When it comes to appraising commercial real estate, you never know what you'll get to work on! Our work on complex projects includes everything from space rocket facilities to RV parks, and everything in between. Listed below are some of the most unique projects we've been able to assist with and the challenges that came with them. Challenges like these are what we encounter on a daily basis, which is why we highly recommend hiring an experienced appraiser for special-use projects like these. 1. Crude-By-Rail What it is: Trains transport crude oil all over the country and unload it onto barges, tankers or pipelines for onward delivery. Challenges of this property type: - Estimating Construction Costs - Economic obsolescence -Market analysis 2. Steel Mill What it is: Steel mills are industrial facilities where steel is manufactured. Challenges of this property type: - Estimating construction costs - Economic obsolescence -Market analysis 3. RV Park What it is: A campground for recreational vehicles or caravans. Challenges of this property type: -Type of user (recreational versus work related) -Forecasting demand What it is: A structure used to hold airplanes in protective storage. Challenges of this property type: Typical leases on hangars include varying rents that depend on the amount of fuel that is purchased (which is business value as well), so finding a market rent due solely to the real estate can be difficult to identify. What it is: An industrial facility for manufacturing space rockets. Challenges of this property type: It is rare that these sort of buildings sell on the open market, therefore the identification of comparable properties for a specialized facility like this can be difficult. Our contributor for this post was Jason Roos, MAI. Jason is an MAI designated member of the Appraisal Institute, and former President of the Appraisal Institute's Kansas City Chapter. He is a State Certified General Appraiser licensed in Kansas, Missouri, North Dakota, Nebraska, Illinois and Iowa. Jason is focused on providing clients with up-to-date, relevant and accurate market information as a director at Valbridge Property Advisors | Kansas City. Valbridge Property Advisors | Kansas City provides unbiased commercial real estate valuation for local, regional, and national clients. In business for over 38 years, the firm is led by five MAI-designated members of the Appraisal Institute.
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