Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    500 23rd St Muncie, IN 47302-5030

    • Office Properties & Spaces
    • 4,224 SF
    • 3.88 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2211068
    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

    • Omni Source Corporation / Recycling Center / Waste Management Facility

    Property Details for 500 23rd St

    Year built
    1948
    Construction
    WOOD
    Lot size
    3.88 lot acres
    Property size
    4,224 SF
    Property type
    Office Properties & Spaces
    APN
    18-11-21-403-002.000-003
    APU
    181121403002000003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Muncie
    County
    Delaware
    State
    Indiana
    Longitude
    -85.3914
    Latitude
    40.1686
    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
    $7,282
    $63,900
    $156,900
    $220,800
    -
    $63,900
    $156,900
    $220,800

    Comparable in this City

    • Value Estimation
      $3,370,000
      56,218 SF

      9401 Nottingham St

      OFFICE (GENERAL) • 56,218 SF
      9401 Nottingham St, Muncie, IN 47302-9486
      View Details
    • Value Estimation by Request
      1,200 SF

      804 13th St

      OFFICE (GENERAL) • 1,200 SF
      804 13th St, Muncie, IN 47302
      View Details
    • Value Estimation
      $11,720,000
      195,471 SF

      1601 26th St

      OFFICE (GENERAL) • 195,471 SF
      1601 26th St, Muncie, IN 47302-5808
      View Details
    • Value Estimation
      $1,370,000
      14,932 SF

      2517 8th St

      OFFICE (GENERAL) • 14,932 SF
      2517 8th St, Muncie, IN 47302-1633
      View Details
    • Value Estimation by Request
      600 SF

      4301 County Rd 388th E

      OFFICE (GENERAL) • 600 SF
      4301 County Rd 388th E, Muncie, IN 47302-9205
      View Details
    • Value Estimation by Request
      3,188 SF

      4901 Proctor Rd

      OFFICE (GENERAL) • 3,188 SF
      4901 Proctor Rd, Muncie, IN 47302-8968
      View Details

    Similar Nearby for Sale

    • $85,000
      10,888 SF

      Prime Muncie Mixed-Use Property

      Spacious Worship Center, Endless Potential
      915 Memorial Dr, Muncie, IN 47302
      View Details
    • $775,000
      35.00 Acres

      Wooded Acres with Multiple Homes

      35-acre recreational property with ponds, multiple homes, and outbuildings.
      9100 S Us Highway 35, Muncie, IN 47302
      View Details
    • New
      Contact for pricing
      0.14 Acres

      Residential Land with Garage, Shed

      Fenced lot with garage and shed in Muncie, Indiana.
      1403 S Shipley St, Muncie, IN 47302
      View Details
    • $760,000

      Development Property Near Walmart

      Land available across from Walmart Supercenter, Muncie, Indiana.
      2400 E 29Th St, Muncie, IN 47302
      View Details
    • $695,000
      0.68 Acres

      Muncie Retail Investment Opportunity

      Net leased Advanced Auto property with recent lease extension.
      2001 S Madison St, Muncie, IN 47302
      View Details
    • $695,000
      0.68 Acres

      Muncie Commercial Building Investment

      High-Yield Net-Leased Property, Excellent Location
      2001 Madison St, Muncie, IN 47302
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      1,200 SF

      Retail Space in Walmart Shadow

      1,200 SF retail space available for lease.
      3600 S Chandler Dr, Muncie, IN 47302
      View Details
    • $2,000 /Mo
      19,800 SF

      Muncie Industrial Space Available

      Industrial space available for lease in Muncie, Indiana.
      2401 S Monroe St, Muncie, IN 47302
      View Details
    • $1.00 SF/Yr
      350,000 SF

      Muncie Industrial Space Available

      Flexible Warehouse/Manufacturing Space
      1210 Seymour St, Muncie, IN 47302
      View Details
    • $4 SF/Yr
      31,000 SF

      Retail Space in Muncie, Indiana

      Retail space available for rent in Muncie, Indiana.
      2006 Walnut St N Walnut, Muncie, IN 47302
      View Details
    • $3 SF/Yr
      470,000 SF

      Muncie Warehouse and Manufacturing Space

      64,000 SF manufacturing/warehouse space for lease in Downtown Industrial Center.
      1106 E Seymour St, Muncie, IN 47302
      View Details
    • $5 SF/Yr
      15,500 SF

      Muncie Industrial Space For Lease

      15,500 SF Warehouse w/ Docks
      1111 Seymour St, Muncie, IN 47302
      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.
    500 23rd St
    Muncie, IN 47302-5030
    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

    Google sign-in failed. Please try again or use another login method.