC
Warranty Deed
—
Mar 15, 2016
—
Royerton Partners LLC
Delta Greens & Recreation LLC
Warranty Deed
—
Sep 6, 2012
—
Delta Greens & Recreation LLC
Donald #2 LLC
Quit Claim Deed
related
—
Jul 3, 2012
$42,000
Donat #2 LLC
Parkinson Property INC
Sheriffs Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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