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Property profile & analytics
OFF-MARKET
Estimated value
$8,405,000
Hotels
615 Riverside Dr Evansville, IN 47708-1051
Entity Owned
5-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-1098738
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
2005
Construction
TYPE NOT SPECIFIED
Total area
84,660 SF
Lot
12.95 ac (564,276 SF)
APN
82-06-30-029-008.001-029
UPID
US31-1098738
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
-
Le Merigot Hotel Hotel & Motel
-
Bally's Legend's Tower Hotel & Motel
-
Driving Successful Lives Car Donation Evansville Association Or Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$9.15M
Comparable Approach
Comparable
$7.66M
Blend (final)
Blend
$8.41M
Owner & transaction history
Glp Capital LP · 5 yrs held
Glp Capital LP
since 2020
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$6.5M
+52.1%
Auto repair, garage
$6.2M
+44.8%
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 Evansville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Evansville 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%
$9,910,000
6.5%
$9,145,000
7%
$8,495,000
Alternative Use
Use
Estimation
RESTAURANT
$6,475,000
Change: +52% · Conversion: Difficult
AUTO REPAIR, GARAGE
$6,165,000
Change: +45% · Conversion: Difficult
Blend value · Realmo final
$8.41M
Range $7.56M – $9.25M · ±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
$99 / 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
$1,812,086
Tax year 2023
Assessed value
$55,144,900
Assessed 2023
Previous assessed
$55,144,900
+0.0% YoY
Effective rate
3.29%
On assessed value
Assessed land
$4,697,300
Assessed improvement
$50,447,600
Land market value
$4,697,300
Improvement market value
$50,447,600
Total market value
$55,144,900
Applied tax rate
29.0000
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
2005
Construction
TYPE NOT SPECIFIED
Heating
NONE
Buildings
12
Stories
6
Units
96
Total area
84,660 SF
Lot
12.95 ac (564,276 SF)
APN
82-06-30-029-008.001-029
UPID
US31-1098738
Jurisdiction
VANDERBURGH
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$6.5M
AUTO REPAIR, GARAGE
Est. value
$6.2M
RESTAURANT
AUTO REPAIR, GARAGE
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
2005
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
6
Buildings
12
Units
96
Lot
12.95 ac
Current owner
From public records · entity-resolved
Glp Capital LP
Entity
Free & Clear · 5 yrs held
Mailing address
DALLAS, TX 75354
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 3, 2020
—
Glp Capital LP
Aztar Indiana Gaming Company LLC
Quit Claim Deed
related
—
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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