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Multi Family Help

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johntucci

Thread Starter
Freshman Member
Joined
Jul 14, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Anyone help please.. I am doing a 4 unit quadplex I have only 1- 4 unit sale within 2 miles of the subject that sold 4 months ago I have 4 unit listings with long DOM's, there has not been a 4 unit sold in the past 18 months in the entire COUNTY!!! , I have 2 unit duplex within the past 4-6 months within the city of the subject.... do I use the 2 units and adjust for rm cnt etc? and comment the lack of 4 unit homes any help would be greatly appreciated thanks very much
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
John-I have gone 2 counties away for a "similar" area to find MF sales. If you do use 2 family sales you will need to adjust the GRM as, more than likely, they will tend to indicate a higher GRM than a 4 unit.
 

johntucci

Thread Starter
Freshman Member
Joined
Jul 14, 2006
Professional Status
Certified Residential Appraiser
State
Florida

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Expand your neighborhood. Use like kind property, older sales, include the listings if necessary as support for a slower market. DOM does have quite a bit of meaning on income property.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
When I experience the same problem I always find out how many four family properties there in my subject’s town and then host the same data from four family sales in the other towns that I have visited for comparable sales. Example 1,000 assessed parcels and 10 are four units. So when the client asks for sales they know the number of possible property that could be sold. Here in MA we have codes for all assessed parcel so the data is easy to generate. Do not forget to review the cannel and expired listing of four units that could have been sold and were not reported in MLS.
 
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