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Property profile & analytics
OFF-MARKET
Estimated value
$4,125,000
Commercial land
12164 Meridian St, Carmel, IN 46032-4578
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-0655401
Property profile
Verified
Property type
Commercial land
Use group
VACANT COMMERCIAL LAND
Year built
1978
Total area
20,280 SF
Lot
1.13 ac (49,223 SF)
APN
29-09-35-000-005.000-018
UPID
US31-0655401
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.08M
CAP Approach
CAP
$4.21M
Comparable Approach
Comparable
$3.14M
Blend (final)
Blend
$4.13M
Owner & transaction history
North Town Hoel Group LLC · 1 yrs held
North Town Hoel Group LLC
since 2025
Last sale
$4.3M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$6.7M
+19.8%
Auto repair, garage
$5.9M
+4.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Carmel submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Carmel submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$3,850,000
ML approach
$4,075,000
CAP Approach
CAP Return
Estimation
6%
$4,565,000
6.5%
$4,210,000
7%
$3,910,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$5,620,000
Current use
RETAIL STORES
$6,735,000
Change: +20% · Conversion: Easy
AUTO REPAIR, GARAGE
$5,860,000
Change: +4% · Conversion: Difficult
Blend value · Realmo final
$4.13M
Range $3.71M – $4.54M · ±10% · vs last sale $4.25M (Apr 3 2025)
Last sale anchor
$4.25M
Apr 3 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$203 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$7,327
Tax year 2023
Assessed value
$356,000
Assessed 2023
Previous assessed
$356,000
+0.0% YoY
Effective rate
2.06%
On assessed value
Assessed land
$356,000
Land market value
$356,000
Total market value
$356,000
Applied tax rate
18.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial land
Use group
VACANT COMMERCIAL LAND
Status
Off-Market
Year built
1978
Heating
NONE
Stories
2
Total area
20,280 SF
Lot
1.13 ac (49,223 SF)
APN
29-09-35-000-005.000-018
UPID
US31-0655401
Jurisdiction
HAMILTON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$5.6M
RETAIL STORES
Est. value
$6.7M
AUTO REPAIR, GARAGE
Est. value
$5.9M
COMMERCIAL (GENERAL) Current
RETAIL STORES
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1978
Heating
NONE
Stories
2
Lot
1.13 ac
Current owner
From public records · entity-resolved
North Town Hoel Group LLC
Entity
Free & Clear · 1 yrs held
Mailing address
9904 N BY NE BLVD, FISHERS, IN 46037-9635
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 29, 2025
—
North Town Hotel Group LLC
—
Deed
related
$2,550,000 · Elements Financial FCU
Apr 3, 2025
$4,250,000
North Town Hoel Group LLC
N Meridian Hospitality LLC
Deed
—
Feb 7, 2022
—
N Merldian Hospitality LLC
—
Deed
related
$975,000 · Farmers Bank
Jul 1, 2020
—
Cci Adt Mob II LLC
Realty Backer Trust
Correction Deed
related
$575,000 · Stockyard Bk&tr
Jun 30, 2020
—
Cci Adt Mob LLC
—
Correction Deed
related
$2,196,500 · Stockyard Bk&tr
Jun 18, 2020
—
Ccl Adt Mob LLC
Fineberg Group LLC
Warranty Deed
$2,196,500 · Stockyard Bk&tr
Jun 15, 2020
—
Ccl Adt Mob II LLC
Fineberg Group LLC
Warranty Deed
$575,000 · Stockyard Bk&tr
May 2, 2018
—
Fineberg Group LLC
Sudan Mark Investment Co
Quit Claim Deed
related
—
Jul 12, 2017
—
12156 Meridian Associates LLC
—
Loan Modification
related
$6,700,000 · First Merchants Bk
Dec 6, 2016
—
Co 12156 Meridian Associates LLC
—
Deed
related
$600,000 · First Merchants Bk
Jan 25, 2007
—
City Of Carmel
12156 Meridian Associates LLC
Warranty Deed
—
—
—
Co 12156 Meridian Associates LLC
—
Deed Of Trust
related
$600,000 · First Merchants Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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