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Property profile & analytics
OFF-MARKET
Estimated value
$640,000
Hotels
9320 Michigan Rd Indianapolis, IN 46268-1125
Entity Owned
14-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-0582130
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
1985
Construction
TYPE NOT SPECIFIED
Total area
27,189 SF
Lot
2.26 ac (98,402 SF)
Zoning code
ZO01
APN
49-03-18-109-029.000-600
UPID
US31-0582130
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
-
Hotel Indianapolis Gym & Fitness Center Sports Field & Court
-
Best Western Plus Indianapolis North At Pyramids Hotel & Motel
-
Pear tree hotel Specialty Food Shop Supermarket
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$610k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$666k
Blend (final)
Blend
$640k
Owner & transaction history
Drury Dev Corp · 14 yrs held
Drury Dev Corp
since 2012
1 recorded transaction
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$1.0M
+68.4%
Auto repair, garage
$880,000
+42.2%
Commercial (general)
$760,000
+22.3%
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 Indianapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Indianapolis 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
$610,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
HOTEL/MOTEL
$620,000
Current use
RETAIL STORES
$1,045,000
Change: +68% · Conversion: Difficult
AUTO REPAIR, GARAGE
$880,000
Change: +42% · Conversion: Difficult
COMMERCIAL (GENERAL)
$760,000
Change: +22% · Conversion: Difficult
Blend value · Realmo final
$640k
Range $576k – $704k · ±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
$24 / 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
$97,358
Tax year 2023
Assessed value
$4,173,600
Assessed 2023
Previous assessed
$4,173,600
+0.0% YoY
Effective rate
2.33%
On assessed value
Assessed land
$1,108,400
Assessed improvement
$3,065,200
Land market value
$1,108,400
Improvement market value
$3,065,200
Total market value
$4,173,600
Applied tax rate
600.0000
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
1985
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
4
Units
220
Total area
27,189 SF
Lot
2.26 ac (98,402 SF)
Zoning code
ZO01
APN
49-03-18-109-029.000-600
UPID
US31-0582130
Jurisdiction
MARION
Zoning & alternative use
ZO01 · Indianapolis, IN
Zoning ZO01 · permitted uses
ZO01 · Indianapolis, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Indianapolis. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$620,000
RETAIL STORES
Est. value
$1.0M
AUTO REPAIR, GARAGE
Est. value
$880,000
COMMERCIAL (GENERAL)
Est. value
$760,000
HOTEL/MOTEL Current
RETAIL STORES
AUTO REPAIR, GARAGE
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
1985
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
4
Units
220
Lot
2.26 ac
Current owner
From public records · entity-resolved
Drury Dev Corp
Entity
Free & Clear · 14 yrs held
Mailing address
4826 TAZER DR, LAFAYETTE, IN 47905-4693
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 29, 2012
—
Drury Dev Corp
Drury Capital Corp
Quit Claim Deed
related
—
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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