Posted by ray@lcorn on March 03, 2004 at 21:35:53:
Kent,
You’re on the right track… I’d value the existing spaces based on actual numbers, being sure to exclude any expenses (like property taxes) that would accrue to the spaces to be developed.
For those, I’d have to know what “partially developed” means. My approach would be to use the raw land value, plus the cost of the improvements, less any obsolescence, for the current value in as is condition. Add that to the park value, and that would be my starting number for the package, maybe.
I say maybe because before I’d decide whether or not to do the deal I’d want to know what it will cost to complete the other spaces and the time it will take to fill the spaces (absorption rate). If the development cost plus the carrying costs can’t be recovered within a short time frame (say 3 to 5 years), then it might not be worth fooling with, but much would depend on the market conditions.
I’ve found a large park locally that has 52 developed lots and 149 “partially developed lots”. This park is priced based on potential net operating income when it is fully developed at 201 lots. Estimated costs to complete development are $400K. Projected NOI is $285K and at a 11.6 cap they are asking $1.8 million. Is this how partially developed parks are valued? I would think the current NOI would be the starting point but I’m not sure how to value the rest of property. Any input appreciated.
Re: Anyone here bought a partially developed park? - Posted by Lauren Muxlow
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Re: Anyone here bought a partially developed park? - Posted by Steven Potter
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