Index of Examples. Chapter 1 Letter of Transmittal Chapter 2 General Assumptions and Limiting Conditions... 19

Transcription

1 Index of Examples Chapter 1 Letter of Transmittal... 1 Example 1A Detailed Letter of Transmittal... 2 Example 1B Detailed Letter of Transmittal with Risk Factors and Assumptions... 6 Example 1C Brief Letter of Transmittal... 9 Example 1D Transmittal Letter - Other Important Risk Factors Example 1E Transmittal Letter - General Market Uncertainty Warning Example 1F Transmittal Letter - Partial Certification Example 1G Transmittal Letter Limitations Statements Chapter 2 General Assumptions and Limiting Conditions Example 2A Common Assumptions and Limiting Conditions Example 2B Categorized Assumptions and Limiting Conditions Chapter 3 Extraordinary Assumptions and Hypothetical Conditions Example 3A Definitions Included Example 3B Hidden Risks with Extraordinary Assumptions Example 3C Extreme Assumptions and Conditions Chapter 4 Certification Example 4A USPAP Certification Chapter 5 Summary of Important Conclusions Example 5A Dashboard Approach Example 5B Two-Column Summary of Important Facts and Conclusions Example 5C Brief Summary of Salient Facts Example 5D Strengths, Weaknesses, Opportunities and Threats (SWOT) Chapter 6 Identification of the Appraisal Problem and Scope of Work Example 6A Typical Appraisal Problem and Scope of Work Overview Example 6B Appraisal Problem Collaboration and Development Example 6C Newly Discovered Issues since Prior Valuation Chapter 7 Identification of Subject Property Example 7A Concise Identification of Subject Example 7B Detailed Subject History Example 7C Subject History Table Format... 67

2 Chapter 8 Scope of Work Example 8A Detailed Scope of Work Example 8B Concise Scope of Work Example 8C Standardized Scope of Work Example 8D Scope of Work Narrative Format Example 8E Scope of Work with Exclusions Chapter 9 Market Area, City, Neighborhood and Location Data Example 9A Standard Market Area and Location Description Example 9B Smaller Community Description with Graphs Chapter 10 Land Description Example 10A Land Description Tables with Supplemental Narrative Example 10B Site Summary in Table Format Example 10C Typical Land Description Summary Chapter 11 Improvements Description Example 11A Improvements Description Tables with Supplemental Narrative Example 11B Comprehensive Improvements Description Example 11C Improvements Summary in Table Format Example 11D Depreciation and Obsolescence Discussed in Improvements Description Chapter 12 Taxes and Assessment Data Example 12A Thorough Tax Analysis Example 12B Real Estate Tax Comparables Example 12C Real Estate Tax Comparables Example 12D Real Estate Tax Stabilization Analysis Example 12E Significant Over-Assessment Language Chapter 13 Marketability Study Example 13A Fundamental Market Analysis Residential Condominiums Example 13B Comprehensive Retail Market Analysis Example 13C Comprehensive Regional Office Market Analysis Example 13D Office Market Analysis Example 13E Restaurant Market Analysis Example 13F Residential Market Analysis Example 13G - Brief Supply/Demand Overview

3 Example 13H Absorption Rate Comps Example 13I - Market Participant Interviews Chapter 14 Highest and Best Use of the Land, as though vacant Example 14A Brief Highest and Best Use Analysis Example 14B Highest and Best Use Analysis Example 14C Detailed Discussion of Legal and Financial Challenges Example 14D Most Probable Buyer for Vacant Industrial Site Example 14E Most Probable Buyer for Residential Development Example 14F Feasibility of Building/Developing Sloped Land Chapter 15 Highest and Best Use of the property as improved Example 15A Brief Highest and Best Use Analysis Example 15B Demolition, Expansion, Conversion, Renovation or Continued Use Example 15C Demolish, Modify or Continue Narrative Format Example 15D - Bank Branch Example 15E Timing of New Construction Feasibility Chapter 16 Land Valuation Example 16A Complete Land Sales Comparison Approach - Commercial Lot Example 16B - Land Sales Selection Process Example 16C - Land Sales Selection Process Example 16D Adjustment Categories Example 16E Financing Terms/Cash Equivalency Adjustment Support Example 16F Time/Market Conditions Adjustment Price and Transaction Volume Trends Example 16G Time/Market Conditions Adjustment Analysis of Listings Example 16H The Location Adjustment Retail Land Example 16I Development Potential Analysis to measure Shape Adjustment for Commercial Land Example 16J Paired Sales to measure Shape Adjustment for Commercial Land Example 16K Ground Lease Capitalization Land Valuation Example 16L Land Sale Comparable Format Examples Chapter 17 Cost Approach Example 17A Complete Cost Approach Example 17B New Construction Cost Approach

4 Example 17C Cost Approach w/ Actual Construction Cost Comparison Example 17D Comprehensive Extraction of Total Depreciation - Industrial Example 17E Brief Support for External Obsolescence Example 17F Extraction and Breakdown of Total Depreciation - Hotel Example 17G Equipment/Short-Lived Physical Depreciation Example 17H Functional Obsolescence for Rail Siding Industrial Property Example 17I Functional Obsolescence Retail Service Garage Chapter 18 Sales Comparison Approach Example 18A Complete Sales Comparison Approach Example 18B Appropriate Unit of Comparison Example 18C Building Sales Selection Process Example 18D Building Sales Selection Process Example 18E Other Sales Considered Example 18F Additional Sales Noted Example 18G Unit and Elements of Comparison Example 18H Adjustment Factors - Industrial Example 18I Financing/Cash Equivalency Adjustment Contract for Deed Example 18J Conditions of Sale Adjustment Support Example 18K Time/Market Conditions Adjustment - CPPI Example 18L Time/Market Conditions Adjustment Sales and Re-sales Example 18M Time/Market Conditions Adjustment - Apartment Property Example 18N Size Adjustment-Industrial Property Example 18O Age Adjustment - Industrial Example 18P Condition of Improvements Adjustment Example 18Q Adjustment for Mezzanine Space - Industrial Example 18R Percent Office Finish Adjustment Cost Basis Example 18S Percent Office Finish Adjustment Rent Basis Example 18T Percent Office Finish Adjustment Overall Cost Basis Example 18U Unit Mix Adjustment-Market Rate Apartment Property Example 18V Concise Land-to-Building Ratio Adjustment - Industrial Property Example 18W Comprehensive Land-to-Building Ratio Adjustment - Industrial Property Example 18X Economic Characteristics Adjustment Hotel RevPAR

5 Example 18Y Addition of Capitalized Difference in NOI After Renovation Example 18Z Examples of Sales Sheets for Comparables Chapter 19 Income Capitalization Approach Example 19A Complete Direct Capitalization - Net Leased Single-tenant Retail Property Example 19B Direct Capitalization with Contract Rent at Above Market Rent Example 19C Lease Synopsis Table Format Example 19D Lease Synopsis Narrative Column Format Example 19E Reconstruction of In-Place Income and Expenses Multi-tenant Retail Example 19F Brief Overview of Rental Analysis Factors Industrial Property Example 19G Market Conditions Adjustment Estimated Market Rent Grocery Store Example 19H Support for Bathroom Premium in Apartment Rents Example 19I Brief Operating Expense Analysis Retail Property Example 19J Expense Comparable Analysis Market Rate Apartments Example 19K Replacement Reserves Calculation Industrial Property Example 19L Capitalization Rate Analysis Retail Property Example 19M Capitalization Rate Analysis Market Rate Apartment Example 19N Capitalization Rate Analysis Multi-tenant Office Property Example 19O Yield and Capitalization Rate Analysis Full Service Hotel Example 19P Tax Neutral Direct Capitalization Market Rate Apartment Example 19Q Bulk Sale DCF Sensitivity Analysis Condominium Property Example 19R Land plus Residual Income to Improvements Example 19S Income Loss Valuation of Impact of Parking Loss Office Property Example 19T Examples of Rent Sheets for Comparables Chapter 20 Reconciliation and Final Opinion of Value Example 20A Detailed Reconciliation and Final Value Opinion Example 20B Typical Reconciliation Example 20C Brief Reconciliation Example 20D Typical Reconciliation with Extraordinary Assumptions and Hypothetical Conditions Chapter 21 Estimate of Exposure Time Example 21A Comprehensive Definitions and Support for Exposure Period Example 21B Exposure Period Comparables

6 Example 21C Brief Example without Explicit Support Chapter 22 Bonus Examples Example 22A Net Realizable or Go Dark Value Example 22B Net Liquidation Value Example 22D Thorough Liquidation Value Support via Survey and Comparables Example 22F Insurable Value - Industrial Example 22G Insurable Value - Retail Example 22H Appraisal Standards Checklist