External Obsolescence - 2-4 Surrounded By Apartments

[jackimoya]

I acknowledge this may be a stupid question. Normally, would consider the subject (SFR, PUD, Condo) being adjacent to apartments as an external obsolescence. But 2-4 units (which are technically apartments themselves)?

 

[BRCJR]

What is the H&BU of the subject? If that is a rental unit I would not consider it as adverse.

 

[hastalavista]

Not a stupid question!

Are the rents impacted due to the surrounding apartments? One would think not. If not, that would imply no EO due to the neighboring properties.

However, I would be remiss if I didn't add this: Is the H&BU as-vacant a 2-4 or should it/can it be developed eventually to a higher density (5+ units)? If so, you may have some functional obsolescence that will shorten the remaining economic life.

 

[glenn walker]

California- Not enough info on the Subject is this an- attached condo-pud development -detached single family home ect ? because in high density area like Los Angeles or Orange County often no effect because we have so many mixed use neighborhoods BUT if the Subject is located in a Mayberry type of community then it may have a negative effect. As far as H & B use once again what type of property is the Subject if this is an-attached condo-pud your not tearing it down to built anything else.

 

[J Grant]

I acknowledge this may be a stupid question. Normally, would consider the subject (SFR, PUD, Condo) being adjacent to apartments as an external obsolescence. But 2-4 units (which are technically apartments themselves)?

Could depend on size, scale, maintenance of the apartments. Some small income properties in my region are in funky mixed use areas so apartments might be an improvement, or not, depending on traffic, type of tenants renting the apts etc.

Does the proximity of apartments create more competition to attract tenants? ,

 

[jackimoya]

What is the H&BU of the subject? If that is a rental unit I would not consider it as adverse.

Looks like the land use is legal nonconforming because the lot size is smaller than zoning allows. The highest and best use as vacant appears to be a SFR.

 

[jackimoya]

Not a stupid question!

Are the rents impacted due to the surrounding apartments? One would think not. If not, that would imply no EO due to the neighboring properties.

However, I would be remiss if I didn't add this: Is the H&BU as-vacant a 2-4 or should it/can it be developed eventually to a higher density (5+ units)? If so, you may have some functional obsolescence that will shorten the remaining economic life.

It looks like the highest and best use as vacant (because of lot size), is a SFR.

 

[jackimoya]

I honestly just don't know if I should check Yes or No for adverse site conditions.

 

[J Grant]

I honestly just don't know if I should check Yes or No for adverse site conditions.

Are the apartments eyesores or well maintained? Are they so tall or dense built out they create a lot of traffic/noise block sunlight?

 

[J Grant]

Looks like the land use is legal nonconforming because the lot size is smaller than zoning allows. The highest and best use as vacant appears to be a SFR.

Why would HBU be a SFR and not a 2-4 family?