Commericial apprasail - Posted by Dave D
Posted by Dave D on March 21, 2006 at 15:43:51:
I’ve inhertied a share in my fathers estate and am currently the only person in the
family with time to market it and keep it up. It is raw land on an interstate exit. A very close
property is the biggest draw at this exit and mine has to be passed to access it. A brand new major
chain hotel, and an immaculate major chain hotel 10 years old, another older motel and a major name
fast food outlet, and 2 large conveince stores adjoin it. 18 acres +/- acres but only enough
frontage for two lanes of access. Very good visability for the property just little frontage.
Fully paid for for years and once earned good money as a mobile home sales lot with a month to
month lease. Sewer, water and road bed, etc. in place and road and gutter has to be installed to service
an adjoining property.
My question is the apprasial after my fathers death (2 yrs ago) was done by a local small town
appraiser who did an ethical job but I feel that it may be low as there just aren’t any comps for the
county that indicate value on the interstate and values are going crazy right now. The comps were
mostly based on a Wal Mart 2 -3 miles away. He has told us recently not to sell based on his appraisal as
prices have gone mad but that was another property he was better able to judge.
The closest interstate properties I see seem to indiate that my intial asking price
is far too low.
I think most investor don’t like to rely on apprassiors and I don’t either normally.
I can do residential and I trust my own judgement and do my own comps but this one is beyond me.
How would you look for an apprasor with this limited type experience?