Back to Search
Property profile & analytics
OFF-MARKET
Office Spaces
625 Tillotson Ave Muncie, IN 47304-4449
Individually Owned
Absentee Owner
Free & Clear
Property ID
US31-1506672
Property summary
AI-generated overview
This fully leased, 12-unit commercial property in Muncie, Indiana, presents a compelling investment opportunity. Spanning 10,728 square feet across three single-story buildings on a 36,155 square foot lot, this stabilized property boasts 100% occupancy and offers significant redevelopment potential. Built in 1961 and zoned BV R4, the property is strategically located at 625 S Tillotson Avenue, adjacent to major retailers like Payless (Kroger Brand) Grocery, Taco Bell, and KFC. Its prime location in a strong retail and medical corridor between downtown Muncie and Yorktown, near Ball State University, Indiana University Hospital, and the White River, ensures high demand and strong rental income. All roofs were replaced in 2024. The asking price is $695,000. This property offers a blend of immediate income generation and long-term growth potential. The property's proximity to major institutions and high-traffic areas makes it an attractive investment for both short-term and long-term returns.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1961
Construction
WOOD
Total area
5,544 SF
Lot
0.17 ac (7,560 SF)
APN
18-11-17-153-016.000-003
UPID
US31-1506672
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
-
Mathewson Law, PC Law Firm
-
CoolSculpting at Body By Weight Loss Service
-
Signal Health Group Home Health Care Service Care Services
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
MICHAEL O LUNSFORD
MICHAEL O LUNSFORD
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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
$5,623
Tax year 2023
Assessed value
$167,700
Assessed 2023
Previous assessed
$167,700
+0.0% YoY
Effective rate
3.35%
On assessed value
Assessed land
$75,600
Assessed improvement
$92,100
Land market value
$75,600
Improvement market value
$92,100
Total market value
$167,700
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1961
Construction
WOOD
Heating
NONE
Stories
2
Total area
5,544 SF
Lot
0.17 ac (7,560 SF)
APN
18-11-17-153-016.000-003
UPID
US31-1506672
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
1961
Construction
WOOD
Heating
NONE
Stories
2
Lot
0.17 ac
Current owner
From public records · entity-resolved
MICHAEL O LUNSFORD
Individual
Free & Clear · 0 yrs held
Mailing address
1721 N WALNUT ST, MUNCIE, IN 47303-1951
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 625 Tillotson Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
