Valbridge values both existing and proposed car washes throughout Kansas and Missouri! In an effort to end the cycle of little-to-no information when researching for these properties, we've compiled a list of things you need to know when appraising car washes! Specialization: One thing many people need to understand before researching car washes is that they are a specialized property and built for single-use. Often, normal appraising rules don't apply. Capture Rates: Some people have no idea capture rates for proposed car washes even exist! These are the percentage of washes by the property that are captured from the cars passing by daily. Challenges of a Proposed Facility: When researching, appraisers have to keep in mind that there are different challenges when appraising a proposed facility, as opposed to an existing one. On top of that, car washes themselves come with their own set of challenges. Types of Car Washes: Within this property there are many different types; self-serve, full service, hybrid, exterior-only, conveyor, and many more! Operating Expenses: A lesser known fact: operating expenses for a car wash are based on a percentage of total income. Cost Approach: For a car wash, the cost approach excludes the business and intangible value. What have you seen that's unique to car wash valuation? Let us know in the comments below! Valbridge appraiser, Garrett Connolly, was a chief contributor for this blog post. Garrett has been with Valbridge Property Advisors since 2015 and is a graduate of the University of Missouri with a degree in business finance.
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What's in our bags? Read below to see some of the items we bring with us on property inspections. The Typical Items We Bring: An Aerial Map of the Property Printed Out: This is essential when you're on an inspection. It's a great way to find your bearings, especially when you're at a larger property. A Measuring Wheel: This item is used for measuring the square footage of properties. There are many resources online that can confirm the size of a property, but the only way to be 100 percent accurate is to measure it! A Smart Phone: This is necessary for many obvious reasons. The camera is essential for taking photos of the property, the internet access allows you to confirm findings or look up information, and using an app to record conversations allows you to gather information directly from the source. The Unusual Items We Bring: Work boots: These have come in handy more than once while inspecting agricultural land, quarries, or anything outdoors. A Lab Coat/Hair Net/Safety Glasses/Hard Hat: These are all items our appraisers have worn at one point on an inspection. Often times facilities may be used for food production and need to be sterile, or we may be on construction sites where hard hats are safety necessities. Gatorade: As our own Brock Heyde, MAI discovered, Gatorade comes in handy when walking a long stretch of abandoned railroad track during an inspection in August. Insect Repellent: One of our appraisers recently found out brown recluse bites are possible when inspecting a property and can land you in the hospital! Did we miss anything? Tell us in the comments below!
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