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Property profile & analytics
OFF-MARKET
Estimated value
$3,300,000
Hotels
8210 Louisiana St Merrillville, IN 46410-6354
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US31-0730823
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
1978
Construction
WOOD
Total area
53,076 SF
Lot
2.14 ac (93,218 SF)
APN
45-12-22-426-001.000-030
UPID
US31-0730823
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
-
Norwood Inn & Suites Merrillville Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.30M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.30M
Owner & transaction history
Apex 2024 LLC · 2 yrs held
Apex 2024 LLC
since 2024
Last sale
$3.3M
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.7M
+290.3%
Apartment house (5+ units)
$3.1M
+223.1%
Auto repair, garage
$2.9M
+206.9%
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
$3,300,000
ML approach
$3,300,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$3,700,000
Change: +290% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$3,060,000
Change: +223% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,910,000
Change: +207% · Conversion: Difficult
RETAIL STORES
$2,505,000
Change: +164% · Conversion: Difficult
MEDICAL BUILDING
$2,170,000
Change: +129% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,165,000
Change: +128% · Conversion: Difficult
Blend value · Realmo final
$3.30M
Range $2.97M – $3.63M · ±10% · vs last sale $3.30M (Jun 21 2024)
Last sale anchor
$3.30M
Jun 21 2024
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
$62 / 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
$56,761
Tax year 2022
Assessed value
$2,825,000
Assessed 2023
Previous assessed
$2,717,200
+4.0% YoY
Effective rate
2.01%
On assessed value
Assessed land
$869,000
Assessed improvement
$1,956,000
Land market value
$869,000
Improvement market value
$1,956,000
Total market value
$2,825,000
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
Hotels
Use group
HOTEL/MOTEL
Status
Off-Market
Year built
1978
Construction
WOOD
Heating
NONE
Stories
2
Units
121
Total area
53,076 SF
Lot
2.14 ac (93,218 SF)
APN
45-12-22-426-001.000-030
UPID
US31-0730823
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
RESTAURANT
Est. value
$3.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.1M
AUTO REPAIR, GARAGE
Est. value
$2.9M
RETAIL STORES
Est. value
$2.5M
MEDICAL BUILDING
Est. value
$2.2M
COMMERCIAL (GENERAL)
Est. value
$2.2M
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
1978
Construction
WOOD
Heating
NONE
Stories
2
Units
121
Lot
2.14 ac
Current owner
From public records · entity-resolved
Apex 2024 LLC
Entity
Mailing address
909 HIDDEN RDG #520, IRVING, TX 75038-3816
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 21, 2024
—
Apex 2024 LLC
Shin Hospitality INC
Special Warranty Deed
$3,400,000 · Shoreham Bank
Jun 21, 2024
$3,300,000
Apex 2024 LLC
Shin Hospitality INC
Special Warranty Deed
$3,400,000 · Shoreham Bank
Feb 24, 2021
$3,000,000
Shin Hospility INC
Cplg Properties LLC
Special Warranty Deed
$2,100,000 · State Bank Of Texas
Jun 11, 2018
—
Cplg Properties LLC
—
Grant Deed
related
$1,035,000,000 · Jpmorgan Chase Bk NA
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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