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Old 11-26-2003, 08:10 PM
Roger Pellegrini Roger Pellegrini is offline
 
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Dearborne's 8th Edition text - Fundamentals of Real Estate Appraisal, says the following about GLA & GBA:

"Gross living area. For a single-family detached residence, size is described in terms of gross living area (GLA), defined as the total amount of finished habitable above-grade space, measured along the building's outside perimeter. Generally, attics, basements, and crawl spaces are not included in the measurement."

"Gross building area. For multifamily residences and industrial buildings, size is described in terms of gross building area (GLA), defined as all enclosed floor areas (including both attics and basements), measured along the building's outside perimeter."

My questions are ...

1. Does the GBA definition apply to 2-4 family rental properties?

2. When researching comparable properties (2-4 family and 5+ family) at the assessor's office, is it unreasonable to expect that the assessor has switched from the GLA to GBA definition in making square footage caculations?
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Old 11-26-2003, 08:27 PM
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Mike Garrett, RAA Mike Garrett, RAA is offline
 
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No, not normally. In some instances a fourplex (4 family) might have and entryway and hallways. If that is the situation, you can build a case for using a GBA on the small income report. Most often; however, you will use the GLA.
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Old 11-26-2003, 08:31 PM
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Jungle Boy Jungle Boy is offline
 
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Mike
How about shared laundry areas, etc. ?
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Old 11-26-2003, 08:34 PM
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Mike Garrett, RAA Mike Garrett, RAA is offline
 
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Yeah those too!
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Old 11-27-2003, 06:48 PM
Oregon Doug Oregon Doug is offline
 
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Roger - It has been my experience that the assessor's office uses the GBA for everything out here and includes any stair area on both levels of 2 story homes. The Realtors pick up those areas from the county records and go with 'em - right or wrong. The result is that what may be a 2,000 sf, 2 story home may be listed & sold as a 2,200 sf home because the stairs are counted twice - but, the comps are listed & sold the same way. So what. (It may be an issue in the Cost Approach.)

Commercial property is another story (I like the BOMA standards). In these cases, you have to pay attention to leases that refer to Net Usable Area, Net Rentable Area, Net or Gross Building Area in order to develop the NOI used in the Income Approach and Cap Rate extraction from market sales. It is not uncommon to use different areas in different approaches - net rentable in the income approach but gross building area in the cost approach. Both areas can be correct depending the building layout. (elevator shafts, multi tenants on a single floor plate, common hallways, whole floor tenants....)

Oregon Doug
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