8850 21St StIndianapolis, IN 46219

Property Details for 8850 21St St

Year built

1973

Construction

WOOD

Lot size

3.43 AC

Property size (Sq ft)

20,280 SF

Property type

Hospitality properties

Property subtype

Hotels

APN

49-08-30-114-009.000-700

APU

490830114009000700

Description

This fee-simple property, the Country Road Inn, presents a compelling value-add opportunity in Indianapolis, Indiana. Located at 8850 East 21st Street and 2140 N. Boehning Street, zip code 46219, this 55,768 square foot motel sits on a 4.83-acre lot zoned C-4, offering significant redevelopment potential. The property comprises four buildings, totaling 126 keys, with 80 currently rented weekly. Building A features 48 rooms, Building B has 37, and Building C contains 41 rooms. A separate front office building includes a manager's living quarters, front desk, and additional space. Built in 1973, the motel is a two-story structure with one parking space per key. The current gross operating income is $650,000. The property is being sold "as is" and requires a full renovation, including exterior, interior, and roof work. This presents an ideal opportunity for rebranding as an economy motel or extended-stay franchise. The property's prime location and substantial size make it an attractive investment for those seeking a significant redevelopment project with high upside potential in a thriving market. The property is currently operating as an independent extended-stay motel.

• CAP approach

  CAP return

  Valuation

  6%

  $3,401,676

  6.5%

  $3,140,009

  7%

  $2,915,722

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,918,647

  Geo Method

  $5,918,647

• Alternative Use

  Use

  Valuation

  Residential

  $3,427,978

  Hospitality

  $3,140,009

  Educational

  $2,612,450

  Medical

  $2,702,297

  Retail

  $4,063,812

Location Insight

City

Indianapolis

County

Marion

State

Indiana

Latitude

39.7977

Longitude

-86.012

CBSA code

26900

CBSA name

INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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