$1 Auction - REIT Sale | Former Rally’s 400 S Madison St 894 SF Retail Building Muncie, IN 47305 $150,000 ($167.79/SF)

Marcus & Millichap is pleased to present the opportunity to acquire a vacant, free-standing quick-service restaurant (“QSR”) property located at 400 South Madison Street in Muncie, Indiana 47305 (the “Property”). Formerly occupied by Rally’s, the Property is being offered significantly below replacement cost, presenting a compelling opportunity for owner-users, investors, or developers to acquire a highly visible retail asset positioned directly across from McDonald’s in Downtown Muncie at an attractive basis. FIRST BID MEETS RESERVE!
Constructed in 1989, the Property consists of a ±894 SF, single-story restaurant building situated on a ±0.702-acre parcel (±30,562 SF) with approximately 14 surface parking spaces. The site occupies a signalized hard-corner intersection with frontage along three streets, including South Madison Street, which carries ±14,322 vehicles per day (VPD), providing exceptional visibility and accessibility. The Property benefits from two points of ingress/egress and exposure to both local and commuter traffic throughout the Muncie trade area. Previously leased to Rally’s on a triple-net (NNN) basis, the Property now presents a value-add leasing opportunity, with CoStar-estimated retail rents ranging from $12-15/SF NNN. The existing improvements include a commercial kitchen area, dual drive-thru lanes, two walk-up service windows, and an outdoor seating area, significantly reducing the time and cost associated with repositioning the asset for a new operator. The Property is zoned BV (Variety Business District), which permits a broad range of commercial, retail, restaurant, and service-oriented uses. Combined with its highly visible location, substantial land area, and existing drive-thru infrastructure, the Property offers flexibility for owner-users, investors, or developers seeking to capitalize on one of Muncie’s primary commercial corridors.
The Property is located in Muncie, Indiana, the largest city in Delaware County and a regional commercial, healthcare, and educational hub serving East Central Indiana. Positioned at the signalized intersection of South Madison Street and East Charles Street in Downtown Muncie, the Property benefits from exceptional visibility along one of the area’s primary commercial corridors. The surrounding area is anchored by a diverse mix of retail, healthcare, educational, and employment drivers that generate consistent daytime traffic and support consumer demand. The Property is located directly across from McDonald’s and in close proximity to numerous national and local retailers, service businesses, medical offices, and established residential neighborhoods. Major demand drivers include IU Health Ball Memorial Hospital, a 314-bed regional healthcare facility located within approximately two miles of the Property, as well as Ball State University, one of Indiana’s largest public universities with enrollment exceeding ±22,000 students. Additional educational demand is provided by Muncie Central High School, which enrolls 1,350+ students and serves as a key community institution. Within a three-mile radius, the Property serves more than 59,000 residents, increasing to over 79,000 residents within five miles, while average household incomes (AHHI) of nearly $67,000. The combination of strong traffic counts, nearby institutional demand drivers, established residential density, and convenient regional accessibility continues to support demand from restaurant, retail, service, and medical users throughout the corridor.