Commercial Real Estate Appraisal
Commercial Real Estate Properties
Commercial Real Estate Appraisal
If you have been ever bought commercial real estate property, you probably are introduced with the process of commercial real estate appraisal. Still, if you are of those who have been never bought commercial real estate property, then you need to know complete explanation about all matters for commercial real estate appraisals.
Here you may find information which are very important to be taken in considering when it is about nature of commercial real estate appraisal, as well as the information which are fundamentals for successful commercial real estate appraisal.
It could be said that commercial real estate appraisal is some kind of the form which should to be take in considering, especially when you are buying or selling some property. Same as you want to buy or sale your home you need to do some commercial real estate appraisal. Actually, it could be said that commercial real estate appraisal is some kind of estimate of the value of the commercial real estate property.
So, here it is also important to mention that commercial real estate appraisal could not be done only by anyone. For useful and correct value of the commercial real estate property, commercial real estate appraisal need to be give by professional and qualified person, which call an appraiser. So, commercial real estate appraisal includes more approaches that are very important for properly appraisal. These approaches are: coast approach, income approach and at last a comparison approach. Every appraiser need be introduced with whole procedure of commercial real estate appraisal.
A cost of approach of commercial real estate appraisal is actually appraise of the price and costs which will be included for investing or replacing or improvement for certain commercial real estate property. Also, for these cost the best judge will give only professional and educated person for this job. Experience of appraiser is not must, but it is recommendation if you use some with experiences. When it is about comparison approach related on commercial real estate appraisal, it should to mention that appraiser should to make some kind of comparison between certain commercial real estate property and other commercial real estate properties, which are in the range with certain property.
This type of commercial real estate appraisal includes comparison such as: quality, size, location, the price and other. At last, income approach includes commercial real estate appraisal of the appraiser, who need to make identification of the value for certain commercial real estate property based on the estimate of what an investor would be able to pay. Here is also included and respect to the net income which the commercial real estate property contributes. At last, it should to mention that commercial real estate appraisals are only available for income producing properties.
Beside all above mentioned, for successful commercial real estate appraisal it should to be added and other actions such as estimate value, the purpose of the appraisal, the effective date of the appraisal, the identification of the commercial real estate property, factual data, condition of the neighborhood, qualifying conditions, various analysis and may other.
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The term commercial property (also called investment or income property) refers to buildings or land intended to generate a profit, either from capital gain or rental income.
Commercial property includes office buildings, industrial property, medical centers, hotels, malls, retail stores, farm land, multifamily housing buildings, warehouses, and garages. In many states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.
Types of commercial property
Commercial real estate is commonly divided into six categories:
1. Office Buildings – This category includes single‐tenant properties, small professional office buildings, downtown skyscrapers, and everything in between.
2. Industrial – This category ranges from smaller properties, often called “Flex” or “R&D” properties, to larger office service or office warehouse properties to the very large “big box” industrial properties. An important, defining characteristic of industrial space is Clear Height. Clear height is the actual height, to the bottom of the steel girders in the interior of the building. This might be 14‐16 feet for smaller properties, and 40+ feet for larger properties. We also consider the type and number of docks that the property has. These can be Grade Level, where the parking lot and the warehouse floor are on the same level, to Semi‐dock height at 24 inches, which is the height of a pickup truck or delivery truck, or a Full‐dock at 48 inches which is semi‐truck height. Some buildings may even have a Rail Spur for train cars to load and unload.
3. Retail/Restaurant – This category includes pad sites on highway frontages, single tenant retail buildings, small neighborhood shopping centers, larger centers with grocery store anchor tenants, “power centers” with large anchor stores such as Best Buy, PetSmart, OfficeMax, and so on even regional and outlet malls.
4. Multifamily – This category includes apartment complexes or high‐rise apartment buildings. Generally, a fourplex or more is considered commercial real estate.
5. Land – This category includes investment properties on undeveloped, raw, rural land in the path of future development. Or, infill land with an urban area, pad sites, and more.
6. Miscellaneous – This catch all category would include any other nonresidential properties such as hotel, hospitality, medical, and self‐storage developments, as well as many more.
Commercial Real Estate
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