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Property profile & analytics
OFF-MARKET
Estimated value
$4,300,000
Hotels
8339 Ohio Merrillville, IN 46410-6586
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US31-0698562
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
2008
Construction
WOOD
Total area
39,732 SF
Lot
1.9 ac (82,764 SF)
APN
45-12-22-451-009.000-030
UPID
US31-0698562
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.30M
CAP Approach
CAP
$3.92M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.30M
Owner & transaction history
Klesh Hospitality LLC · 1 yrs held
Klesh Hospitality LLC
since 2024
Last sale
$4.3M
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.8M
+290.3%
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 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
$4,300,000
ML approach
$4,300,000
CAP Approach
CAP Return
Estimation
6%
$4,245,000
6.5%
$3,920,000
7%
$3,640,000
Alternative Use
Use
Estimation
RESTAURANT
$2,770,000
Change: +290% · Conversion: Difficult
Blend value · Realmo final
$4.30M
Range $3.87M – $4.73M · ±10% · vs last sale $4.30M (Jul 17 2024)
Last sale anchor
$4.30M
Jul 17 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
$108 / 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
$92,418
Tax year 2022
Assessed value
$4,465,500
Assessed 2023
Previous assessed
$4,424,100
+0.9% YoY
Effective rate
2.07%
On assessed value
Assessed land
$716,000
Assessed improvement
$3,749,500
Land market value
$716,000
Improvement market value
$3,749,500
Total market value
$4,465,500
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
2008
Construction
WOOD
Heating
NONE
Stories
3
Units
77
Total area
39,732 SF
Lot
1.9 ac (82,764 SF)
APN
45-12-22-451-009.000-030
UPID
US31-0698562
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
$2.8M
RESTAURANT
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
2008
Construction
WOOD
Heating
NONE
Stories
3
Units
77
Lot
1.9 ac
Current owner
From public records · entity-resolved
Klesh Hospitality LLC
Entity
Mailing address
1014 FINCH DR, SOUTH BEND, IN 46614-6824
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 17, 2024
—
Klesh Hospitality LLC
Horizon Hotels LLC
Special Warranty Deed
$4,700,000 · Tech Cu
Jul 17, 2024
$4,300,000
Klesh Hospitality LLC
Horizon Hotels LLC
Special Warranty Deed
$4,700,000 · Tech Cu
Feb 11, 2020
—
Horizon Hotels Limited Liability Co
—
Deed
related
$2,780,000 · First Merchants Bank
May 16, 2016
—
Horizon Hotels LLC
—
Deed
related
$2,780,000 · Lafayette Bk
—
—
Horizon Hotels LLC
—
Deed Of Trust
related
$813,000 · Regional Development Co
—
—
Horizon Hotels LLC
—
Loan Modification
related
$2,780,000 · Lafayette Bk
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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