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    Property profile & analytics

    9610 Wheeling Ave Muncie, IN 47304-9188

    • Grocery and convenience stores
    • 3,766 SF
    • 0.46 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1731810
    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

    • Marathon Gas / Gas Station
    • Village Pantry / Grocery & Convenience Store
    • Western Union / Bank / Credit Union
    • ATM / Atm

    Property Details for 9610 Wheeling Ave

    Year built
    1988
    Construction
    WOOD
    Lot size
    0.46 lot acres
    Property size
    3,766 SF
    Property type
    Grocery and convenience stores
    APN
    18-07-18-127-001.000-006
    APU
    180718127001000006

    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
    -85.4356
    Latitude
    40.2769
    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
    $4,680
    $45,300
    $202,900
    $248,200
    -
    $45,300
    $202,900
    $248,200

    Comparable in this City

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      $3,245,000
      59,900 SF

      Mcgalliard Thru 1440th W Rd

      GROCERY, SUPERMARKET • 59,900 SF
      Mcgalliard Thru 1440th W Rd, Muncie, IN 47304
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    • Value Estimation by Request
      1,729 SF

      2800 Jackson St

      CONVENIENCE STORE • 1,729 SF
      2800 Jackson St, Muncie, IN 47304-4302
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    • Value Estimation
      $1,005,000
      20,702 SF

      3500 Morrison Rd

      GROCERY, SUPERMARKET • 20,702 SF
      3500 Morrison Rd, Muncie, IN 47304-5545
      View Details
    • Value Estimation by Request
      2,475 SF

      6460 Kilgore Ave

      CONVENIENCE STORE • 2,475 SF
      6460 Kilgore Ave, Muncie, IN 47304-4734
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    • Value Estimation
      $2,240,000
      65,254 SF

      715 Tillotson Ave

      GROCERY, SUPERMARKET • 65,254 SF
      715 Tillotson Ave, Muncie, IN 47304-4526
      View Details
    • Value Estimation
      $500,000
      2,432 SF

      6200 Mcgalliard Rd

      CONVENIENCE STORE • 2,432 SF
      6200 Mcgalliard Rd, Muncie, IN 47304-9413
      View Details

    Similar Nearby for Sale

    • $395,000
      0.55 Acres

      Muncie Retail Building For Sale

      1,600 SQFT commercial building with drive-thru, ample parking.
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      Retail Property for Sale

      Retail property available for purchase in Muncie, Indiana.
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    • $395,000

      Commercial Building with Drive-Thru

      Versatile 1,600 SQFT building suitable for retail, office, or food service.
      4801 N Wheeling Ave, Muncie, IN 47304
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      2,000 SF

      Retail Property on Bethel Avenue

      Retail property available for sale in Muncie, Indiana.
      4105 W Bethel Ave, Muncie, IN 47304
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    • $187,000

      Paved Parking Lot For Sale

      Paved parking lot zoned BP Business Professional, near IU Health Hospital.
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    Similar Nearby for Lease

    • $2,375 /Mo
      10,241 SF

      Muncie Retail or Office Space

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    • $1,800 /Mo
      1,600 SF

      Muncie Retail Space with Drive-Thru

      1,600 SF commercial space with drive-thru in Muncie, IN.
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    • $17 SF/Yr
      32,806 SF

      Muncie Commercial Space Available

      Versatile commercial space suitable for medical, office, or retail use.
      4197 W Clara Ln, Muncie, IN 47304
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    • $17 SF/Yr
      32,806 SF

      Muncie Commercial Space on McGalliard

      1,000 sqft retail or medical space with high visibility.
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    • $12 SF/Yr
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      Renovated Commercial Space, Open Layout

      Versatile, move-in-ready space suitable for various businesses.
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      View Details
    • Contact for pricing
      8,200 SF

      Retail Space in Muncie Corridor

      Retail space for lease in high-traffic Muncie location.
      1401-1629 W Mcgalliard Rd, Muncie, IN 47304
      View Details
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    9610 Wheeling Ave
    Muncie, IN 47304-9188
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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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