Would you hire your family doctor to perform a highly specialized surgery on your vocal cords, or you would choose to hire an Ear, Nose & Throat (ENT) specialist to perform the surgery? The answer is simple… you would choose the ENT doctor every time because he or she has the necessary specialized experience, skills, and tools to more accurately complete the surgery. Why wouldn’t the same be true in the world of commercial real estate valuation?
A special-use property is defined as a building with special construction materials, unique physical design or arrangement that limits its utility to the use for which it was built. They are typically single-purpose buildings which are adaptable to only one particular process, use or even one particular company. Examples of special-use properties include theaters, sports facilities, religious facilities, schools, hospitals, medical and dental offices, hotels, auto dealerships, funeral homes and crematories, gas stations, and farms.
Never in the history of real estate has commercial valuation taken a more pivotal role than in today’s business climate. An unbiased, true and well-supported opinion of value can mean the difference between reaching a critical goal – securing a loan, closing a sale, reporting to investors, choosing the best asset.
Special-use Property Types
Dealership business valuations are required and recommended for many reasons ranging from buy-sell transactions to business succession planning. The unique business attributes and the auto industry’s fast pace of change make it essential to have an experienced appraiser. SVG provides accurate, insightful auto dealership appraisals and market feasibility studies that are cost effective and on time. In addition to new car dealerships, used car dealerships, and service centers, we have also evaluated RV, motorcycle, and boat dealerships, among others. Our clients include nationally known brands, developers, owners, and lenders. The members of the SVG Automobile Dealership Practice Group have been performing appraisals and market feasibility studies throughout the United States for nearly two decades.
Hospitality and Leisure
Hospitality and Leisure appraisals may be needed for a variety reasons such as issuing financing, valuing partnership interests, and appealing tax assessments. The unique components of the hospitality and leisure industry that is heavily influenced by outside factors like the economy and natural disasters, among others. These reasons are why you need a highly qualified appraiser that understands the intricacies of the market. SVG provides accurate, insightful Hospitality and leisure appraisals and market feasibility studies that are cost effective and on time. Our clients include nationally known brands, developers, owners, and lenders.
Death Care valuations are often needed or required for the conversion of not-for-profit to for-profit status, value for estate settlement, and loans/refinancing from lending institutions. The complex nature and changing trends within the Death Care Industry make it essential to have an appraiser experienced in these property types. The SVG Death Care Practice has nearly two decades of experience with this of type special-use property.
Senior Housing valuations are required and recommended for many reasons ranging from buy-sell transactions to government and accounting report requirements, including purchase price accounting for acquisition and Stark law compliance. The unique business attributes make it essential to have an experienced appraiser. SVG has the expertise to provide valuation services for Active Adult, Independent Living, Assisted Living, Memory Care, and Skilled Nursing properties. SVG focuses on providing seniors housing valuation services for properties throughout the Midwest and Southeast.
Gas Stations and Convenience Stores
Gas Station and Convenience Stores often need appraisals for tax assessment or value of going concern. Factors such as income stream, branding, location, and traffic patterns all play a role in the valuation of the property. The complex nature of gas station/convenience valuations make it crucial to have an experienced appraiser that knows the trends of the industry.
Medical Office Buildings (MOB) appraisals are often needed for issuing financing, valuing partnership interests, and appealing tax assessments, among others. These types of properties are considered special-use and require an appraiser familiar with the unique factors that influence the market.
Subdivision appraisals are often needed to determine lot prices and determine value. These are typically conducted in markets that are in high demand. SVG has conducted subdivision appraisals for nationally known developers and home builders.
Self storage facility appraisals are often needed to determine value, securing a loan, or for tax assessment. These types of properties are considered special-use and require an appraiser familiar with the unique factors that influence the market.