6200 Melton RdGary, IN 46403

Property Details for 6200 Melton Rd

Year built

1960

Construction

WOOD

Lot size

1.88 AC

Property size (Sq ft)

19,311 SF

Property type

Hotels

Property subtype

Motels

APN

45-09-06-478-001.000-004

APU

450906478001000004

Description

This exceptional investment opportunity presents a 19,311 square foot, three-story motel and restaurant complex located at 6200 Melton Rd, Gary, Indiana, 46403. The property sits on a 1.88-acre lot and boasts 113 units, including five bedroom suites and one deluxe owner suite. All rooms feature ceramic flooring and amenities such as high-speed internet access and public Wi-Fi. Recent upgrades include a beautifully updated marble lobby and a new Firestone rubber roof with a 20-year warranty. The property also features 93 parking spaces, a paved and lighted parking lot, and a high-efficiency hot water boiler. Currently vacant, this property offers a significant 9% cap rate at an asking price of $6,999,000 ($362.44/sq ft). The building, constructed in 1960, is zoned for commercial use and benefits from its strategic location near the intersection of US-20/US-12, close to downtown Chicago, Indiana Dunes National Park, and major interstates (I-65, I-90, I-80/94). The property is also within walking distance of the Miller Beach area. The property is being sold as-is, with unaudited financials. Potential uses include full or partial condo conversions, senior living, or market-rate apartment housing. Utilities include electricity, gas, sewer, and water on-site. The property features central air conditioning, forced air and wall unit heating, and a security system. Further information is available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $7,048,988

  6.5%

  $6,506,758

  7%

  $6,041,989

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,910,856

  Geo Method

  $5,910,856

• Alternative Use

  Use

  Valuation

  Residential

  $7,103,489

  Hospitality

  $6,506,758

  Educational

  $5,413,546

  Medical

  $5,599,726

  Retail

  $8,421,071

Location Insight

City

Gary

County

Lake

State

Indiana

Latitude

41.5973

Longitude

-87.2617

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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