Service Station/C-Store/Carwash Appraisal

Going-Concern-Appraisal-CardiffIRR San Diego has completed a commercial appraisal of a retail property located in Cardiff-By-The-Sea (Encinitas) in San Diego County. The property consists of a service station (gas station), fast food retail space, and a carwash totaling about 4,900 square feet. Built in 1970, the improvements were later expanded and renovated in 2007. The site area is 0.73 acres on two parcels, with one of the parcels encumbered with a ground lease. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

This assignment involved a valuation of the market value of the going concern, which includes the real estate (e.g. land, building, site improvements, etc.); furniture, fixtures, and equipment necessary to operate the businesses; and business value (which includes items such as goodwill). Both Jeff Greenwald and Eric Schneider are both qualified sources for going concern properties as they have earned the ASA designation from the American Society of Appraisers.

If you have any questions regarding the appraisal of service stations, carwash properties, or other going concern properties, please contact us today at 858-259-4900 or sandiego@irr.com.

Apartment Property Appraisal in San Diego

san-diego-apartment-appraiserIRR San Diego has completed a commercial appraisal of a multifamily property located in North Park community of San Diego. The property is an existing apartment building containing 10 dwelling units. Built in 1967 and totaling 7,050 square feet of rentable area, the property is 100% leased as of the effective appraisal date. The building is located on a 0.16 acre site. As with many older projects in San Diego, the property is determined to be legally nonconforming with respect to current zoning regulations, including street frontage, density, floor area ratio, and parking. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

If you have any questions or needs regarding an apartment appraisal, please contact us today at 858-259-4900 or sandiego@irr.com.

 

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.

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Industrial Business Park Appraisal in Miramar

Industrial-Property-Appraiser-San-DiegoIntegra Realty Resources – San Diego has completed a commercial appraisal of an industrial business park property located in the community of Miramar in San Diego. The property consists of two industrial buildings, one that is approximately 23,500 square feet and the other that is 37,500 square feet for a total of about 62,000 square feet. These multiple-tenant buildings, both built in 1987, each have approximately 60% office space, 22 feet of clear height, and 18 loading doors (36 total for both buildings). The suite sizes range from 1,680 to 20,111 square feet. The site is approximately 0.38 acres. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

As of the effective appraisal date, the property was 67% leased; one building was 100% occupied by 10 tenants, while the other building was 46% occupied by two tenants. In this submarket for this type of property, stabilized vacancy is approximately 10%, which means that as stabilized, the property should be about 90% occupied. Therefore, when performing this type of valuation, it is necessary to consider lease-up costs as the typical investor would lease the property to a market occupancy rate.

If you have any industrial business park valuation questions or needs, please contact us today at 858-259-4900 or sandiego@irr.com.

 

Apartment Property Appraisal in San Diego

San-Diego-Apartment-AppraiserIRR San Diego has completed a commercial appraisal of a multifamily property located in the neighborhood of Talmadge in San Diego. The building, constructed in 1985, consists of 7 dwelling units (a mix of one-bedroom and two-bedroom units) and has 5,680 square feet of rentable area. Project features include 4 one-car garages and a laundry facility with one washing machine and one dryer. The units are 100% leased as of the effective appraisal date.  The purpose of this commercial valuation was for loan underwriting purposes for a lender.

If you have any apartment property appraisal questions or needs, please contact us today at 858-259-4900 or sandiego@irr.com.

Ground Lease Appraisal in San Diego County

Ground-Lease-Property-AppraiserIntegra Realty Resources – San Diego has completed a commercial appraisal of a property subject to a ground lease located in the Otay Mesa region in San Diego County. The subject consists of two parcels totaling 67.53 acres; however only a portion of the property (16 acres) was valued. These 16 acres were improved as a yard storage property that was about 41% leased to multiple tenants. This valuation, done for loan underwriting purposes for a lender, involved the valuation of several premises, including the as is value of the fee simple interest, and the prospective market value of the leased fee interest.

If you have any ground lease valuation questions or needs, please contact us today at 858-259-4900 or sandiego@irr.com.

Hotel Property Appraisal in San Diego

Hotel-Property-AppraiserIRR San Diego’s hotel practice group has completed a commercial appraisal of a hotel property located in district of San Ysidro in the city of San Diego. The property consists of an existing interior and exterior corridor hotel property that contains 68 rooms. Constructed in 1985 with ongoing renovations since 2011, the three-story property includes special features like a porte-cochère, a sundries store, a business center, a guest laundry facility, a fitness center, a meeting room (divisible from a breakfast area) and an outdoor pool. The property is located on 0.92-acre site. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

If you have any hotel valuation questions or needs, please contact us today at 858-259-4900 or at sandiego@irr.com.

Real Estate Appraisal for Gifting Purposes

Appraisal-for-giftingIRR San Diego has completed a commercial appraisal of an apartment property located in the city of Del Mar. The property consists of six separate buildings containing 44 dwelling units. The 39,000 square foot project was built in 1977 and is 98% leased as of the effective appraisal date. Project amenities include a pool and spa as well as a laundry facility. The buildings are located on a 2.37 acre site.

The purpose of this commercial valuation was for gifting purposes. This type of intended use is different from traditional lending purposes as it involves different intended users (such as the Internal Revenue Service) and a different definition of market value.

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

Industrial Property Appraisal in Vista

Vista-Real-Estate-AppraiserIntegra San Diego has completed a commercial appraisal of an industrial property located in Vista in San Diego County. The building is approximately 129,000 square feet and is located on a 9.48 acre site. Constructed in 1999 and renovated in 2013, the property has approximately 27% office space, 24 feet of clear height, and 15 loading doors (nine dock-high doors and six grade level doors). The property will be utilized as a distribution warehouse. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

If have any questions or needs regarding an industrial property appraisal, contact us today at 858-259-4900 or eschneider@irr.com.

Apartment Property Appraisal in Imperial Beach

Imperial-Beach-Real-Estate-AppraiserIRR San Diego has completed a commercial appraisal of a multifamily property located in Imperial Beach in San Diego County. The property consists of two duplexes and a single family residence totaling about 3,700 square feet of rentable area. The improvements were constructed in 1965 and are 100% leased as of the effective appraisal date. The buildings are situated on a 0.34 acre site. The purpose of this commercial valuation was for loan underwriting purposes for a local credit union.

If you have any questions about or needs for an apartment property appraisal in Imperial Beach, please contact us today at 858-259-4900 or sandiego@irr.com.

 

Medical Office Property Appraisal in Eastlake, San Diego County

eastlake-commercial-property-appraisalIntegra Realty Resources – San Diego has completed a commercial appraisal of a medical office property located in the community of Eastlake in Chula Vista, San Diego County. The property consists of a 28,500 square foot medical office building built in 1979. The building is located on a 2.97 acre site. Prior to 2007, the property was developed as a mixed-use property with retail and professional office uses. However, after 2007 the property was renovated for 100% medical office use. As of the effective appraisal date, the property is 39% leased to two tenants, one of which occupies three suites in the property. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

If you have any needs for a medical office property appraisal or a commercial property appraisal in Eastlake, Chula Vista, please contact us today at 858-259-4900 or sandiego@irr.com.

Can a Real Estate Appraiser give Broker Price Opinions?

irrsandiego-commercial-appraisalsIn the lending world, banks and other financial institutions generally order an appraisal to determine value of a property. However, what is becoming more popular is a valuation known as a Broker Price Opinion, or BPO. A BPO is an opinion determined by a real estate agent or broker to establish the selling price of real estate. While this type of evaluation is typically performed by real estate agents and brokers, it is often asked whether an appraiser can perform a broker price opinion, desktop reconciliation of value, or other similar type of valuation. In this article, we share what is included in a BPO and whether or not real estate appraisers can provide one.

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Retail Property Appraisal in El Cajon

El-Cajon-Commercial-Real-Estate-AppraisalIRR San Diego has completed a commercial appraisal of a strip retail center property located in El Cajon in San Diego County. The building is approximately 8,300 square feet and is located on a 0.62 acre site. As of the effective appraisal date, the property is 100% leased to seven tenants with suite sizes ranging from 425 to 3,442 square feet. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

If you are in need of a retail property appraisal, please contact us today at 858-259-4900 or via email at sandiego@irr.com.

Redevelopment Property Appraisal in San Diego

bankers-hill-appraiserIntegra Realty Resources – San Diego has completed a commercial appraisal of a redevelopment property located in San Diego community of Bankers Hill. The subject site is currently improved with a 59,000 square foot medical office building of concrete and steel construction with one level of subterranean parking. The improvements were constructed in 1960, are 100% vacant as of the effective appraisal date, and are essentially at the end of their economic life. These improvements are located on a 0.83 acre site. The purpose of this commercial valuation was for loan underwriting purposes for a lender, as the property is slated to be redeveloped for mixed-use.

If you have any questions or needs regarding appraising property for redevelopment purposes, please contact us today at 858-259-4900 or sandiego@irr.com.

Office/Retail Property Appraisal in Cardiff

Cardiff-commercial-real-estate-appraisalIntegra San Diego has completed a commercial appraisal of an office/retail property located in Cardiff by the Sea (Encinitas) in San Diego County. This mixed-use, two-story building contains approximately 7,000 square feet of rentable area, was built in 1917, and has been renovated in the last 10 years. As of the effective appraisal date, the building is 100% leased to 14 tenants with suite sizes ranging from 125 square feet to 4,100 square feet. The building is located on a 0.19 acre site. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

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

Medical Office Property Appraisal in Carlsbad

Carlsbad-real-estate-appraisalIRR San Diego has completed a commercial appraisal of a medical office building located in Carlsbad in San Diego County. The building is approximately 15,600 square feet in size and is located on a 0.63 acre site. As of the effective appraisal date, the subject is 100% leased to 24 tenants. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

If you are in need of commercial valuation of a medical office property or a property in Carlsbad, please contact us today at 858-259-4900 or sandiego@irr.com.

Key SoCal Market Comparisons

Hotel-Appraisal-858-259-4900Every New Year begs a time for reflection, to account for what has transpired and to plan for the future. Looking back on 2014, it is important to review the three major property types across four of Southern California’s prominent markets to note any market trends. Below are tables summarizing the average price per square foot of office, retail, and industrial properties across San Diego, Orange County, Los Angeles, and the Inland Empire – including Riverside and San Bernardino Counties.

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Ground Lease Appraisal in San Diego

Commercial-Real-Estate-AppraiserIRR San Diego has completed a commercial appraisal of a property subject to a ground lease located in the Mission Bay area of San Diego. The subject consists of two parcels totaling 2.99 acres. Though the property is improved for automotive use, our valuation was of the site only. This appraisal included an analysis of the income, both from a direct capitalization and discounted cash flow analysis standpoint. The purpose of this commercial valuation was for loan underwriting purposes for a lender

If you have any ground lease valuation questions or needs, please contact us today at 858-259-4900 or sandiego@irr.com.

Industrial Property Valuation in Southeast San Diego

Industrial-Appraisal-Southeast-San-DiegoIntegra San Diego has completed a commercial appraisal of an industrial property located in Southeast San Diego. The building is approximately 102,000 square feet in size and is located on a 6.15 acre site. Approximately 37% of the building is built out as office space, and the building includes 23 grade-level doors, three truck wells, and about 24 feet of clear height. As of the effective appraisal date, the property is 100% leased to 11 tenants with suite sizes ranging from approximately 1,700 square feet to 22,000 square feet. The purpose of this commercial valuation was for loan underwriting purposes for a life insurance company.

If you are in need of a commercial real estate valuation in Southeast San Diego, please contact us today at 858-259-4900 or via email at sandiego@irr.com. Also, please be sure to download the latest publication of Viewpoint, which highlights industrial market trends in San Diego.

Apartment Appraisal in Pacific Beach, San Diego

Pacific-Beach-Apartment-Appraisal-Crown-Point-San-DiegoIRR San Diego has completed a commercial appraisal of an apartment property located in the community of Pacific Beach in San Diego. This multifamily property consists of five dwelling units built in 1970. The building, which is three stories and has approximately 4,020 square feet of rentable area, is located on a 0.08 acre site. The property also has five covered parking spaces, five storage units, and a laundry facility. As of the effective appraisal date, the property is 100% leased. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

If you are in need of a multifamily appraisal, please contact us today at 858.259.4900 or via email at sandiego@irr.com. Also, for market trends on San Diego apartment properties, we invite you to download the latest publication of Viewpoint, the most comprehensive analysis for 2015.

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