Leased property / market value

[Fred]

There is no such thing as fee simple subject to existing leases.

Only according to some real estate appraisers.

 

[hastalavista]

If an appraisal is completed on a leased multi tenant commercial property for market value in fee simple ...is an income analysis required to analyze & value the existing leases [leased fee] if the actual leases' could not be obtained.
or simply put... can you value the fee simple interest of a leased property?

Just a bounce to all the great AF minds out here

I'm over-stepping myself here, but I'll risk it anyway.
I don't understand the nature of the question?
There are two conditions (as I see them):
A. The actual condition of the subject (leased fee), and
B. The engagement-imposed condition of the assignment problem (fee simple)

Fact: The subject is leased fee.
Assignment: Value of the subject fee simple.
Condition of the appraisal: Hypothetical, based on a fee simple condition -which is known not to exist, but which is a necessary condition (and legitimate, I assume) for purposes of the intended use of the results

So, if the assignment calls for fee simple, and if it is disclosed in the report that the appraisal is based on a HC, why would an analysis of the existing leases be a requirement of the assignment? The possession of the actual leases may or may not be helpful in completing the assignment, but a requirement of their possession to complete an analysis seems like a red herring issue?
(I ask this question in earnest as a residential appraiser who is just beginning to do commercial work)

 

[Artyman1200]

This is very simplistic and in certain situations very wrong. You need to review valuation of partial interests. The sum of the parts does not always equal the whole.

Very simplistic is what I was going for. If you feel the need to expand on the valuation of partial interests then be my guest. However, it would probably be a waste of time because it isn't relevant to the original question.