Category: Office Buildings

Convenience Store Appraisals

Convenience Store Appraisals

Convenience store appraisals involve a retail business with primary emphasis placed on providing the public a convenient location to quickly purchase from a wide array of consumable products (predominately food) and gasoline services.  While such operating features are not a required condition, most convenience stores have the following:

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Appraising a Convenience Store Characteristics

  • A building with typically less than 5,000 sq. ft.
  • Auxiliary parking/or convenient pedestrian access
  • Extended hours of operation
  • Stock at least 500 units
  • Product mix includes grocery items, beverages, snacks, and tobacco

Upon appraising convenience stores and fuel properties, it is also important to analyze the trade area.

Appraising a Convenience Store Trade Area

The trade area is the geographic area within which the subject convenience store competes for business.  The industry typically recognizes a 2-mile radius in urban areas.  In small rural communities, the trade area often covers a major portion of the town or even an entire city.  Typical features in such property profiles include:

  • store size
  • parking
  • visibility
  • external appearance
  • overall pricing
  • fuel branding
  • fuel service
  • food service
  • weekly hours of operation
  • misc services
  • and restrooms

 These physical characteristics are important to analyze the demand and supply of such products. 

Appraising a Convenience/Fuel Store SSSI

The Service Station Saturation Index or (SSSI) is an important tool in analyzing the retail fuel demand for a given neighborhood.  It determines the percentage of convenience stores that an area can and should have to provide adequate service at a profit.   A balanced market will have a SSSI of 100.  If the SSSI is 200, then there are twice as many stores as can be supported.

affordable convenience store appraisal

Upon first appraising the property, site assessment is an integral part of the appraisal.  It includes the analysis of its access, forecourt (which is an area where fuel dispensers and canopies are located), store envelope (which includes the building footprint), and location criteria.  Site and criteria vary from company to company, depending on the company’s target market and business mall. 

If you are looking for an appraisal of your convenience store, please contact Valentine Appraisal and Associates.

Appraisal of Office Buildings

Roots of the office building reach deep into the ancient times.  Any reference to office buildings first appeared in the form of chambers set aside for recordkeeping in palaces of the earliest kings.  Much later, during the Italian renaissance, freestanding dedicated office buildings began to take shape in the great Italian banking houses.  But it wasn’t until the burst of technology innovation in the late 19th century that it reached new heights, and the office building would assume its modern form.

To understand office buildings, it is necessary to recognize the fundamental aspects of the varied building types, including:

  • Location
  • Size and height
  • Class
  • Configuration
  • Building services and equipment
  • Building cost
  • Age
  • Origin
  • Use and ownership
  • Markets

Types of ownership of office buildings tend to include: ownership of land and improvements, leasehold estates, and condominium ownership.  The different types of owning entities of the individual ownership include tenancy, partnerships, corporations, and trusts. 

Appraisal of Religious Facilities

In general, religious facilities tend to operate on a local basis.  Other than a mega-facility, most religious facilities draw members from a very localized market.  As a particular neighborhood evolves, the likely users of a given facility generally will be consistent with the neighborhood.  Individuals typically practice their religion near their home and with individuals whose beliefs, socioeconomic standards, and values are similar.  Thus, trends in an area tend to influence the valuation of partaker facility.  In general, there are four basic groups that tend to exist geographically as follows: (1) Baptists in the South; (2) Lutherans in the upper Midwest farm belt; (3) Roman Catholics in the Northeast; and (4) Mormons in Utah and other Rocky Mountain states. 

Because many religious facilities fulfill more than just worship service function, peripheral areas and activities are expanding.  Many of the following features may be found in religious facilities today.  In some properties, only a few of these items will be present:

Sanctuary, chapel, narthex, baptistry, mikba, belltower, meeting rooms, administrative office, choir room, quiet room, cry rooms, library, classrooms, kitchen, gym, theater, concert hall, community center, media room, bookstore, restaurant, daycare center, nursing home, family life center, outreach facilities, field activities, parking garage, amusement park, game room, dance hall, rectory, parsonage.

Facilities are generally consistent with the desires and beliefs of the group proposing the facility.  Religious groups that profess to live the simple life tend to gravitate to more traditional architecture.  Others that are progressive or consider themselves modern, tend toward a more contemporary look.  After analyzing the religious facility and its area/neighborhood influences, an appraiser must be certain that the highest and best use is a religious facility, and after determining this, then the three traditional approaches to value (including Cost, Sales Comparison, and Income Approach) are applied.  Finally, a reconciliation of these values is arrived at for a conclusion of the market value. 

 

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