Discussion in 'General Appraisal Discussion' started by grant gryseels, Nov 6, 2009.
How would you go about appraising a 36-unit duplex development?
The same way you would appraise any multi-family property?
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.
I wouldn't either.
Is it complete or under construction? Sounds like subdivision analysis to me?
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?
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?
Is it legally one property comprised of 36 units or is it 18 legal duplexes? What is the purpose of the appraisal?
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.