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Property profile & analytics
OFF-MARKET
Estimated value
$1,090,000
Warehouses
551 Merrill St Indianapolis, IN 46225-1128
Entity Owned
Absentee Owner
Free & Clear
Property ID
US31-0677243
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1930
Construction
TYPE NOT SPECIFIED
Total area
18,890 SF
Lot
0.8 ac (34,680 SF)
Zoning code
ZO01
APN
49-11-11-179-024.000-101
UPID
US31-0677243
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 Crane Bay Event Center Hotel & Motel Resort
-
MBO16 Marketing & Advertising
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.20M
Blend (final)
Blend
$1.09M
Owner & transaction history
HOME LAND INVESTMENT CO
HOME LAND INVESTMENT CO
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.5M
+96.5%
Commercial (general)
$1.4M
+84.8%
Retail stores
$1.4M
+84.4%
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
WAREHOUSE, STORAGE
$765,000
Current use
AUTO REPAIR, GARAGE
$1,505,000
Change: +97% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,415,000
Change: +85% · Conversion: Difficult
RETAIL STORES
$1,410,000
Change: +84% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$1,180,000
Change: +54% · Conversion: Easy
Blend value · Realmo final
$1.09M
Range $981k – $1.20M · ±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
$58 / 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
$39,332
Tax year 2023
Assessed value
$1,418,000
Assessed 2023
Previous assessed
$1,418,000
+0.0% YoY
Effective rate
2.77%
On assessed value
Assessed land
$777,700
Assessed improvement
$640,300
Land market value
$777,700
Improvement market value
$640,300
Total market value
$1,418,000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1930
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
YES
Stories
1
Total area
18,890 SF
Lot
0.8 ac (34,680 SF)
Zoning code
ZO01
APN
49-11-11-179-024.000-101
UPID
US31-0677243
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
WAREHOUSE, STORAGE Current
Est. value
$765,000
AUTO REPAIR, GARAGE
Est. value
$1.5M
COMMERCIAL (GENERAL)
Est. value
$1.4M
RETAIL STORES
Est. value
$1.4M
INDUSTRIAL (GENERAL)
Est. value
$1.2M
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
RETAIL STORES
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
1930
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
1
Lot
0.8 ac
Current owner
From public records · entity-resolved
HOME LAND INVESTMENT CO
Individual
Free & Clear · 0 yrs held
Mailing address
8271 WASHINGTON BLVD, INDIANAPOLIS, IN 46240-2253
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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