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Property profile & analytics
OFF-MARKET
Estimated value
$2,510,000
Hotels
188 Umbarger Ln Franklin, IN 46131
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US31-0596004
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
1994
Construction
WOOD
Total area
21,840 SF
Lot
2.51 ac (109,466 SF)
APN
41-07-18-034-004.000-018
UPID
US31-0596004
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
$2.39M
CAP Approach
CAP
$1.96M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.51M
Owner & transaction history
Ecolite Corp · 3 yrs held
Ecolite Corp
since 2022
Last sale
$2.6M
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.3M
+109.3%
Auto repair, garage
$1.6M
+47.8%
Retail stores
$1.6M
+47.2%
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 Franklin submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Franklin 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
$2,450,000
ML approach
$2,390,000
CAP Approach
CAP Return
Estimation
6%
$2,115,000
6.5%
$1,955,000
7%
$1,815,000
Alternative Use
Use
Estimation
RESTAURANT
$2,295,000
Change: +109% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,620,000
Change: +48% · Conversion: Difficult
RETAIL STORES
$1,615,000
Change: +47% · Conversion: Difficult
Blend value · Realmo final
$2.51M
Range $2.26M – $2.76M · ±10% · vs last sale $2.60M (Oct 18 2022)
Last sale anchor
$2.60M
Oct 18 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
$115 / 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
$27,347
Tax year 2023
Assessed value
$944,000
Assessed 2023
Previous assessed
$944,000
+0.0% YoY
Effective rate
2.90%
On assessed value
Assessed land
$352,000
Assessed improvement
$592,000
Land market value
$352,000
Improvement market value
$592,000
Total market value
$944,000
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
Hotels
Use group
HOTEL/MOTEL
Status
Off-Market
Year built
1994
Construction
WOOD
Heating
NONE
Buildings
2
Stories
2
Units
50
Total area
21,840 SF
Lot
2.51 ac (109,466 SF)
APN
41-07-18-034-004.000-018
UPID
US31-0596004
Jurisdiction
JOHNSON
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
$2.3M
AUTO REPAIR, GARAGE
Est. value
$1.6M
RETAIL STORES
Est. value
$1.6M
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
1994
Construction
WOOD
Heating
NONE
Stories
2
Buildings
2
Units
50
Lot
2.51 ac
Current owner
From public records · entity-resolved
Ecolite Corp
Entity
Mailing address
3418 S EMERSON AVE, BEECH GROVE, IN 46107-3343
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 18, 2022
$2,600,000
Ecolite Corp
Shiv Hotel 13 LLC
Special Warranty Deed
$6,378,290 · Community Trust Bank NA
Jan 3, 2017
—
Shiv Hotel 13 LLC
Khalsa Brothers INC
Warranty Deed
—
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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