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Real Property Business Valuation

The following guide provides information on publications which focus on business valuation topics in which real property is a key component of value. Each entry listed below includes a brief description of the resource and its primary features and notes any information that is available free online.

Select from the following resources:

Valuing Undivided Interests in Real Property: Partnerships and Cotenancies
Webb, Appraisal Institute, 2004
Publication demonstrates how to value real estate limited partnership interests and common tenancy interests in real estate, including development of appropriate discounts for lack of control and lack of marketability. Table of contents is available free online.

Appraising Partial Interests
Keating, Appraisal Institute, 1998
Guide defines and explores the various economic, legal, and physical divisions of real property and property rights—such as leased fee, leasehold, life estates, conservation easements, fractional interests, and air rights—and the appraisal methodology applicable in each situation as illustrated by real-world examples.

Hotels and Motels: Valuations and Market Studies
Rushmore, Appraisal Institute, 2001
Text provides an overview of the lodging industry and the supply and demand factors that affect hotel investments, and demonstrates how to analyze and adjust revenue and expense data and apply appropriate valuation factors to a property's adjusted income in arriving at its appraised value.

Convenience Stores and Retail Fuel Properties: Essential Appraisal Issues
Bainbridge, Appraisal Institute, 2012
Publication provides an overview of the physical characteristics of convenience stores and gas stations and recent development trends in the industry, and contains practical guidance on analyzing and valuing both proposed and existing properties. Table of contents is available free online.

Analysis and Valuation of Golf Courses and Country Clubs
Gimmy, Johnson, Appraisal Institute, 2003
Text provides background information on golf industry data and trends and includes chapters focusing on facility and market analysis, the valuation process and income, sales, and cost approaches, and specific analysis of municipal, daily fee, and private courses, and golf course community projects. Table of contents is available free online.

A Guide to Appraising Recreational Vehicle Parks
Saia, Appraisal Institute, 1998
Topics covered include the types of recreational vehicle parks, market analysis; site and facilities analysis, the valuation process and the application of valuation methods, and segregation of the real estate value from the non-realty value. Table of contents is available free online.

Valuation of Marinas
Simpson, Appraisal Institute, 1998
Publication includes an introduction to marinas, and covers site and building description and business elements, highest and best use, the valuation process, and special valuation issues. Table of contents is accessible free online.

The Business of Show Business: The Valuation of Movie Theaters
Gimmy, Gates, Appraisal Institute, 1999
Publication examines the movie theater industry including recent developments and trends, market and demographic data, financial and operating statistics, and development and valuation factors, and also includes a valuation case study for a proposed multi-screen cinema. Detailed table of contents is available free online.

Market Analysis and Valuation of Self-Storage Facilities
Correll, Appraisal Institute, 2003
Topics covered include the history of self-storage, self-storage site and building characteristics, market analysis, valuation methods and techniques, and a case study. Table of contents is accessible free online.

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