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Land Use: Transient Lodging? Help!

Discussion in 'Urgent - Help Needed' started by DebraALewis, Feb 24, 2006.

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  1. DebraALewis

    DebraALewis New Member

    0
    Mar 31, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I got an order to do an appraisal in Pomona, CA that says
    Land Use: Transient Lodging. County Use: Rooming House. Zoned POR31000* which I can't find. It's 2,400 sq. ft. with 10 bedrooms and 2 bathrooms. The owner rents out the rooms to whoever. The lender wants itdone as a single familt. I have no other comps for 40 miles away that are even remotely similar. Would this be considered a complex property. I'm thinking my AL license doesn't cut it here. Should I pass or do it as if it were single family? Aren't 10 bedrooms with only 2 bathrooms functional obsolescence??? Any help is always greatly appreciated.
     
  2. George Hatch

    George Hatch Elite Member

    191
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
    It sounds like a single room occupancy "hotel". The fact the owner is renting the rooms out makes this an income property. It is not an SFR and regardless of what the client thinks, it probably can't be appraised as one either. The next closest use would be a group home of some sort.
     
  3. CANative

    CANative Elite Member

    247
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Just a guess from 700 miles away...

    POR31000(maybe another 0?)

    POmona (city zoning)
    R3 (The R3 Multi-family Residential Zone)
    1000 is the density designation (Probably short for 10,000 which mean 15-19 DU/AC or dwelling units per acre for lots at 10,000 sf)

    They probably have a transient occupancy permit like hotels, bed and breakfast inns, flop houses, etc.
     
  4. Brad Ellis

    Brad Ellis Senior Member

    0
    Feb 7, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Sandra,

    You may NOT do this as a SFR. It is a rooming house, also known as an SRO- single room occcupancy. It is a legal use apparently so that is probably the highest and best use.

    I cannot think of a single lender that will accept this as collateral for a residential loan.

    To do it as SFR will likely land you on someone's "I'm an unethical appraiser" list. If they still insist you do it that way- run do not walk- away from that client. You CAN fire a client.

    Brad
     
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