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.

 

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.

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.

Read More

UA-53447983-1