No 1. Provide an analysis of the subject's highest and best as if vacant and as improved.
Question:
No 1. Provide an analysis of the subject's highest and best "as if vacant" and "as improved". State anyassumptionsnecessarytosupportyouranswer.Asapartofyouranswer,researcharesidentialzoningbylawinyourareathatpermitsfourplexhousing.Assumethesubjectpropertyconformstothe zoning designation, and analyze it accordingly, with respect to setbacks, density, site coverage,parking,etc.Provideacopyofthezoningbylaw.(3marks)
No 2. Estimate themarketvalue ofthesubject propertyviathe incomeapproach.
(A)Reconstructtherevenueandexpensestatementforthesubjectpropertyforappraisalpurposesanddeterminethestabilizednetoperatingincome(NOI).(5marks)
(B)Estimatethemarketvalueofthesubjectusingthedirectcapitalizationmethod.Stateanyassumptionsmadeandprovidesupportforyouranswer.(4marks)
(C)Estimatethemarketvalueofthesubjectusingtheeffectivegrossincomemultiplier.Stateanyassumptionsmadeandprovidesupportforyouranswer.(4marks)
(D)Determineanestimateofvalueviatheincomeapproachandexplainyourreasoning.(4 marks)
No 3. Estimatethemarketvalueofthesubjectpropertyviathedirectcomparisonapproach.
(A)Discusstheunitofcomparisonyouwillrelyonandwhy.(3marks)
(B)Provideatableoutliningadjustments:bothquantitativeandqualitative. (3marks)
(C)Determineanestimateofvalueviathedirectcomparisonapproach.Providesupportforyouranswer.(3marks)
(4)Estimatethemarketvalueofthesubjectpropertyviathecostapproach.Assumethelandvalue'asifvacant'hasbeenestimatedat$40persquarefoot.
(A)Contact a local contractor or use Marshall & Swift to estimate the replacement cost new (RCN) ofthesubjectimprovements.Stateyourinformationsourceandshowyourwork.(2marks)
(B)Showyourcalculationforestimatingdepreciationusingtheeconomicage-lifemethod.(2marks)
(C)Determineanestimateofvalueviathecostapproach.Providesupportforyouranswer.(2marks)
(5)Reconcileyourfindingsanddevelopafinalestimateofvalueforthesubjectproperty.Brieflydiscussthestrengthsandweaknessesofeachapproachinyourreconciliation.(5marks)
Expert Answer:
No 1 Analysis of Zoning and Property To analyze the subject property well first need to obtain the relevant zoning bylaw in the area Since I dont have access to realtime databases or local regulations ... View the full answer
