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Property profile & analytics
OFF-MARKET
Estimated value
$1,365,000
Hotels
141 Washington St Indianapolis, IN 46204-3688
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US31-0046160
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
1969
Construction
CONCRETE
Total area
59,468 SF
Lot
0.61 ac (26,398 SF)
Zoning code
ZO01
APN
49-11-01-240-195.000-101
UPID
US31-0046160
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
-
Inman Mark Law Firm
-
Arnett Andrew B Law Firm
-
Borland & Gaerte Law Firm
-
Seach Raymond T Law Firm
-
Bacon & Lane LLC Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.03M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.69M
Blend (final)
Blend
$1.37M
Owner & transaction history
Hotel Indy Properties LLC · 4 yrs held
Hotel Indy Properties LLC
since 2022
5 recorded transactions
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
code of ordinances
Top alternative use upside
Industrial (general)
$1.7M
+28.1%
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
$1,030,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
HOTEL/MOTEL
$1,355,000
Current use
INDUSTRIAL (GENERAL)
$1,735,000
Change: +28% · Conversion: Difficult
Blend value · Realmo final
$1.37M
Range $1.23M – $1.50M · ±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
$23 / 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
$294,605
Tax year 2023
Assessed value
$10,621,000
Assessed 2023
Previous assessed
$10,621,000
+0.0% YoY
Effective rate
2.77%
On assessed value
Assessed land
$1,829,400
Assessed improvement
$8,791,600
Land market value
$1,829,400
Improvement market value
$8,791,600
Total market value
$10,621,000
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
1969
Construction
CONCRETE
Heating
NONE
Buildings
2
Stories
5
Total area
59,468 SF
Lot
0.61 ac (26,398 SF)
Zoning code
ZO01
APN
49-11-01-240-195.000-101
UPID
US31-0046160
Jurisdiction
MARION
Zoning & alternative use
ZO01 · Indianapolis, INZoning ZO01 · permitted uses
ZO01 · Indianapolis, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
code of ordinances
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$1.4M
INDUSTRIAL (GENERAL)
Est. value
$1.7M
HOTEL/MOTEL Current
INDUSTRIAL (GENERAL)
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
1969
Construction
CONCRETE
Heating
NONE
Stories
5
Buildings
2
Lot
0.61 ac
Current owner
From public records · entity-resolved
Hotel Indy Properties LLC
Entity
Mailing address
6000 SPG ML RD, INDIANAPOLIS, IN 46228-1441
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 14, 2022
—
Hotel Indy Properties LLC
—
Deed
related
$1,500,000 · Fa Wilhelm Construction Co INC
Feb 24, 2022
—
F A Wilhelm Construction Co INC
—
Deed
related
$1,500,000 · Hotel Indy Properties LLC
Nov 15, 2018
—
Hotel Inndy Properties LLC
—
Deed
related
$3,500,000 · Community First Bank
Jul 1, 2014
—
Rbe Properties LLC
—
Trustees Deed
related
$300,000 · Forum Cu
Dec 12, 2006
—
Rbe Properties LLC
—
Trustees Deed
related
$600,000 · Forum Cu
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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