Basement of Lube building

[SanDiegoBrian]

Another appraiser was telling me we should count the basement pit of a lube building. My thought is we don't as it's not finished out (not a full ceiling), not ADA compliant, no restroom, not a separate entrance etc... It's in California. Any know the 'normal' way in CA?
Thanks.

 

[CANative]

It's probably not rentable area and is considered part of the HBU of such a building. I don't know what you mean about "not counting it."

 

[SanDiegoBrian]

When you state the total square foot of the building is 2500 square feet or stating it is 4000 square feet. Then do a sales comparison approach with a conclusion of $800 x 2500 or $800 x 4000.

 

[CANative]

Lube stations that have pits don't have lifts and vice versa. Right? The pit is just the alternative to the lift. You don't rent lifts so you don't rent pits.

So I would tend (I think) to exclude the pit area from net rentable area. Therefore you have a 2500 sf building (with a pit) compared to a 2500 sf building (with a lift). Both configurations can service 4 cars at one time (for example.) $800/sf x 2500 sf.

($800/sf sounds pretty high unless it is some ultra dense metro area.)

 

[Michigan CG]

Lube properties comparable analysis is bays; square footage is a non issue most of the time.

 

[CANative]

Lube properties comparable analysis is bays;

Isn't that just one element of comparison?

 

[SanDiegoBrian]

Lube properties comparable analysis is bays; square footage is a non issue most of the time.

Yeah, so the property is a cstore/fuel, with full service car wash and free standing lube building.

The Sales Comparison approach isn't going to be reliable and is only thrown in to appease reviewers/banks who have asked for it. We give it only minor weight.

But I want the total building square footage to be correct in the summary of facts.
Thanks.
Brian

 

[CANative]

Yeah, so the property is a cstore/fuel, with full service car wash and free standing lube building.

Why didn't you say that? I thought you were talking about a Jiffy Lube or something.

 

[Michigan CG]

Yeah, so the property is a cstore/fuel, with full service car wash and free standing lube building........

That changes everything.

 

[Terrel L. Shields]

The building's GBA is the footprint of the building. The pit is a feature of the building. I was always taught that GBA is the footprint...regardless the number of stories and that is separate from the Gross FLOOR area...

However, BOMA/Ansi standards are applicable and you can buy the book (of course it isn't cheap)...

The construction gross area includes the area defined as exterior gross area as well as other areas that have a structural floor, or are covered by a roof or canopy, that are typically unenclosed but within the building perimeter. The exterior gross area is the total floor area contained within the measure line—generally the outside surface of the exterior enclosure of building—including structured parking

[url]http://www.boma.org/standards/gross-area/Pages/default.aspx[/URL]