Real Property Business Valuation
Real Property Business Valuation is a resource guide to publications which focus
on business valuation topics in which real property is a key component.
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Each entry below includes
the source organization and a link to its website, a description of the resource and its primary features, and
indicates any information that is accessible free online.
For a comprehensive listing of books, publications, and other resources which focus on
business appraisal, intangible asset appraisal, and related financial and economic topics,
see Business Valuation Books and Publications.
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Valuing
Undivided Interests in Real Property:
Partnerships and Cotenancies
Dennis A. Webb, MAI, ASA, Appraisal Institute, 2004
This publication bridges the gap between real property appraisal and business valuation,
providing real property appraisers with a working knowledge of the conceptual and technical
requirements of business valuation, and business appraisers with insight into the underlying
real property and its appraisal techniques. This practical text demonstrates the complete
valuation process for a family limited partnership that holds real estate, and again for
common tenancy ownership of the same property.
Appraising Partial Interests
David Michael Keating, Appraisal Institute, 1998
Chapters 1 through 4 explore economic divisions of property, including leased fee, leasehold,
sandwich (sublease), and mortgage interests. Chapters 5 through 8 examine legal divisions
of property rights such as life estates, conservation easements, transferable development
rights, and fractional interests. The final chapter focuses on physical divisions of property,
specifically subdivision and air rights.
Hotels and Motels: Valuations and Market Studies
Stephen Rushmore, MAI, Appraisal Institute, 2001
The text presents an overview of the lodging industry and the fundamental supply and demand
relationships that underlie hotel investments. A wealth of statistical data on recent
trends in the lodging industry is provided and its applicability to the valuation process
is demonstrated. The text explores the collection and analysis of revenue and expense
data and presents practical techniques for adjusting the data to reflect the individual
characteristics of the subject property. The authors demonstrate how various capitalization
and discounting procedures can be used to convert a property's estimated net income into
a final opinion of value.
Convenience Stores and
Retail Fuel Properties:
Essential Appraisal Issues
Robert E. Bainbridge MAI, SRA, Appraisal Institute, 2003
Provides practical techniques for collecting data, analyzing local markets and valuing
both proposed and existing properties in the ever-changing convenience store industry.
The text also provides an overview of the physical characteristics of convenience stores
and recent development trends in the industry as well as a working vocabulary of the specialized
language used in the convenience store business.
Analysis and Valuation
of Golf Courses and Country Clubs
Arthur E. Gimmy, Buddie A. Johnson, Appraisal Institute, 2003
This text provides readers with extensive information on the economic characteristics
of golf courses and the many factors to be considered in their valuation. The unique aspects
of private golf clubs, daily fee courses, municipal facilities, and residential golf communities
are all covered in this text as are all of the necessary steps in the market analysis
and valuation processes.
A Guide to Appraising
Recreational Vehicle Parks
Robert S. Saia, Appraisal Institute, 1998
Provides an overview of the growing recreational vehicle industry and specific methods
used to value privately-owned recreational vehicle parks.
Valuation of Marinas
John A. Simpson, MAI, CCIM, IFAS, Appraisal Institute, 1998
Publication provides background information, definitions, a brief investment history and
a description of all the factors that affect marinas. Readers learn about the site differences,
building differences and business elements that distinguish marinas from other types of
properties. The author explains highest and best use, the three traditional approaches
to value, and special valuation issues that relate to marinas.
The Business of Show
Business: The Valuation of Movie Theaters
Arthur E. Gimmy, Mary Gates, Appraisal Institute, 1999
Publication examines the movie exhibition industry and the niche property types it has
spawned. The handbook begins with a survey of emerging trends and industry terminology
and then moves on to discuss specific data on the exhibition industry and leading exhibitors,
both of which are essential for any market analysis of a movie theater project and its
feasibility. A case study brings together all the data and applications discussed in the
preceding chapters and illustrates how movie theater projects can be valued, focusing
on the specific development costs applicable to these properties and the various sources
of revenues and expenses involved in their day-to-day operation.
Market Analysis and
Valuation of Self-Storage Facilities
Richard R. Correll, Appraisal Institute, 2003
Contains current industry information on the self-storage market and real-world valuation
examples.
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