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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1631 Wheeling Ave Muncie, IN 47303-1608

    • Grocery and convenience stores
    • 1,800 SF
    • 0.60 lot acres
    OFF-MARKET
    Value Estimations
    $405,000
    Show details
    Cap Rate Potential
    8.2%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US31-1772109
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Quickway Marketplace / Convenience Store / Gas Station
    • Quickway / Gas Station
    • Amoco / Gas Station / Convenience Store
    • U-Haul Neighborhood Dealer / Van Rental Agency / Truck Rental Agency

    Property Details for 1631 Wheeling Ave

    Year built
    1972
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.60 lot acres
    Property size
    1,800 SF
    Property type
    Grocery and convenience stores
    APN
    18-11-04-378-023.000-003
    APU
    181104378023000003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $390,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $535,000
      6.5%
      $495,000
      7%
      $460,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $347,000
      Market price range: $187k - $348k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Muncie
    County
    Delaware
    State
    Indiana
    Longitude
    -85.3971
    Latitude
    40.2087
    CBSA code
    34620
    CBSA name
    MUNCIE, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $21,434
    $468,900
    $171,600
    $640,500
    -
    $468,900
    $171,600
    $640,500

    Comparable in this City

    • Value Estimation
      $210,000
      616 SF

      1200 Dr Martin Luther King Jr Blvd

      CONVENIENCE STORE • 616 SF
      1200 Dr Martin Luther King Jr Blvd, Muncie, IN 47303-5083
      View Details
    • Value Estimation
      $255,000
      459 SF

      2800 Wheeling Ave

      CONVENIENCE STORE • 459 SF
      2800 Wheeling Ave, Muncie, IN 47303-1648
      View Details
    • Value Estimation
      $410,000
      1,736 SF

      Roadway N Wheeling Ave

      CONVENIENCE STORE • 1,736 SF
      Roadway N Wheeling Ave, Muncie, IN 47303
      View Details
    • Value Estimation
      $280,000
      1,469 SF

      1701 Dr Martin Luther King Jr Blvd

      CONVENIENCE STORE • 1,469 SF
      1701 Dr Martin Luther King Jr Blvd, Muncie, IN 47303-5094
      View Details
    • Value Estimation
      $265,000
      2,628 SF

      3715 Jackson St

      CONVENIENCE STORE • 2,628 SF
      3715 Jackson St, Muncie, IN 47303-4353
      View Details
    • Value Estimation
      $275,000
      1,120 SF

      213 Berkley Ave

      GROCERY, SUPERMARKET • 1,120 SF
      213 Berkley Ave, Muncie, IN 47303
      View Details

    Similar Nearby for Sale

    • $495,000
      2,126 SF

      McGalliard Road Retail Opportunity

      Retail site near high-traffic intersection on McGalliard Road.
      211 W Mcgalliard Rd, Muncie, IN 47303
      View Details
    • $1,500,000
      1,400 SF

      NNN Leased Retail Property

      20-year absolute NNN lease retail property for sale.
      3904 W Bethel Ave, Muncie, IN 47303
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    • $375,000
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      Muncie Commercial Property For Sale

      Versatile 6,982 SF commercial building on 0.43 acres.
      1901 W Kilgore Ave, Muncie, IN 47303
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    • $325,000

      Retail Property For Sale

      Retail building with portion leased until 2029.
      204 E Mcgalliard Rd, Muncie, IN 47303
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    • $985,000
      92 SF

      Prime Commercial Land Opportunity

      Corner location near new developments with high traffic count.
      602-604 W Mcgalliard Rd, Muncie, IN 47303
      View Details
    • $3,495,000
      5,312 SF

      Muncie Chili's Restaurant Investment

      High-yield NNN lease, strong tenant.
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    Similar Nearby for Lease

    • $13 SF/Yr
      57,492 SF

      McGalliard Mall Shoppes For Lease

      Prime Retail Space, Delaware County
      800 Mcgalliard Rd, Muncie, IN 47303
      View Details
    • Contact for pricing
      5,400 SF

      Muncie Retail Space For Lease

      High-traffic retail space, prime location.
      613 Mcgalliard Rd, Muncie, IN 47303
      View Details
    • $12 SF/Yr
      1,200 SF

      McGalliard Road Retail Space Available

      Retail space for lease on McGalliard Road.
      310 E Mcgalliard Rd, Muncie, IN 47303
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space Near Ball State

      Retail space available near Ball State University.
      617 E Mcgalliard Rd, Muncie, IN 47303
      View Details
    • $4,800 /Mo
      4,562 SF

      Ball State Village Retail Space

      Retail space near Ball State University and Performing Arts Center.
      1813 W University Ave, Muncie, IN 47303
      View Details
    • Contact for pricing
      17,060 SF

      Retail Space Near Ball State

      17,060 SF junior anchor box available for lease.
      600-636 E Mcgalliard Rd, Muncie, IN 47303
      View Details
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    1631 Wheeling Ave
    Muncie, IN 47303-1608
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    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
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