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Property profile & analytics
FOR SALE
Medical Office Space
800 S Tillotson Ave Muncie, IN 47303
Entity Owned
8-yr Hold
Free & Clear
Property ID
US31-1875396
For Sale
1 / 10
$3,400,000
800 S Tillotson Ave, Muncie, IN 47303
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1971
Construction
TYPE NOT SPECIFIED
Total area
32,557 SF
Lot
3.42 ac (148,975 SF)
APN
18-11-17-182-002.000-003
UPID
US31-1875396
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.44M
Blend (final)
Blend
$2.57M
Owner & transaction history
Alpha Muncie Medical LLC · 8 yrs held
Alpha Muncie Medical LLC
since 2017
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.0M
+62.0%
Commercial (general)
$2.9M
+57.3%
Retail stores
$2.8M
+51.4%
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
MEDICAL BUILDING
$1,825,000
Current use
RESTAURANT
$2,955,000
Change: +62% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,870,000
Change: +57% · Conversion: Easy
RETAIL STORES
$2,760,000
Change: +51% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,580,000
Change: +41% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$2,375,000
Change: +30% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$1,975,000
Change: +8% · Conversion: Difficult
Blend value · Realmo final
$2.57M
Range $2.31M – $2.83M · ±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
$79 / 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
$114,789
Tax year 2023
Assessed value
$3,960,300
Assessed 2023
Previous assessed
$3,960,300
+0.0% YoY
Effective rate
2.90%
On assessed value
Assessed land
$774,700
Assessed improvement
$3,185,600
Land market value
$774,700
Improvement market value
$3,185,600
Total market value
$3,960,300
Applied tax rate
3.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Sale
Year built
1971
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
32,557 SF
Lot
3.42 ac (148,975 SF)
APN
18-11-17-182-002.000-003
UPID
US31-1875396
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
MEDICAL BUILDING Current
Est. value
$1.8M
RESTAURANT
Est. value
$3.0M
COMMERCIAL (GENERAL)
Est. value
$2.9M
RETAIL STORES
Est. value
$2.8M
AUTO REPAIR, GARAGE
Est. value
$2.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.4M
INDUSTRIAL (GENERAL)
Est. value
$2.0M
MEDICAL BUILDING Current
RESTAURANT
COMMERCIAL (GENERAL)
RETAIL STORES
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
INDUSTRIAL (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
1971
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
3.42 ac
Current owner
From public records · entity-resolved
Alpha Muncie Medical LLC
Entity
Free & Clear · 8 yrs held
Mailing address
380 SOUTHPOINTE BLVD, CANONSBURG, PA 15317-8561
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 31, 2017
—
Alpha Muncie Medical LLC
Medical Consultants Real Estate
Deed
—
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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