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Subject:
Estimated value of a commercial property
Category: Business and Money > Small Businesses Asked by: tripartite-ga List Price: $10.00 |
Posted:
29 Sep 2002 13:33 PDT
Expires: 29 Oct 2002 12:33 PST Question ID: 70525 |
I am looking for a general "ballpark estimate" for the value of a commercial property in Brooklyn, NY. However, as this is not a critical issue at the time, I don't wish to deal with the hassle of dealing with an appraisal service/realtor. Is there any online resource that will give an estimated value for this property or lot within a reasonable error range? |
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There is no answer at this time. |
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Subject:
Re: Estimated value of a commercial property
From: robertskelton-ga on 29 Sep 2002 14:13 PDT |
Try the New York City Dept. of Finance: http://webapps.nyc.gov:8084/CICS/fin1/find001I |
Subject:
Re: Estimated value of a commercial property
From: beckyp-ga on 29 Sep 2002 15:07 PDT |
When I worked in the real estate industry, we used to use a "cap rate" of 8%, here in the Bay Area, to make an estimate. In order to do this, you need the annual gross income of the property. (Annual gross income X cap rate = estimated FMV). Obviously, a very simple and not exact method. I did some checking and it looks like the cap rate has increased to something closer to 8.7%. The other poster gave you the real estate property tax site for NY. The value for real estate tax purposes is not the same for buying/selling property. However, the value could be close if a sale just happened and the sales price/value is included in the property tax assessment. Here are a few sites that you can use to derive square foot rental rates and cap rates for your location. http://www.eloanmasters.com/s_capitalization_rate_defined.htm http://www.ncreif.org/pdf/2q2002npi.pdf http://www.reis.com/affiliate_program/affil_syn_metro_select.cfm?CFID=3296737&CFTOKEN=4010695-000c00e0-74fa-1d97-8f68-80da68740000 http://www.realtyrates.com/commentaryg.html |
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