Golden Hill Real Estate Appraisal

Golden-Hill-Real-Estate-AppraiserIRR San Diego has completed a commercial appraisal of an industrial property located in the community of Golden Hill in San Diego. The building is approximately 8,200 square feet and is located on a 0.46 acre site. Constructed in the 1960’s, the property is 100% occupied by the property owner. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

With this appraisal assignment, consideration was taken regarding the property’s zoning. When the property was developed more than 50 years ago, this part of Golden Hill allowed for industrial use. However, as time passed the zoning regulations changed; as of the effective date of the appraisal, the site is zoned for residential use. This is an important fact to consider because real estate appraisers value property according to its highest and best use, which includes appraising property as if it is legally permissible. Although the subject’s industrial use has been “grandfathered in” (meaning that it is legally nonconforming), the higher and better use may be to demolish the existing improvements for residential development.

If you have any questions or needs for a real estate appraisal in Golden Hill, please contact us today at 858-259-4900 or sandiego@irr.com.

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