What kind of spread should there be between a Leasehold valuation and a Lease Fee valuation for the SAME property. Looking for input on valution of an improved commercial property under two scenarios: 1. Leasehold Estate on a commercial property subject to a long-term ground lease with 25 years remaining on the ground lease. 2. Leased Fee Estate (same property but client wants to assume land and improvements are owned outright subject to normal leases). Property is well located and fully leased. Thanks for any input. I have heard other appraisers say a 50 to 75 basis point spread is a good rule of thumb but I have not heard why or how to arrive at such a conclusion. Thanks!!!!