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Property profile & analytics
OFF-MARKET
Estimated value
$21,630,000
Hotels
501 Washington St Indianapolis, IN 46204-2706
Entity Owned
Absentee Owner
Free & Clear
Property ID
US31-1019777
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
2009
Construction
CONCRETE
Total area
546,391 SF
Lot
4.38 ac (190,880 SF)
Zoning code
ZO01
APN
49-11-02-185-001.000-101
UPID
US31-1019777
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
-
Fairfield Inn & Suites Indianapolis Downtown Hotel & Motel
-
Midway Auto Transport Trucking Company
-
TGI Fridays Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$24.35M
Blend (final)
Blend
$21.63M
Owner & transaction history
WHITE LEGACY PROPERTIES LLC
WHITE LEGACY PROPERTIES LLC
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
code of ordinances
Top alternative use upside
Auto repair, garage
$32.8M
+163.0%
Office building
$27.0M
+116.8%
Medical building
$21.7M
+74.1%
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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$32,760,000
Change: +163% · Conversion: Difficult
OFFICE BUILDING
$27,010,000
Change: +117% · Conversion: Difficult
MEDICAL BUILDING
$21,685,000
Change: +74% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$15,955,000
Change: +28% · Conversion: Difficult
Blend value · Realmo final
$21.63M
Range $19.47M – $23.79M · ±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
$40 / 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
$5,739,178
Tax year 2023
Assessed value
$206,906,700
Assessed 2023
Previous assessed
$206,906,700
+0.0% YoY
Effective rate
2.77%
On assessed value
Assessed land
$16,793,600
Assessed improvement
$190,113,100
Land market value
$16,793,600
Improvement market value
$190,113,100
Total market value
$206,906,700
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
2009
Construction
CONCRETE
Heating
NONE
Buildings
2
Stories
1
Total area
546,391 SF
Lot
4.38 ac (190,880 SF)
Zoning code
ZO01
APN
49-11-02-185-001.000-101
UPID
US31-1019777
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
AUTO REPAIR, GARAGE
Est. value
$32.8M
OFFICE BUILDING
Est. value
$27.0M
MEDICAL BUILDING
Est. value
$21.7M
INDUSTRIAL (GENERAL)
Est. value
$16.0M
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
2009
Construction
CONCRETE
Heating
NONE
Stories
1
Buildings
2
Lot
4.38 ac
Current owner
From public records · entity-resolved
WHITE LEGACY PROPERTIES LLC
Entity
Free & Clear · 0 yrs held
Mailing address
701 E 83RD AVE, MERRILLVILLE, IN 46410-9202
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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