Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$1,905,000
Hotels
2721 86th St Indianapolis, IN 46240-2413
Entity Owned
9-yr Hold
~
Est. High Equity
Property ID
US31-0207911
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
2017
Construction
TYPE NOT SPECIFIED
Total area
110,721 SF
Lot
5.28 ac (230,171 SF)
Zoning code
ZO01
APN
49-02-19-122-008.000-800
UPID
US31-0207911
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
-
Ironworks Hotel Indy Hotel & Motel
-
Provision Restaurant
-
Blue Sushi Sake Grill Restaurant
-
Massage Heights Ironworks Alternative Medicine Practice Spa & Massage Center
-
RIZE Ironworks Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.17M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.64M
Blend (final)
Blend
$1.91M
Owner & transaction history
2721 Keystone LLC · 9 yrs held
2721 Keystone LLC
since 2016
6 recorded transactions
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$1,170,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
HOTEL/MOTEL
$2,525,000
Current use
COMMERCIAL (GENERAL)
$2,455,000
Change: -3% · Conversion: Difficult
Blend value · Realmo final
$1.91M
Range $1.71M – $2.10M · ±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
$17 / 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
$420,116
Tax year 2023
Assessed value
$16,552,400
Assessed 2023
Previous assessed
$16,552,400
+0.0% YoY
Effective rate
2.54%
On assessed value
Assessed land
$1,440,300
Assessed improvement
$15,112,100
Land market value
$1,440,300
Improvement market value
$15,112,100
Total market value
$16,552,400
Applied tax rate
800.0000
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
2017
Construction
TYPE NOT SPECIFIED
Heating
NONE
Buildings
2
Stories
5
Total area
110,721 SF
Lot
5.28 ac (230,171 SF)
Zoning code
ZO01
APN
49-02-19-122-008.000-800
UPID
US31-0207911
Jurisdiction
MARION
Zoning & alternative use
ZO01 · Indianapolis, IN
Zoning ZO01 · permitted uses
ZO01 · Indianapolis, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Indianapolis. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$2.5M
COMMERCIAL (GENERAL)
Est. value
$2.5M
HOTEL/MOTEL Current
COMMERCIAL (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
2017
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
5
Buildings
2
Lot
5.28 ac
Current owner
From public records · entity-resolved
2721 Keystone LLC
Entity
Mailing address
525 3RD ST STE #300, BELOIT, WI 53511-6225
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 9, 2018
—
2721 Keystone LLC
—
Deed
related
$24,000,000 · First Mid Il Bk&tr
Oct 3, 2017
—
2721 Keystone LLC
—
Deed
related
$15,717,209 · First Mid Il Bk&tr
Dec 20, 2016
—
2721 Keystone LLC
Hendricks Commercial Props LLC
Grant Deed
$37,100,000 · First Mid Il Bk&tr
Jan 13, 2015
$42,000,000
Hendricks Commercial Props LLC
Foster Family LP
Warranty Deed
—
—
—
2721 Keystone LLC
—
Loan Modification
related
$15,717,209 · First Mid Il Bk&tr
—
—
2721 Keystone LLC
—
Loan Modification
related
$24,000,000 · First Mid Il Bk&tr
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 2721 86th St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
