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Property profile & analytics
OFF-MARKET
Estimated value
$255,000
Strip malls
2810 Ethel Ave Muncie, IN 47304-4478
Individually Owned
20-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-1687832
Property summary
AI-generated overview
This exceptional 940-square-foot office suite, located at 2810 W Ethel Avenue, Suite #1 in Muncie, Indiana, presents a fantastic opportunity for businesses seeking a convenient and well-appointed workspace. The suite is part of a larger single-story building totaling 6,960 square feet, comprised of nine individual suites, situated on a spacious 21,780-square-foot lot. The property enjoys a highly visible location just off Tillotson Avenue, across from Payless Grocery, and in close proximity to Indiana University Health Ball Memorial Hospital and Ball State University. The suite itself features a welcoming reception area, three private offices, and a larger room ideal for conferences or training sessions. Utilities are conveniently handled with water and sewage included in the lease
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1966
Construction
WOOD
Total area
6,960 SF
Lot
0.52 ac (22,500 SF)
APN
18-11-17-153-012.000-003
UPID
US31-1687832
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
-
Wayne Miracle, EDD Physician Medical Clinic
-
DemiChrom Custom T-Shirt Store
-
Approved Medical Services Drug Testing Service
-
Wild Opal Salon Hair Salon
-
Dr. Thomas Melham Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$255k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$255k
Owner & transaction history
Michael O Lunsford · 20 yrs held
Michael O Lunsford
since 2005
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$255,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$255k
Range $230k – $281k · ±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
$37 / 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
$5,084
Tax year 2023
Assessed value
$139,800
Assessed 2023
Previous assessed
$139,800
+0.0% YoY
Effective rate
3.64%
On assessed value
Assessed land
$54,000
Assessed improvement
$85,800
Land market value
$54,000
Improvement market value
$85,800
Total market value
$139,800
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1966
Construction
WOOD
Heating
NONE
Stories
1
Total area
6,960 SF
Lot
0.52 ac (22,500 SF)
APN
18-11-17-153-012.000-003
UPID
US31-1687832
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
Building & site characteristics
From public records
Year built
1966
Construction
WOOD
Heating
NONE
Stories
1
Lot
0.52 ac
Current owner
From public records · entity-resolved
Michael O Lunsford
Individual
Free & Clear · 20 yrs held
Mailing address
2701 W JACKSON ST, MUNCIE, IN 47303-4636
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2005
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
Oct 17, 2005
—
Michael O Lunsford
Michael O Lunsford
Warranty 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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