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20597449
20597465

404 W Air Park Drive, Muncie, IN 47303

BA
IN RB14013784, IN
Coldwell Banker Commercial Real Estate Group
Listed by Coldwell Banker Commercial Real Estate Group
$895,000
577 days on market
Updated 42 days ago

Flex plus Office 100% Occupied

Details
Property Type Office, Land
Sub Type Commercial
Square Footage 12,250
Units 3
Cap Rate 7.92%
NOI $70,900
Tenancy Multi
Lease Type Modified
Price per SqFt $73
Broker Co-Op Yes
Buildings 1
Stories 1
Acreage 2.500
Zoning IP Industrial Park
Investment Type Stabilized

Quality Investment with reliable income

Marketing description

Investment property located in the Airpark Center Industrial Park in north central Muncie. Three solid tenants include Peterman Brothers HVAC as anchor tenant, Quality Correctional Care and Centimark Commercial Roofing with leases extending to 2027 and 2028. Gross Income $8,825 monthly/$105,900 annual. Expenses average around $35,000 making net income $70,900. This is a very low maintenance property constructed in 2010, features include a brick and metal faade, metal roof, covered sidewalk and concrete parking lot situated on 2.5 Acres. Convenient location adjacent to the Muncie Airport and centrally located for access to anywhere in Delaware County and linkage to the Muncie Bypass and Interstate 69. The building is 12,250 square feet. The west portion also has an overhead door for indoor storage of vehicles or equipment. Suite One is 400 W Air Park and has 3284 square feet of office area; Suite Three is 408 W Air Park and includes 7,850 of space including garage. All Suites are leased so arrangements need to be made with listing agent for inspections.

Investment highlights

Income producing property with low maintenance

Leases run to 2027 and 2028

Concrete parking lot and metal roof

Additional land to put on another structure provides upside on top of investment income

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Listing Contacts

BA
IN RB14013784, IN
Coldwell Banker Commercial Real Estate Group
Listed by Coldwell Banker Commercial Real Estate Group

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$70,900.00
$5,908.33/mo

Valuation Metrics

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DSCR
7.92%
Cap Rate
7.92%
ROI

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Additional Information

Name
Brian Allardt
License
RB14013784
Brokerage Address
400 North High Street
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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