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Property profile & analytics
OFF-MARKET
Estimated value
$1,390,000
Hotels
123 Illinois St Indianapolis, IN 46225-1005
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US31-1169063
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
1928
Construction
CONCRETE
Total area
28,372 SF
Lot
0.15 ac (6,490 SF)
APN
49-11-11-184-041.000-101
UPID
US31-1169063
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
Current use
Occupant on record · Public records
-
Le Méridien Indianapolis Hotel & Motel
-
Behavioral Health EHR Software Office Indianapolis IN Corporate Office
-
Spoke & Steele Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$855k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.26M
Blend (final)
Blend
$1.39M
Owner & transaction history
Avr Indianapolis Hotel LLC · 7 yrs held
Avr Indianapolis Hotel LLC
since 2018
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$2.3M
+256.7%
Commercial (general)
$1.9M
+187.0%
Retail stores
$1.8M
+178.0%
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 Indianapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Indianapolis 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
by Request
ML approach
$855,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$2,305,000
Change: +257% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,855,000
Change: +187% · Conversion: Difficult
RETAIL STORES
$1,800,000
Change: +178% · Conversion: Difficult
RESTAURANT
$1,565,000
Change: +142% · Conversion: Difficult
OFFICE BUILDING
$1,400,000
Change: +117% · Conversion: Difficult
MEDICAL BUILDING
$1,125,000
Change: +74% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,095,000
Change: +69% · Conversion: Difficult
Blend value · Realmo final
$1.39M
Range $1.25M – $1.53M · ±10%
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
$49 / 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
$388,260
Tax year 2023
Assessed value
$13,997,400
Assessed 2023
Previous assessed
$13,997,400
+0.0% YoY
Effective rate
2.77%
On assessed value
Assessed land
$571,000
Assessed improvement
$13,426,400
Land market value
$571,000
Improvement market value
$13,426,400
Total market value
$13,997,400
Applied tax rate
101.0000
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
Hotels
Use group
HOTEL/MOTEL
Status
Off-Market
Year built
1928
Construction
CONCRETE
Heating
NONE
Buildings
2
Stories
11
Units
168
Total area
28,372 SF
Lot
0.15 ac (6,490 SF)
APN
49-11-11-184-041.000-101
UPID
US31-1169063
Jurisdiction
MARION
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
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.3M
COMMERCIAL (GENERAL)
Est. value
$1.9M
RETAIL STORES
Est. value
$1.8M
RESTAURANT
Est. value
$1.6M
OFFICE BUILDING
Est. value
$1.4M
MEDICAL BUILDING
Est. value
$1.1M
AUTO REPAIR, GARAGE
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
RETAIL STORES
RESTAURANT
OFFICE BUILDING
MEDICAL BUILDING
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
1928
Construction
CONCRETE
Heating
NONE
Stories
11
Buildings
2
Units
168
Lot
0.15 ac
Current owner
From public records · entity-resolved
Avr Indianapolis Hotel LLC
Entity
Mailing address
1 EXECUTIVE BLVD, YONKERS, NY 10701-6822
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 28, 2018
—
Avr Indianapolis Hotel LLC
Rb Indianapolis LLC
Grant Deed
—
May 18, 2017
—
Rb Indianapolis LLC
—
Grant Deed
related
$18,000,000 · Fcbank
Jun 12, 2013
$5,350,000
Rb Indianapolis LLC
Historic Canterbury Hotel LLC
Grant Deed
$9,000,000 · Miscellaneous Ins Co
—
—
123 S Illinois Associates
—
Deed Of Trust
related
$10,125,000 · Jackson National Life Ins Co
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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