Integra – San Diego Appraises Conference Center, San Diego

IRR – San Diego recently appraised the sandwich leasehold interest of a meeting/conference center, containing 32,907 square feet of rentable area.
The improvements were constructed in 1993 and are 100% leased as of the effective appraisal date. The site area is 2.41 acres. The appraisal was completed for the purpose of making ownership management decisions.

 

 

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Integra-San Diego Appraises Class A Office Building

Integra – San Diego appraised an existing office property containing 276,578 square feet of rentable area. The improvements were constructed in 1997 and were 100% leased as of the effective appraisal date. The site area is 17.26 acres. This appraisal was completed for financing purposes for an insurance company client.

 

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Industrial Flex Property, Vista – Valuation by Integra – San Diego

Integra – San Diego recently completed an appraisal of the leased fee interest of an industrial property containing 76,988 SF of rentable area. The property was 100% leased at the time of the appraisal. Site area is 4.18 acres. This appraisal was completed for loan underwriting purposes for a financial institution

IRR – San Diego Values “Egyptian” Commercial Condos, Hillcrest, San Diego

Integra – San Diego appraised the retail condominium units of a high-visibility mixed-use, commercial/residential property in San Diego. This property was originally built as a movie theater in 1911, and preserving only the Egyptian Revival architecture facade, in 2005 it was developed as a six-story mixed-use building containing 80 residential units, as well as the commercial condos. Site area for the entire project is .76 acre. The six retail condominium units were appraised as a single unit, for loan underwriting purposes for a financial institution.

Restaurant and Parking Lot Appraisal, San Diego Beach Community

Integra San Diego recently completed an appraisal consisting of an existing restaurant property of approximately 2,600 square feet of gross leasable area, on 0.06 acres, or 2,700 Square feet, and a parking lot that is non-contiguous, located approximately 2 blocks away from the restaurant. The parking lot site area is approximately 0.06 acres or 2,748 square feet. The client requested that the two properties be valued separately. The subject properties were in escrow at the time of the appraisal. Both the Sales Comparison Approach and the Income Capitalization Approach were used in this valuation. The purpose of this appraisal was for lending purposes with a financial services institution.

2015 Changes to Estate Taxes (and How it Affects Real Estate Appraisals)

IRS-Estate-Tax-Appraisal-San-DiegoAs 2014 comes to an end, it is important to look at what is changing to estate tax requirements in 2015. Here is a summary of estate tax laws, what is to come next year, and how these changes affect the valuation of your real estate.

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Industrial/Flex Building Appraisal in San Diego

Industrial-building-appraisal-san-diegoIRR San Diego has completed a commercial real estate appraisal of a flex property located in the Miramar area of the city of San Diego. The building, built in 1983 is approximately 44,000 square feet and is located on a 2.72 acre site. The building is approximately 50% improved as office space, but also includes high-tech manufacturing space. The purpose of this commercial valuation was for loan underwriting purposes for a local lender.

Ground Lease Appraisal

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IRR San Diego has completed a commercial appraisal of a retail property subject to a ground lease in La Mesa, San Diego County. The ground leased property contains a total site are of 7.68 acres and is improved for retail and hospitality use. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

Business Park Appraisal in Rancho Bernardo, San Diego

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IRR San Diego has completed a commercial appraisal of a business park located in the community of Rancho Bernardo in San Diego. The park consists of three, multi-tenant low-rise buildings that total approximately 79,000 square feet. Built in 1989, the project includes 12 suites, two of which are industrial flex units and the remaining 10 of which are 100% built out as office space. As of the effective appraisal date, the subject was 94% leased.

The purpose of this commercial valuation was for estate planning purposes, which is one of Integra San Diego’s specialty appraisal practices. If you have any questions regarding real estate appraisals for estate planning purposes or commercial valuations in Rancho Bernardo, please contact us today at (858) 259-4900 or sandiego@irr.com.

Proposed Townhome Project Appraisal in Carlsbad, San Diego County

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IRR San Diego has completed a commercial appraisal of a proposed project located in Carlsbad, San Diego County. The appraisal involved a parcel of land containing an area of 0.79 acres. The property is zoned R-3, Beach Overlay Zone, RH, Residential High Density, which permits multifamily use. Specifically, it allows for 15 to 23 dwelling units per acre. The appraisal was prepared for loan underwriting purposes for a lender.

Multi-Tenant Retail Appraisal in Linda Vista, San Diego

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IRR San Diego has completed a commercial appraisal of a multi-tenant retail property located in the Linda Vista community of San Diego. The building is approximately 6,300 square feet and is located on a 0.54 acre site. It is 100% occupied by two tenants, one of which is an owner-user. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

What Is A ‘Date Of Death’ Appraisal?

Although it is not that uncommon, it seems to be one of those things that is hard to find out much information about. Anyone who has to face this situation certainly needs to be informed and having at least some basic knowledge is important. In most common cases the “date of death” appraisal is for anyone who has recently lost a loved one or inherited property.

san diego 2If a loved one dies and leaves you property or a transfer of ownership occurs because of death, this appraisal usually occurs for tax purposes. This appraiser may be chosen by a family member or heir, but an attorney or accountant may be appointed to order the appraisal.

These appraisals are usually ordered within two to six months from the time of death or the inheritance of the home or property. There are times when it may be ordered in just a few weeks or it may also be prolonged past the six month mark.
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Multifamily Appraisal in North Park, San Diego

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IRR San Diego has completed a commercial appraisal of an apartment property located in the North Park community of San Diego. The multifamily property contains 8 dwelling units that total approximately 6,100 square feet. Each unit has two bedrooms and one bathroom. The improvements were constructed in 1950 and were 100% leased as of the effective appraisal date. The building is located on a 0.16 acre site. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

Integra is one of the leading apartment appraisal firms in the San Diego. We provide our multifamily valuation expertise for a variety of purposes, including estate planning. If you have any questions regarding apartment appraisals, cap rates, or market conditions, please contact us today.

The Top 10 Questions to Ask Before Hiring an Appraiser

san diegoA real estate appraiser plays a significant role in nearly every situation that involves real estate. It can be a tax appeal, purchase, estate settlement, divorce, bankruptcy, and more. The role of the appraiser can never be downplayed, since they can be the difference between a successful or unsuccessful transaction. Therefore it is vital that that you hire a ‘qualified’ appraiser for whatever the need may be. There are a lot of things you should consider before hiring an appraiser, and below is a list of the ‘Top 10 Questions You Should Ask before Hiring an Appraiser’:
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Office Appraisal in Carmel Valley, San Diego

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Integra Realty Resources – San Diego has completed a commercial appraisal of a multi-tenant office tower property located in the community of Carmel Valley in the city of San Diego. The building, built in 2001, is approximately 76,000 square feet in size and 99% leased to 25 tenants. The improvements are located on a 3.04 acre site. The purpose of this commercial valuation was for loan underwriting purposes for a life insurance company.

Proposed Hotel Appraisal in San Diego

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IRR San Diego has completed a commercial appraisal of a proposed hotel property located in San Diego. The property is a 0.63 acre site currently developed with an limited-service hotel, but the owners plan to redevelop the property as a multi-occupancy structure with a hotel, residential condominiums, retail, and a restaurant.  The project is expected to be delivered in approximately two years. The purpose of this commercial valuation was for loan underwriting purposes for a lender.

Market Rent Studies: Three Ways Appraisers Determine Market Rent

San-Diego-Market-Rent-Study-Commercial-AppraiserOne of the many services Integra San Diego provide are market rent studies, working with a tenant or landlord (and sometimes both in the same study) to provide an opinion of market rent for their property.  There are three methods commercial appraisers use when determining market rent for a property.

Lease Comparables

One of the best methods to estimate market rent for a property is researching recently leased space that has similar characteristics as the subject. In a perfect world, if a commercial appraiser was estimating market rent for a suite in an office property, then a suite down the hall that leased two weeks ago would be a great comparable to use. However, solid data like this may not be available, so an appraiser would expand their search to find other comparable properties, and then make adjustments similar to adjustments made in the sales comparison approach.

Lease Listings

Another source used to determine market rent are lease listings. Similar to lease comparables (where a lease is actually signed) active lease listings are also useful because they provide an indication of what rent landlords are typically looking for in a particular submarket.  Most times, active listings set the upper limit of the rental range because contract rents are usually less than asking rents. Similar to lease comparables, lease listings can also be adjusted to the subject; however, depending on the market, an additional downward adjustment would need to be made for the active listing status.

Market Participant Interviews

Another method used in market rent studies is interviewing local market participants such as commercial real estate brokers, property managers, and property owners. Not only can these individuals provide information on recently leased space or space currently on the market, but they can also identify specific characteristics about properties that make it more or less desirable (such as superior access, low parking fees, etc.). This can be especially helpful if there have not been many lease transactions or active listings in the area. A knowledgeable broker or property manager who is active in a particular submarket will have a general indication or range of market rent. This combined with lease comparables and lease listings helps the appraiser provide a more accurate opinion of market rent.

Summary

There are several methods used by commercial appraisers to determine market rent, and ideally all of these methods would be used to arrive at the most accurate estimate. Whether you are a tenant looking to renew or your lease, or a landlord looking to establish an asking rate, it is best to utilize an appraisal firm that are experts in determining market rent for commercial property.

If you have any questions about market rent studies or are in need of commercial valuation services, please contact us today.

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