Hello: I'm a contract fee appraiser that does work for a two three person shop. We occasionally appraise mixed use buildings. Each time we do, the principals of the firm insist we are to appraise the Leased Fee Interest as it is an investment property, regardless of being owner occupied in the commercial element. The subject this time is a MU building with a ground floor office representing 51.6% of the NRA. It has been owner occupied for 35 years and there is no lease document. There are also four apartment dwellings rented on a month to month basis. The dictionary describes Leased Fee as “An ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the Lessor (the leased fee owner) and the lessee (landlord) are specified by contract terms contained within the lease”. So, I’m unclear as to why a Leased Fee Interest should be applied vs. Fee Simple Estate. And on the flip side, if the Property Rights stated are Fee Simple, can a final value be reconciled to the Income Approach? Thanks for the input.