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Category: Martens Companies

Martens Companies 

What is the Cost Approach to Value?

Martens Appraisal

Appraisers use three different methods to estimate the value of a property. The income approach considers the value as the present value of future expected cash flows generated by the property. It is most accurate when valuing commercial properties with rental income in active markets. The sales comparison method relates the estimated value of the subject property to similar properties that have recently sold in the same market. This method is particularly useful when the comparable properties and the subject property are highly similar and were sold within the past…

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Martens Companies 

Study: Over Half of Gen Z Wants To Work In The Hospitality Industry

Katie Fernando

With the opening of our newest location The Best Western Plus West Lawrence (Lawrence, Kansas), Hospitality Management worked hard to find great people to add to our award-winning staff.  In this recent article by the American Hotel & Lodging Educational Foundation, a survey found that over 50 percent of the Gen Z Demographic–the largest generation in the U.S.–is interested in pursuing a career in hospitality. See the rest of the study HERE.  

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Martens Companies 

A Commercial Appraisal Costs How Much?!

Martens Appraisal

It’s Black Friday! Hopefully, you are getting some good deals and avoiding situations like this: While we always strive to keep our prices down, many people who are unfamiliar with the commercial appraisal process are stunned after they are provided with a commercial appraisal quote.  If you are only familiar with the costs/fees and turn-around times for single-family residential appraisals you may not understand the costs and time associated with a commercial report. A commercial appraisal can take from 30 hours to several weeks depending on the complexity of the report. The…

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NAI Martens, Wichita Commercial Real Estate Martens Companies NAI Martens 

5 Wichita New Developments We’re Thankful For

naimartens

It’s Thanksgiving – the time of year when we all take a moment to acknowledge what we are thankful for. Our city is making great progress and there are a number of proposed, under construction and recently completed developments that we are thankful to have or have coming to Wichita!   #1: Riverfront Village At last Wichitans are expected to get a development that most have wanted for years – something that will bring restaurants, bars and more along the Arkansas River. Riverfront Village will be a 7-acre mixed-use development…

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Martens Companies 

Opportunity Zones for Student Housing- Interactive Map

Martens Appraisal

Martens Appraisal researchers came across this article with a very useful interactive map of Opportunity Zones and universities.    As an asset class, Student Housing stands to benefit from the Opportunity Zones, as explained below. Specific asset classes have the potential to benefit from Opportunity Zones, Student Housing is one of the first that come up. This is because college towns tend to have high-density populations of students who are intentionally unemployed while attending school full-time. In many cases, these colleges are expensive to attend and the student population is not actually in…

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Hospitality Management, Hospitality Development of America, Midwest Hospitality Martens Companies 

Hotels Look to Home-Sharing as Next Revenue Stream

Katie Fernando

Hotels like to posit themselves as one’s home away from home, but lately this has been given a new twist. With the continued rise of home-sharing services such as Airbnb, hotels have decided to get into the arena by creating their own space in the private high-end home rental market. “Now they see it’s the same travelers just choosing different accommodations based on the occasion or situation,” Boston University assistant professor of hospitality marketing Makarand Mody told The New York Times, adding that guests who choose a hotel for a…

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Martens Companies 

What is Fair Market Value (FMV)?

Martens Appraisal

Short Answer Fair Market Value (FMV) assumes that a buyer and seller are aware of the facts and that the price in which the property exchanges for is not the result of a forced sale. Note that Fair Market Value is not the same as Fair Value utilized by a banker, bank examiners or accountants. Definition According to IRS Regulation §20.2031-1, which is also included in the Dictionary of Real Estate Appraisal, Sixth Edition, published by the Appraisal Institute (Chicago: Appraisal Institute, 2015) Fair Market Value (FMV) is defined as: “The…

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Martens Companies 

Martens Appraisal has 4 MAIs – What Does That Mean?

Martens Appraisal

Four of the appraisers at Martens Appraisal hold the MAI Designation. What exactly does that mean, though? The MAI designation is held by professionals who provide a wide range of services on all types of real property.  The MAI designation has long been recognized by courts of law, government agencies, financial institutions and investors as a mark of excellence in the field of real estate valuation. Just like becoming a state certified appraiser, earning the MAI designation requires a long process of work experience and “rigorous” education. To become an…

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Martens Companies 

Best Western Plus Patterson Park Inn at Southwestern Football

Katie Fernando

The hotels that Hospitality Management LLC runs like to take part in their local communities. The Best Western Plus Patterson Park Inn, located in Arkansas City, is no exception and participated in one of their favorite community events this past weekend. The Patterson Park Inn has partnered with Southwestern College and made it a tradition of having a TV giveaway at senior night games. Last weekend the team attended the football game. They gave away of 50-inch Smart TV and also ran a hot chocolate bar for the game attendees.…

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Martens Companies 

Frequently Asked Questions About Commercial Real Estate Appraisals

Martens Appraisal

At Martens Appraisal we complete over 600 commercial appraisals a year and have a team of experts with over 100 years of combined experience. But if you have never been through the process of getting a commercial real estate appraisal, it can be a little daunting.  It is a detailed process that is going to vary depending on your property type and the scope of work.  Here at Martens Appraisal, we strive to make the process as painless as possible.  To that end, we put together a list of some…

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