Owners are always asking us, “What is my property worth?”
Sure most real estate brokers can spit out a number on the spot but wouldn’t you feel better if some real thought and actual research were used in coming up with the numbers? You deserve to have some basis for the value, so why not ask for it. Armed with this information you will be better equipped to formulate a game plan that serves your interests.
An opinion of value is an educated evaluation of a property’s market value after a careful assessment of the building, the site, the location and the current state of the market have been conducted. An opinion of value is not an appraisal and should not be viewed as such. It will however, provide a basic understanding of the property’s value in the marketplace.
In preparing an opinion of value, we visit the property to assess the building’s physical qualities and evaluate its condition. Information pertaining to the maintenance history of such things as the roof, the parking areas and the HVAC, etc., are all gathered. Also, pertinent details of leases, income and expenses, zoning, and environmental data are considered.
Lastly, certain intangibles are taken into account in our assessment. The list includes:
- Proximity to area highways
- Distance to ports/airports
- Proximity to public transportation & transportation centers
- Availability of labor
- Restaurants and shopping
After all this information is compiled the property is intelligently evaluated on two fronts. We compare it to those building/properties that have been recently sold or leased, as well as to those that are currently on the market. We look at the sale/lease prices, but also take into account the amount of time the property was or has been on the market. This provides insight into overall market strength, as well as indicates how similar properties are viewed by prospective buyers and prospective tenants.
The Blau & Berg Company has experienced brokers and agents throughout New Jersey and the tri-state area that can help with your commercial real estate needs. Call and ask to be put in touch with the representative that is working in your particular market.