HomeMy WebLinkAboutvaluation analysisINDUSTRIAL BUILDING
VALUATION ANALYSIS
SALES COMPARISON APPROACH
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-four 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 — 6/4/02 time period and reflect a range of unadjusted
unit prices of $20.25 to $49.85 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 Buildng 6/02 1982 0% 4,012 $49.85
276-278 N.E. both Street
Miami, Miami -Dade County, FL
Comments: Property purchased specifically for Buyer's own use &future business expansion
capabilities. 16'-18' ceilings
2 Industrial Building 4/02 1971 100% 6,915 $20.25
320 NE 61 Street
Miami, Miami -Dade County, FL
Comments: Utilized for auto repair - in below -average condition - parking in front - 12'
ceilings
3 [ndustrial Building 4/02 1950 100% 7,956 $23.88
300 NE 62 Street
Miami, Miami -Dade County, FL
Comments: No Truck Doors, Below Average Condition - Apprx.16' ceilings
4 Industrial Building 3/01 1955 100% 7,954 $21.75
6650 NE 4 Avenue
Miami, Miami -Dade County, FL
Comments: Well kept building - above -average condition; clean with good curb appeal. 12'
ceilings.
5 Industrial Building 2/01 1950 100% 4,620 $26.79
225 NE 59 Street
Miami, Miami -Dade County, FL
Comments: Older building - below -average condition - 16'-18' ceiling. Next to subject.
SUBJECT 1946 100% 2,241
The subject property represents an older warehouse of approximately 2,241 square feet
that is curently being utilized for automotive air conditioning and body repairs. The
improvements were constructed in 1946, are in below average condition, and are situated
on approximately 5,000 square feet of land. Ceiling heights are estimated at approx-
imately 12 feet, and office space is typical at 5% of gross square feet.
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