Medical Examiner Facility

[Gobears81]

How will you fabricate depreciation deductions? Many special-use facilities cost far more to construct than they can command in the open market, and that can't be measured from an age-life table.

The consensus seems to be that the cost approach is the best approach for special-use properties, but an AI instructor saying that it is the worst, which has always stuck with me. I still like to do cost approach on these types of properties, but depreciation comps are that much more important, due to the additional obsolescence.

 

[KHS445]

For a special use property I will generally try to use all three approaches, with a lot of emphasis on the cost approach, because in the areas I work the subject special use property maybe the only thing like it of 60 to 100 miles. Basically, I tell the client if this is what you want, and this is where you want it, this is what it will cost you. I will include what reasonable sale information I can find and also try to put together some sort of income and expense statement. And hopefully, the results will point me in some direction. The good news is there isn’t anyone out there that is going to be any more accurate using the same information.

 

[TerryRohrer]

Hope local appraisers are dusting off their cost manuals!

https://www.facebook.com/share/1BQJfSa7WB/

Clinton native hopes to turn original Laurel high school into condominiums

The original Laurel high school has held space for administrative offices for the past 20 years. This fall, the school will be selling the property and Paul Nelson hopes to turn it into condos.

www.ktvq.com

Fratt school building in Billings remodeled into condominiums

Kate Fratt Memorial Parochial School was a school for 99 years, from 1918 to 2017. Now it's the Fratt Condominiums and an open house on Saturday, gave the public one last chance to see the building before the classrooms become homes.

www.ktvq.com

https://www.loopnet.com/search/schools/mt/for-sale/

Do improvements offered for $10 provide useful market information?

Historic Montana hospital hits the market for just $10 — but potential buyers face this huge obstacle

A historic and sprawling Spanish-mission-style building that functioned as a working hospital in Montana until the 1940s is on the market for just $10.

nypost.com

Old Chicago Main Post Office - Wikipedia

en.wikipedia.org

The former federal building in Billings, formerly the James F. Battin Building, was sold at auction in 2013 and later renamed the Stillwater Building. The building has changed ownership and is now being redeveloped for multiple tenants, with a portion of the building being leased to Yellowstone County.

• 2013:
  The building was sold at auction to Colorado Tire Corp. for $3.275 million and was renamed the Kono Building.
  
  
• 2016:
  The building went through another foreclosure sale and was purchased by WC Commercial LLC of Alaska.
  2017:
  WC Commercial LLC began renovations and held a contest to rename the building, which was officially changed to the Stillwater Building.
  
  
  
  https://billingsgazette.com/news/local/business/article_aa49e0d6-e08d-11ee-b846-3bf14ed52e91.html

 

[Artemis Fowl]

For a special use property I will generally try to use all three approaches, with a lot of emphasis on the cost approach...The good news is there isn’t anyone out there that is going to be any more accurate using the same information.

My mentor told me similar when I asked how the heck I was supposed to value certain ginormous unique pharmaceutical properties around here.

 

[Scott.A]

You'll likely be dealing with super adequacy. Reminds me of a building I appraised quite a while ago. On the outside, it was a typical light industrial building. On the inside, it was one of about 7 such facilities around the country that specialized in art and document restoration including clean rooms, clean drive in bay, super climate control, and super secret squirrel security system. There was nothing in the market like it. Millions of dollars invested in a building worth about $300k due to super adequacy. Those were not happy campers.

 

[Sadie]

You'll likely be dealing with super adequacy. Reminds me of a building I appraised quite a while ago. On the outside, it was a typical light industrial building. On the inside, it was one of about 7 such facilities around the country that specialized in art and document restoration including clean rooms, clean drive in bay, super climate control, and super secret squirrel security system. There was nothing in the market like it. Millions of dollars invested in a building worth about $300k due to super adequacy. Those were not happy campers.

Is it a super adequacy? If there is a demand for that type of facility, then its not. just because there is nothing on the market like that doesn't mean its a super adequacy. Is 7 enough for the country? I don't know. Maybe, maybe not

 

[Scott.A]

Is it a super adequacy? If there is a demand for that type of facility, then its not. just because there is nothing on the market like that doesn't mean its a super adequacy. Is 7 enough for the country? I don't know. Maybe, maybe not

I think I appraised that building about 12 years ago. It's still sitting empty. I think the market proved me right.

 

[Sadie]

I think I appraised that building about 12 years ago. It's still sitting empty. I think the market proved me right.

Don't you love it when you are proven right? But now I have questions, as in why did they build the thing in the first place? Was it ever used for the purposes intended?

 

[Scott.A]

Don't you love it when you are proven right? But now I have questions, as in why did they build the thing in the first place? Was it ever used for the purposes intended?

It was for several years. IIRC, the owners started out in photography, then opened a gallery, then wound up furnishing rented art work to local corporations, then got into art and document restoration. It's one of the more interesting buildings I've had the opportunity to work on, just not worth nearly what they put into it.

 

[RCA]

Consider using a modified Income Approach. In some areas, governments outsource medical examiner tasks - so you might be able to pick up typical fees for various services.

Consisder budget vs expenditure vs operational efficiency.

Be a little more creative and try harder. Ask Grok for advice. ---> Better than asking on this forum.

Of course, it is a complex assignment - and hopefully you get paid for it,