Mike DeHass, MAI recently completed an appraisal on a unique property in Kansas. The report was prepared for traditional lending, the property was definitely not traditional! A combination of office space and a former feed mill presented a challenge to an experienced appraiser like Mike.
Some of the most difficult appraisals complete are on unique properties in Kansas or those that are in rural locations.
In cases like this, the availability of suitable sales for comparison can be challenging due to limited market activity. An appraiser can only use what is available to them, which sometimes means the comps used in an appraisal on a unique property will be more dated, distant from the subject, and have large adjustments that comps that might be used in a more “traditional” property.
The key when appraising unique properties like this is to locate comparable properties that demonstrate the same dominant features as the subject property.
About Michael J. Dehass, MAI
Mike has over 20 years of appraisal experience. He graduated from the University of Iowa with a Bachelor of Business Administration Degree in Finance. He is a past president of the Greater Kansas State Chapter of the Appraisal Institute and is currently on its Board of Directors. He is certified under the Appraisal Institute’s Continuing Education Program, as a Member of the Appraisal Institute. Mike’s work has been utilized primarily for the purpose of mortgage lending, foreclosure, collateral management, eminent domain, litigation, pipeline easements, investment decision-making and due diligence.
Appraisal assignments performed include developable land, subdivision analysis, small multi-family residential, large multiple family complexes, medical office buildings, office, retail, office/warehouse, industrial/manufacturing, warehouse, restaurants, carwashes, mobile home and manufactured housing developments, self-storage facilities, mixed-use properties, hotels/motels, golf courses, LIHTC housing and retirement care facilities.
About Martens Appraisal
Martens Appraisal has been providing commercial real estate services in Wichita and throughout Kansas since 1948. Under the leadership of four MAI designated appraisers, our appraisal team comprises over 100 years of combined experience.
If you would like to know more about our firm, please visit https://www.martensappraisal.com/ or contact Andrew Braun today to order an appraisal.