Interest Appraised definition
Interest Appraised. Leased Fee Date of Value: May 20, 1997 Date of Inspection: May 20, 1997 Ownership: Montrose Office Park Limited Partnership Land Area: 18.60 Acres; 810,216 Square Feet Current Property Assessment (1996/97) $17,150,020 Current Property Taxes: $248,331 or $1.34 per Square Foot Zoning: I-3, Technology and Industrial Park Highest and Best Use If Vacant: Office development, as market conditions permit. As Improved: Continued use as a multi-tenant office building Improvements Type: Four (4) four-story brick office buildings, with a three-level parking structure for 311 vehicles and surface parking for 370 cars. Year Built: 1981 Net Rentable Area (NRA): 186,138 SF Condition: Good ================================================================================ SUMMARY OF SALIENT FACTS AND CONCLUSIONS ================================================================================ OPERATING DATA AND FORECASTS Current Occupancy: 95+/-% Forecasted Average Occupancy: 95+/-% Average Annual Rental Rate: $16.68 per SF, Full Service Current Market Rental Rate $18.00 per SF, Full Service Operating Expenses Actual (1994) $5.78 per SF Actual (1995) $5.66 per SF Actual (1996) $5.67 per SF Budget (1997): $6.33 per SF Forecasted (FY 1998) $6.29 per SF VALUE INDICATORS COST APPROACH: Not Applicable SALES COMPARISON APPROACH Indicated Value: $21,300,000 or $114.43 per SF INCOME CAPITALIZATION APPROACH--DISCOUNTED CASH FLOW ANALYSIS Market Rent Growth Rate: 5.0% Yrs 1-2; 3.5% thereafter Expense Growth Rate: 3.5% Credit Loss: 2.0% Vacancy Between Tenants: 2 months (weighted) Renewal Probability: 70% Tenant Improvements New Leases: $10.00 per SF Renewal Leases: $3.00 per SF Terminal Capitalization Rate 10.25% Cost of Sale at Reversion: 3.0% Discount Rate: 12.0% Indicated Value: $20,400,000 or $109.60 per SF VALUE CONCLUSION $20,400,000 Value Per Square Foot: $109.60 Implicit Capitalization Rate: 10.1% Exposure Time Implicit in Market Value Conclusion: 12+/-months Marketing Time: 12 +/- months ================================================================================ SUMMARY OF SALIENT FACTS AND CONCLUSIONS ================================================================================ SPECIAL ASSUMPTIONS AFFECTING VALUATION: Please refer to our complete list of Assumptions and Limiting Conditions at the end of this report. Job No. 97-0079 ================================================================================ TABLE OF CONTENTS ========================================...
Examples of Interest Appraised in a sentence
The Appraisal Report shall determine the market value and rental value of the Premises as stated above under Interest Appraised.
Definitions of Value, Interest Appraised, and Other Pertinent Terms The definition of market value utilized in this report is taken from the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation as follows: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.