6200 Melton Rd Gary, IN 46403-2926

Property Details for 6200 Melton Rd

Year built

1960

Construction

WOOD

Lot size

1.88 lot acres

Property size

19,311 SF

Property type

Hotels

Property subtype

Motels

APN

45-09-06-478-001.000-004

APU

450906478001000004

Description

This exceptional investment opportunity presents a 19,311 square foot, three-story motel and restaurant complex located at 6200 Melton Rd, Gary, Indiana, 46403. The property sits on a 1.88-acre lot and boasts 113 units, including five bedroom suites and one deluxe owner suite. All rooms feature ceramic flooring and amenities such as high-speed internet access and public Wi-Fi. Recent upgrades include a beautifully updated marble lobby and a new Firestone rubber roof with a 20-year warranty. The property also features 93 parking spaces, a paved and lighted parking lot, and a high-efficiency hot water boiler. Currently vacant, this property offers a significant 9% cap rate at an asking price of $6,999,000 ($362.44/sq ft). The building, constructed in 1960, is zoned for commercial use and benefits from its strategic location near the intersection of US-20/US-12, close to downtown Chicago, Indiana Dunes National Park, and major interstates (I-65, I-90, I-80/94). The property is also within walking distance of the Miller Beach area. The property is being sold as-is, with unaudited financials. Potential uses include full or partial condo conversions, senior living, or market-rate apartment housing. Utilities include electricity, gas, sewer, and water on-site. The property features central air conditioning, forced air and wall unit heating, and a security system. Further information is available upon request.