Mixed-Use Property Appraisals
How WestRock Performs Mixed-Use Property Appraisals
An appraisal generally requires the understanding of a property’s intended use - historic or projected. What makes a mixed-use property so potentially profitable also makes it difficult to evaluate this property type using general appraisal methods. With increasing needs in mixed-use spaces, multipurpose properties are more desirable than ever in this market. Live-work spaces, multi-use living and retail properties, and other combinations are in demand due to the proliferation of multi-use property. As such, mixed use development and real estate is booming.
By combining two separate types of real estate property, an appraisal needs to address all potential real estate factors, e.g. multiple zoning criteria, varied income streams, and additional questions of property taxes. A valuation service will have to address these different contributing factors and the current market’s impact on them.
To participate in mixed-use property development, in any of its stages, requires acquiring a property appraisal. Ideally, you’d like to find a partner that has experience in mixed use property valuation. WestRock is such a partner, having experience in the valuation of mixed use buildings, retail stores, and commercial and residential properties.
With WestRock’s team of appraisers, you are guaranteed an accurate appraisal conducted with up-to-date market analysis, property comparisons, and the latest in valuation technology.
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Who Needs a Mixed-Use Property Appraisal?
Regardless of the role you play in this multi-use property (developer, lender, investor, or property owner), an accurate appraisal is to your benefit. It will ensure all parties are working with the most recent information, data, and relevant analysis. WestRock generates property appraisals for any property type, which makes a WestRock examination of mixed-use property especially comprehensive and informative.
We value the establishment and strengthening of our relationships. Whether you are acquiring a commercial appraisal on behalf of a client or for yourself, we are ready to help.
Our Commercial Appraisal Reports
WestRock’s appraisal reports are based on several factors. Any multi-use property appraisal will be a result of these three approaches to provide the foundation for this quantitative data analysis:
- Market Approach: A method that values an asset based on comparable property sales. Also known as the sales comparison approach, it tracks recently completed sales of similar properties to determine a property’s current market appeal.
- Cost Approach: A method that values a property based on the replacement cost of constructing a similar property, minus depreciation, plus the site’s value.
- Income Capitalization Approach: A method that bases the valuation on a property’s income; the net operating income of the rent divided by its cap rate.
WestRock promises reliable market analysis based on the most relevant and recent data. Each of our commercial appraisal reports is meticulously prepared to ensure accuracy and credibility, based on features like:
- Area Analysis: Deduction of relevant market trends, demographic statistics, and economic indicators.
- Zoning Analysis: An in-depth evaluation of the property’s compliance with relevant zoning standards.
- Improvements and Suggestions: Comprehensive descriptions, along with sketches and photographs, to detail a property’s optimized improvements.
- Real Estate Taxes Statistics: This feature analyzes historical and current taxes to project accurate real estate taxes for the subject property.
- Comparison Data: Detailed photos, descriptions, and analytics of comparative properties are provided for comparison. A sales comparison grid depicts all data and any necessary adjustments.
- Income Analysis: Evaluation of historical data to determine a property’s projected income and its requisite expenses.
- Complete itemization of all income sources.
- Operating Expenses: We provide an operating expense history and anticipate your expenses based on our extensive collection of comparable expense data.
Capitalization Rate Development: Commercial loan rate surveys provide a basis for capitalization rate development.
Experience Matters
When choosing an appraisal service that’s right for you, it is imperative that they have a team of professionals with experience, education, capability, and integrity. We emphasize these values in our recruitment and training, ensuring that every appraisal report generated by a member of our team can serve your best interests.
Credibility, knowledge, and experience are all demonstrated by an MAI designation. It is held by appraisers who have invested a substantial amount of time in their own training, ranging from the valuation of commercial to residential real estate. MAI appraisers go above and beyond to perform quality appraisals to advise clients on sound real estate investment decisions and Steve Romer is no different.
WestRock’s president and founder possesses the MAI designation, demonstrating the efforts he underwent to exceed his state-certified peers. Every aspect of that experience is instilled into WestRock’s operations and team.
Pricing
Prices vary on specific appraisal reports because of many factors like:
- Property type
- Size and complexity of property
- Property location and travel distance involved
- Ease of obtaining data in the relevant market area
- Scope of work
- Reporting format
- Turnaround time
Let WestRock Help Appraise Your Property
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