HomeMy WebLinkAboutvaluation analysisINDUSTRIAL BUILDING SALES COMPARISON APPROACH
VALUATION ANALYSIS
We have utilized the sales comparison and income capitalization approaches in valuing
the property. The cost approach has been omitted because the property is fifty-seven years
old and is beyond the age at which market participants typically use this methodology in
pricing and valuing assets. Therefore, the cost approach is not applicable to the
assignment and omission of this approach does not constitute departure under USPAP.
SALES COMPARISON APPROACH
To develop an opinion of overall property value by the sales comparison approach, we
analyzed five sales on a price per square foot of square feet of rentable area basis. The
sales occurred within the 2/23/01 — 4/18/02 time period and reflect a range of unadjusted
unit prices of $20.25 to $26.79 per square foot. They are summarized as follows:
SUMMARY OF COMPARABLE IMPROVED SALES
No. Name/Address Sale Year Pct. SF of Price/
Date Built Occup RA SF of RA
1 Industrial Building 4/02 1971 50% 6,915 $20.25
320 NE 61 Street
Miami
Miami -Dade, FL
Comments: Utilized for auto repair - in below -average condition - parking in front - 12'
ceilings
2 Industrial Building 4/02 1962 0% 7,956 523.88
300 NE 62 Street
Miami
Miami -Dade, FL
Comments: 4 Truck Doors, 1 Dock High, Below Average Condition - Apprx,16' ceilings
3 Industrial Building 4/02 1962 100% 11,571 S20.74
301 NE 61 Street
Miami
Miami -Dade, FL
Comments: 12-14' Ceilings, Average Condition, parking
4 Industrial Building 8/01 1956 100% 10,817 $20.80
371 N.E. 61st Street
Miami
Miami -Dade, FL
Comments: Average Condition, Ceiling Heights approx. 12-14', frontage on 61 & 62 Sts.
5 lndustrial Building 2/01 1950 0% 4,620 $26.79
225 NE 59 Street
Miami
Miami -Dade, FL
Comments: Older building in below -average condition. 16'18' ceilings.
SUBJECT 1945
7,660
PAGE 26
Integra Realty Resources