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Property profile & analytics
OFF-MARKET
Estimated value
$4,745,000
Hotels
1344 83rd Ave Merrillville, IN 46410-6364
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US31-0691391
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
2008
Construction
WOOD
Total area
43,644 SF
Lot
2.44 ac (106,286 SF)
APN
45-12-22-401-004.000-030
UPID
US31-0691391
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
-
Comfort Suites Merrillville near US 30 Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.97M
CAP Approach
CAP
$4.31M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.75M
Owner & transaction history
Fortune 5 Hospitality LLC · 4 yrs held
Fortune 5 Hospitality LLC
since 2022
Last sale
$5.3M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.0M
+290.3%
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 Merrillville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Merrillville 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
$4,950,000
ML approach
$3,965,000
CAP Approach
CAP Return
Estimation
6%
$4,665,000
6.5%
$4,305,000
7%
$4,000,000
Alternative Use
Use
Estimation
RESTAURANT
$3,040,000
Change: +290% · Conversion: Difficult
Blend value · Realmo final
$4.75M
Range $4.27M – $5.22M · ±10% · vs last sale $5.25M (Jan 11 2022)
Last sale anchor
$5.25M
Jan 11 2022
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
$109 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$83,692
Tax year 2022
Assessed value
$4,006,400
Assessed 2023
Previous assessed
$4,006,400
+0.0% YoY
Effective rate
2.09%
On assessed value
Assessed land
$549,000
Assessed improvement
$3,457,400
Land market value
$549,000
Improvement market value
$3,457,400
Total market value
$4,006,400
Applied tax rate
30.0000
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
2008
Construction
WOOD
Heating
NONE
Stories
3
Units
70
Total area
43,644 SF
Lot
2.44 ac (106,286 SF)
APN
45-12-22-401-004.000-030
UPID
US31-0691391
Jurisdiction
LAKE
Metro division
GARY, IN METROPOLITAN DIVISION
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
RESTAURANT
Est. value
$3.0M
RESTAURANT
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
2008
Construction
WOOD
Heating
NONE
Stories
3
Units
70
Lot
2.44 ac
Current owner
From public records · entity-resolved
Fortune 5 Hospitality LLC
Entity
Mailing address
83 SCOTSCRAIG DR, VALPARAISO, IN 46385-8012
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 19, 2026
—
Fortune 5 Hospitality LLC
—
Deed
related
$4,535,000 · Prospect Bank
Jan 11, 2022
$5,250,000
Fortune 5 Hospitality LLC
Friendship Partners INC
Warranty Deed
$4,200,000 · Prospect Bank
Jan 11, 2022
—
Fortune 5 Hospitality LLC
—
Deed
related
$102,029 · Prospect Bank
Aug 30, 2018
—
Friendship Partners INC
—
Loan Modification
related
$6,540,000 · Centier Bk
Nov 19, 2013
—
Friendship Partners INC
Friendship Partners LLC
Quit Claim Deed
$2,570,000 · Centier Bank
Oct 9, 2007
—
Friendship Partners LLC
—
Trustees Deed
related
$4,894 · Citizens Financial Bank
—
—
Friendship Partners LLC
—
Deed Of Trust
related
$98,000 · Citizens Financial Bank
—
—
Friendship Partners LLC
—
Deed Of Trust
related
$1,942,500 · Citizens Financial Bank
—
—
Friendship Partners LLC
—
Deed Of Trust
related
$2,915,206 · Citizens Financial Bank
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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