IRR San Diego has completed a commercial appraisal of a service station property located in the Del Mar Heights community of the city of San Diego. The property also includes a convenience store. Overall, the property has 1,930 square feet of gross leasable area; the convenience store is about 770 square feet, and there is an existing service bay area that is approximately 1,160 square feet. The improvements were constructed in 1971, are 100% owner-occupied as of the effective appraisal date, and are situated on a 0.71 acre site. The purpose of this commercial valuation was for loan underwriting purposes for a lender and included valuing the property’s going concern. This valuation also included a prospective market value appraisal as the subject is scheduled to be renovated to include a car wash.
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