This property is Off-Market

701 Nichols Avenue
Muncie, IN 47303 ·

75,000 SF · Retail For Sale

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White River Plaza

Price N/A Cap Rate 14%
Gross Leasable Area 75,000 SF Occupancy 50%
Property Type Retail No. Stories 2
Property Sub-type
Community Center
More...
  • Office Showroom
  • Office Building
  • Retail (Other)
Tenancy Single
Property Use Type Investment Lot Size 5.87 AC
Listing ID: 14120591 Date Created: 02/08/2005 Last Updated: 07/07/2005

Description

This redevelopment opportunity, near numerous retail properties, is uniquely located along the White River in Muncie Indiana. The two parcels total 5.87 acres and have access from both Nichols Avenue and White River Boulevard. The existing structure is a 2-story steel- and wood-frame building and comprises 75,000+ sf built in the 1940's with subesequent renovations. White River Plaza is situated approximately 1 mile from the Ball State University Campus and has unlimited development potential as it is zoned Variety Business.

Currently, this 75,000+ sf property is occupied by Dollar General and Associated Payroll on short term leases and over a dozen month-to-month retail tenants. Onsite parking includes 250 striped parking spaces.

This offering represents an opportunity for an experienced investor to maximize this redevelopment potential in this unique location.

Muncie, Indiana is a dynamic city located 58 miles northeast of Indianapolis. Described in national studies as a typical Amercian community, Muncie offers the advantages of larger cities without the hassles and costs associated with living in major metropolitan areas. The community offers many economic advantages for business and a high quality of living for managers and employees.

Muncie is the county seat of Delware County and had a 2000 census population of 67,430 persons. The balance of the county is, in part, made up of six smaller towns: Albany, Daleville, Eaton, Gaston, Selma and Yorktown. The 2000 census populations of the entire county is 118,769 persons. Delaware County is the primary retail, medical and educational center for the East Central Indiana region. This county has an abundant and highly skilled workforce of approximately 60,000 persons. The regional workforce is nearly 210,000 persons.

Highlights

  • Muncie is home to Ball State University approximately 1 mile from White River Plaza
  • Great redevelopment opportunity on 5+ acres
  • Muncie boasts a popoulation of 67,400
  • Pro Forma CAP rate: 14.05%
  • With White River directly across the street, there is no risk of competitve development nearby
  • Property is adjacent to a relocated business incubator along the White River

Research

701 Nichols Avenue, Muncie, IN 47303 (Delaware County)

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