Comparing a Triplex to an SFR + ADU + ADU

[Fernando]

Eight active or pending listings in Burbank-

00-25509551 Active $2,000,000 ******** ********SR-25142550 Active $1,399,000 ******** ********GD-25157570 Active $4,999,999 ******** ********00-25615183 Active Under Contract $1,575,000 ******** ********IV-25053571 Active Under Contract $2,349,000 ******** ********GD-26001075 Active $1,100,000 ******** ********00-26633817 Active $1,999,999 ******** ********SR-25273185 Active $1,095,000 ******** ********

You're good.

 

[J Grant]

Just state that the buyer for a multiple ADU/SFR might also consider a triplex, and that, due to the lack of other pending listings, property X triplex is used as a pending comp.

If the prices are similar no adjustment needed, if the triplex factor affects price up or down then adjust for it.

 

[barnettapp1]

Eight active or pending 2-4 listings in Burbank-

00-25509551 Active $2,000,000 ******** ********SR-25142550 Active $1,399,000 ******** ********GD-25157570 Active $4,999,999 ******** ********00-25615183 Active Under Contract $1,575,000 ******** ********IV-25053571 Active Under Contract $2,349,000 ******** ********GD-26001075 Active $1,100,000 ******** ********00-26633817 Active $1,999,999 ******** ********SR-25273185 Active $1,095,000 ******** ********

Thanks gregb

GD-25157570 Active $4,999,999 - commercial property
GD-26001075 Active $1,100,000 - commercial property
IV-25053571 Active Under Contract $2,349,000 - SFR plus 2 ADUs
SR-25142550 Active $1,399,000 - SFR plus ADU
00-25509551 Active $2,000,000 - I'm not seeing this property
00-25615183 Active Under Contract $1,575,000 - I'm not seeing this property
00-26633817 Active $1,999,999 - I'm not seeing this property

So four of those eight are not 2-4 units I will try to track down the ones that aren't showing but you see how I'm dealing with a very limited pool of comparables and how agents are listing SFRs as small income properties.

 

[gregb]

00-25509551 Active $2,000,000 - I'm not seeing this property
00-25615183 Active Under Contract $1,575,000 - I'm not seeing this property
00-26633817 Active $1,999,999 - I'm not seeing this property

These three are 4 unit res income properties located in Burbank.

Maybe the 00 is throwing your search awry
2250 N Frederick St
1105 W Clark Ave
271 W Ash Ave

 

[Fernando]

If you can't find any listing/pending, try a recent expired listing. Reviewer may not notice.

 

[George Hatch]

OP won't need it this time, but one other strategy I have used in the past when there's no other alternative is to look at recent expired/withdrawns. I already look at them anyway because sometimes I'll find another closed sale that just wasn't reported that way in the MLS. I also want to look at old listings as a way of adding to my understanding of that market. For context - these listings show what the buyers apparently didn't want to pay.

 

[barnettapp1]

Thanks George good advice

 

[ZZGAMAZZ]

Hi all,

I'm looking for advice as I am currently appraising a triplex for a lender with a severe lack of Active/pending comparables. I am faced with considering utilizing an SFR with 2 ADUs as a comparable and am wondering what considerations I need to address in the potential comparison. Of course the zoning for the SFR is different (R1 vs R4 for the subject). Aside from that the SFR is currently marketed in the MLS under the Small Income search criteria and is emphasized for its income generating potential which of course we know is a primary motivating factor in the purchase of small income properties like the subject.

I don't have an argument why a buyer would not likely consider the purchase of an SFR plus 2 units as similar to a legal triplex, given all other elements (condition, room count, GBA and lot size, rents etc) are similar, espiecially given the lack of active legal triplexes for sale. The SFR plus 2 ADUs is priced within range of closed sale comparable triplexes. I appreciate any thoughts or input

...because I'm unable to mind my own business, the OV based upon the IA could be affected if only one of the two ADU's could be legally leased, as is the protocol in many CA jurisdictions. [Also Extremely Unlikely that more SFR/ADU/JrADU properties have been marketed than 2- 4 unit residential income properties. [But I'm out now for a while. I hate the AF. I hate the appraisal industry. I hate the NYSE that doubled in value since I bailed a few years ago. I'm even starting to question the sanity of our President...and watching a CA jurisdiction on TV declaring itsself as a "non-Ice territory," I'm starting to wonder whether CA can survive as part of the USA...

 

[Mark K]

and watching a CA jurisdiction on TV declaring itsself as a "non-Ice territory," I'm starting to wonder whether CA can survive as part of the USA...

The rest of the US wonders that too. We would gladly trade CA for Greenland. Maybe Trump should talk to Denmark about a swap. Nah. They're not that stupid.

 

[Fernando]

The rest of the US wonders that too. We would gladly trade CA for Greenland. Maybe Trump should talk to Denmark about a swap. Nah. They're not that stupid.

You're in the wrong thread. Your MAGA views shouldn't be here.