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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3200 96th St Carmel, IN 46032-9661

    • Hotels
    • 8,674 SF
    • 112.51 lot acres
    OFF-MARKET
    Value Estimations
    $700,000
    Show details
    Cap Rate Potential
    6.8%
    Hotels
    Location Intelligence
    Property ID
    US31-2802676
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Twin Lakes Golf Club / Golf Driving Range / Golf Club
    • Brown Private Club Services / Club

    Property Details for 3200 96th St

    Year built
    1964
    Construction
    WOOD
    Lot size
    112.51 lot acres
    Property size
    8,674 SF
    Property type
    Hotels
    Property subtype
    Motels
    APN
    29-13-08-000-019.101-018
    APU
    291308000019101018

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $685,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $775,000
      6.5%
      $715,000
      7%
      $660,000

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $895,000
      Current use
      RESTAURANT
      $1,125,000
      Change: +25% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,010,000
      Change: +12% Conversion: Difficult
      RETAIL STORES
      $905,000
      Change: +1% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Carmel
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.2162
    Latitude
    39.9326
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $56,974
    $565,800
    $2,259,000
    $2,824,800
    -
    $565,800
    $2,259,000
    $2,824,800

    Comparable in this City

    • Value Estimation by Request
      3,094 SF

      Jacksons Grant Blvd

      HOTEL/MOTEL • 3,094 SF
      Jacksons Grant Blvd, Carmel, IN 46032
      View Details
    • Value Estimation
      $11,070,000
      87,181 SF

      11895 Meridian St

      HOTEL/MOTEL • 87,181 SF
      11895 Meridian St, Carmel, IN 46032-4630
      View Details
    • Value Estimation
      $9,795,000
      113,928 SF

      1 Carmichael Sq

      HOTEL/MOTEL • 113,928 SF
      1 Carmichael Sq, Carmel, IN 46032-3360
      View Details
    • Value Estimation
      $5,920,000
      62,055 SF

      25 Brickyard Ln

      HOTEL/MOTEL • 62,055 SF
      25 Brickyard Ln, Carmel, IN 46032-0059
      View Details
    • Value Estimation by Request
      2,658 SF

      15 Executive Dr, Unit 105

      HOTEL/MOTEL • 2,658 SF
      15 Executive Dr, Carmel, IN 46032-0053
      View Details
    • Value Estimation
      $4,715,000
      58,061 SF

      1335 Main St

      HOTEL/MOTEL • 58,061 SF
      1335 Main St, Carmel, IN 46032-1439
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3.15 Acres

      Carmel, IN Commercial Land - 3.15 Acres

      Prime Redevelopment Site in Carmel, IN
      1037 Range Line Rd, Carmel, IN 46032
      View Details
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      1.00 Acre

      West Carmel Commercial Land

      Prime 1-acre retail lot, build-to-suit.
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      Carmel Townhome with Pond Views

      Move-in ready townhome with pond views, close to amenities.
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      Carmel Redevelopment Site For Sale

      Premier redevelopment site in Carmel, Indiana, totaling 3.15 acres.
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      Two-Building Office Portfolio in Carmel

      Two-building office portfolio totaling ±84,963 RSF on 7.64 acres.
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    • $400,000
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      Carmel Land Ready For Development

      Carmel property designated for commercial development, sold as commercial.
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    Similar Nearby for Lease

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      5,321 SF

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      76,735 SF

      Carmel Tech Center Warehouse Space

      76,735 SF Warehouse, Multiple Suites Available
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    • Contact for pricing
      2,430 SF

      Retail End Cap Suite Available

      Retail suite in high-traffic area near Meijer.
      12505 Old Meridian St, Carmel, IN 46032
      View Details
    • Contact for pricing
      2,520 SF

      Carmel Retail Space For Lease

      Retail space available in Carmel, Indiana, on North Meridian Street.
      13720-13756 N Meridian St, Carmel, IN 46032
      View Details
    • Contact for pricing
      1,275 SF

      Retail Space in High-Traffic Area

      1,275 SF retail space in Zionsville, high-traffic location.
      11145 N Michigan Rd, Carmel, IN 46032
      View Details
    • Contact for pricing

      Premier Redevelopment Site For Rent

      1.5-acre corner site suitable for headquarters or mixed-use project.
      1001 S Range Line Rd, Carmel, IN 46032
      View Details
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    Carmel, IN 46032-9661
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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