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Property profile & analytics
OFF-MARKET
Estimated value
$3,580,000
Hotels
241 Washington St Indianapolis, IN 46204-3435
Entity Owned
6-yr Hold
Free & Clear
Property ID
US31-1281782
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
1987
Construction
CONCRETE
Total area
87,880 SF
Lot
1.27 ac (55,462 SF)
Zoning code
ZO01
APN
49-11-02-251-163.000-101
UPID
US31-1281782
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
-
The Westin Indianapolis Hotel & Motel
-
Ten Hands Social Bar & Eatery Restaurant
-
Budget Auto Transport Trucking Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.92M
Blend (final)
Blend
$3.58M
Owner & transaction history
Wes Ind Holdings LLC · 6 yrs held
Wes Ind Holdings LLC
since 2019
3 recorded transactions
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
code of ordinances
Top alternative use upside
Retail stores
$5.9M
+193.2%
Auto repair, garage
$5.3M
+163.0%
Office building
$4.3M
+116.8%
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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$5,875,000
Change: +193% · Conversion: Difficult
AUTO REPAIR, GARAGE
$5,270,000
Change: +163% · Conversion: Difficult
OFFICE BUILDING
$4,345,000
Change: +117% · Conversion: Difficult
MEDICAL BUILDING
$3,490,000
Change: +74% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$2,565,000
Change: +28% · Conversion: Difficult
Blend value · Realmo final
$3.58M
Range $3.22M – $3.94M · ±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
$41 / 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
$2,108,898
Tax year 2023
Assessed value
$76,029,200
Assessed 2023
Previous assessed
$76,029,200
+0.0% YoY
Effective rate
2.77%
On assessed value
Assessed land
$4,879,400
Assessed improvement
$71,149,800
Land market value
$4,879,400
Improvement market value
$71,149,800
Total market value
$76,029,200
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
1987
Construction
CONCRETE
Heating
NONE
Buildings
2
Stories
15
Units
1146
Total area
87,880 SF
Lot
1.27 ac (55,462 SF)
Zoning code
ZO01
APN
49-11-02-251-163.000-101
UPID
US31-1281782
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
RETAIL STORES
Est. value
$5.9M
AUTO REPAIR, GARAGE
Est. value
$5.3M
OFFICE BUILDING
Est. value
$4.3M
MEDICAL BUILDING
Est. value
$3.5M
INDUSTRIAL (GENERAL)
Est. value
$2.6M
RETAIL STORES
AUTO REPAIR, GARAGE
OFFICE BUILDING
MEDICAL BUILDING
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
1987
Construction
CONCRETE
Heating
NONE
Stories
15
Buildings
2
Units
1146
Lot
1.27 ac
Current owner
From public records · entity-resolved
Wes Ind Holdings LLC
Entity
Free & Clear · 6 yrs held
Mailing address
PO BOX 4900, SCOTTSDALE, AZ 85261-4900
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 18, 2024
—
Wes Ind Holdings LLC
—
Deed
related
$87,000,000 · Acrefi Holdings J I LLC
Dec 26, 2019
—
West Ind Holdings LLC
—
Deed
related
$104,874,998 · Acore Capital Mortgage LP
Aug 13, 2019
$118,250,000
Wes Ind Holdings LLC
Host Indianapolis LP
Grant 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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