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How to appraise 36-unit duplex development

Discussion in 'General Appraisal Discussion' started by grant gryseels, Nov 6, 2009.

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  1. grant gryseels

    grant gryseels New Member

    0
    Jan 11, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    How would you go about appraising a 36-unit duplex development?
     
  2. Pittsburgh Pete

    Pittsburgh Pete Elite Member

    36
    May 6, 2008
    Professional Status:
    Certified General Appraiser
    State:
    Pennsylvania
    The same way you would appraise any multi-family property?
     
  3. grant gryseels

    grant gryseels New Member

    0
    Jan 11, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    ?

    I guess I don't see this as being an appraisal of 36 individual duplexes. It seems to be a full development with infrastructure etc. So you're saying I should compare it to other sales of multiple duplex developments? The only problem with that would be that there are none.
     
  4. Denis DeSaix

    Denis DeSaix Elite Member

    144
    May 16, 2005
    Professional Status:
    Certified General Appraiser
    State:
    California
    I wouldn't either.
    Is it complete or under construction? Sounds like subdivision analysis to me?
     
  5. Ken B

    Ken B Elite Member

    82
    Feb 18, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Income approach.
     
  6. grant gryseels

    grant gryseels New Member

    0
    Jan 11, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    It is complete. Do you think it could be done like a subdivision? Where would I get absorption figures since I have no sales? Or could I used other individual duplex sales for that?
     
  7. Ian Valenzuela

    Ian Valenzuela New Member

    0
    Aug 14, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    1357908642
     
    Last edited: Nov 6, 2009
  8. Pittsburgh Pete

    Pittsburgh Pete Elite Member

    36
    May 6, 2008
    Professional Status:
    Certified General Appraiser
    State:
    Pennsylvania
    Are the units to be sold or rented? Obviously highest and best use is step one. Next step will hinge on that analysis.

    If not feasible to sell off and the intent is to rent, the income approach (as indicated by the eminent Ken B) is your best approach. It is an investment property, n'est pas?
     
  9. CCAAMO

    CCAAMO Senior Member

    0
    Sep 17, 2007
    Professional Status:
    Certified General Appraiser
    State:
    California
    Is it legally one property comprised of 36 units or is it 18 legal duplexes? What is the purpose of the appraisal?
     
  10. grant gryseels

    grant gryseels New Member

    0
    Jan 11, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    They requested all 3 approaches as well. I just don't see how you can do this thing like a subdivision since nobody will be selling out any individual duplexes like you would be selling out lots in a subdivsion..also you have income producing duplexes, where would that income go in such an approach...because when you do subdivision your lots aren't leasing or making any money.
     
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