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Property profile & analytics
OFF-MARKET
Estimated value
$40,530,000
Hotels
777 Blue Chip Dr Michigan City, IN 46360-2422
Entity Owned
Free & Clear
Property ID
US31-1540544
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
2003
Construction
CONCRETE
Total area
920,913 SF
Lot
34.37 ac (1,497,331 SF)
APN
46-01-28-105-073.000-022
UPID
US31-1540544
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
-
Blue Chip Stardust Event Center Hotel & Motel Resort
-
Blue Chip Casino Hotel & Motel Resort
-
Lakeside Kitchen Restaurant
-
William B's Steakhouse Restaurant
-
The Salted Lime Restaurant Take-out & Catering
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$44.95M
Blend (final)
Blend
$40.53M
Owner & transaction history
BLUE CHIP CASINO LLC
BLUE CHIP CASINO LLC
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$65.1M
+120.3%
Commercial (general)
$58.5M
+98.0%
Apartment house (5+ units)
$55.9M
+89.3%
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 Michigan City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Michigan City 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
HOTEL/MOTEL
$29,535,000
Current use
RETAIL STORES
$65,055,000
Change: +120% · Conversion: Difficult
COMMERCIAL (GENERAL)
$58,485,000
Change: +98% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$55,920,000
Change: +89% · Conversion: Difficult
MEDICAL BUILDING
$49,315,000
Change: +67% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$32,140,000
Change: +9% · Conversion: Difficult
Blend value · Realmo final
$40.53M
Range $36.48M – $44.58M · ±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
$44 / 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
$2,415,036
Tax year 2023
Assessed value
$80,500,000
Assessed 2023
Previous assessed
$80,500,000
+0.0% YoY
Effective rate
3.00%
On assessed value
Assessed land
$3,257,400
Assessed improvement
$77,242,600
Land market value
$3,257,400
Improvement market value
$77,242,600
Total market value
$80,500,000
Applied tax rate
42.0000
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
2003
Construction
CONCRETE
Heating
NONE
Stories
24
Units
494
Total area
920,913 SF
Lot
34.37 ac (1,497,331 SF)
APN
46-01-28-105-073.000-022
UPID
US31-1540544
Jurisdiction
LA PORTE
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
HOTEL/MOTEL Current
Est. value
$29.5M
RETAIL STORES
Est. value
$65.1M
COMMERCIAL (GENERAL)
Est. value
$58.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$55.9M
MEDICAL BUILDING
Est. value
$49.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$32.1M
HOTEL/MOTEL Current
RETAIL STORES
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
2003
Construction
CONCRETE
Heating
NONE
Stories
24
Units
494
Lot
34.37 ac
Current owner
From public records · entity-resolved
BLUE CHIP CASINO LLC
Entity
Free & Clear · 0 yrs held
Mailing address
777 BLUE CHIP DR, MICHIGAN CITY, IN 46360-2422
Mailing matches property
Yes
Owner-occupied
Yes
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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