Expanding the commercial area flattens property values across the city. This new model directs focus from Broadway to the surrounding property. Now lots within blocks hold similar value to the Broadway frontage. This moves cost assessments for Broadway lots down (flattens) and upward for lots toward back of block.
To look at a cost assessment of a building on a lot on Broadway you begin by comparing the land to a vacant lot in the block. If a vacant lot in the rear of the block can be bought for 15 thousand dollars you now have the land value of the Broadway property.
You can then ask the Broadway building owner for a copy of their depreciation schedule. Buildings wear out and depreciate over time. A computer app can provide an estimate of the replacement cost of the building using current materials. Replacement cost and depreciation tend to be estimates.
Take the replacement cost and subtract the depreciation from the building owners schedule then add the land cost 15 thousand dollars and you have a sense of the value. This can be a bit frustrating because land values are flattening and as time goes by the value of the building tends to drop. Buyers tend to value newer construction.
This is essential when trying to understand how lenders will look at an investment grade property purchase. Value shifts toward larger anchor developments.
Activity building owners upon Broadway will participate in to compensate for these flattening values is attempting to purchase adjacent lots. As land values flatten, and buildings age, adding an adjacent lot to the Real Estate parcel bolsters value on documents.
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