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Property profile & analytics
OFF-MARKET
Estimated value
$650,000
Theaters & concert halls
6220 Broadway Merrillville, IN 46410-3004
Individually Owned
5-yr Hold
~
Est. High Equity
Property ID
US31-0438125
Property profile
Verified
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Year built
1973
Construction
WOOD
Total area
10,972 SF
Lot
6.16 ac (268,417 SF)
APN
45-12-09-226-004.000-030
UPID
US31-0438125
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 Oasis Center LLC Wedding Service
-
Advancing Christ's Kingdom Ministries Church
-
Fiesta Palace Banquet Hall Wedding Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$665k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$650k
Owner & transaction history
Advancing Christs Kingdom Global Mi · 5 yrs held
Advancing Christs Kingdom Global Mi
since 2021
Last sale
$650,000
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$765,000
+55.3%
Apartment house (5+ units)
$635,000
+28.5%
Auto repair, garage
$600,000
+22.1%
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 Merrillville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Merrillville 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
$655,000
ML approach
$665,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
THEATER (MOVIE)
$490,000
Current use
RESTAURANT
$765,000
Change: +55% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$635,000
Change: +29% · Conversion: Difficult
AUTO REPAIR, GARAGE
$600,000
Change: +22% · Conversion: Difficult
RETAIL STORES
$520,000
Change: +5% · Conversion: Difficult
MEDICAL BUILDING
$450,000
Change: -9% · Conversion: Difficult
COMMERCIAL (GENERAL)
$445,000
Change: -9% · Conversion: Difficult
Blend value · Realmo final
$650k
Range $585k – $715k · ±10% · vs last sale $650k (Jun 22 2021)
Last sale anchor
$650k
Jun 22 2021
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
$59 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$19,713
Tax year 2022
Assessed value
$465,100
Assessed 2023
Previous assessed
$462,300
+0.6% YoY
Effective rate
4.24%
On assessed value
Assessed land
$117,300
Assessed improvement
$347,800
Land market value
$117,300
Improvement market value
$347,800
Total market value
$465,100
Applied tax rate
30.0000
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
Theaters & concert halls
Use group
THEATER (MOVIE)
Status
Off-Market
Year built
1973
Construction
WOOD
Heating
NONE
Stories
1
Total area
10,972 SF
Lot
6.16 ac (268,417 SF)
APN
45-12-09-226-004.000-030
UPID
US31-0438125
Jurisdiction
LAKE
Metro division
GARY, IN METROPOLITAN DIVISION
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
THEATER (MOVIE) Current
Est. value
$490,000
RESTAURANT
Est. value
$765,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$635,000
AUTO REPAIR, GARAGE
Est. value
$600,000
RETAIL STORES
Est. value
$520,000
MEDICAL BUILDING
Est. value
$450,000
COMMERCIAL (GENERAL)
Est. value
$445,000
THEATER (MOVIE) Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
COMMERCIAL (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
1973
Construction
WOOD
Heating
NONE
Stories
1
Lot
6.16 ac
Current owner
From public records · entity-resolved
Advancing Christs Kingdom Global Mi
Individual
Mailing address
2411 NOTTINGHAM DR, VALPARAISO, IN 46383-9180
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 22, 2021
$650,000
Advancing Christs Kingdom Global Mi
Luis Z Licea
Warranty Deed
$487,500 · First Merchants Bank
—
—
Luis Z Licea
—
Deed Of Trust
related
$233,000 · Small Business Growth Corp
—
—
Luis Z Licea
—
Loan Modification
related
$233,000 · Small Business Growth Corp
—
—
Luis Z Licea
—
Deed Of Trust
related
$191,685 · J P Morgan Chase Bank
—
—
Meats Piatak
—
Deed Of Trust
related
$140,000 · Mercantile Nat'l Bank Indiana
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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