special-purpose property

special-purpose property

Real property improvements that are designed in such a customized way that they are usable only by a limited number of owners or occupants. An automobile dealership is a special-purpose property. It would be extremely expensive to convert the dealership to some other use.

References in periodicals archive ?
The concept of a special-purpose property is often confused with the concept of a special use or limited-market property.
BANKING AND CREDIT NEWS-November 24, 2015-Kennedy Funding Financial closes USD3m loan for Ohio special-purpose property
M2 EQUITYBITES-November 24, 2015-Kennedy Funding Financial closes USD3m loan for Ohio special-purpose property
If the current use of a special-purpose property is physically, functionally or economically obsolete and no alternative uses are feasible, the highest and best use of the land might be realized by demolishing the structure and selling the remains for their scrap or salvage value, if possible.
Under the revised policies, a lender must obtain an independent appraisal performed by a certified general real property appraiser who has experience appraising the specific business property type in question in transactions where a loan financing the acquisition is more than $250,000, or when there is a close relationship between the buyer and the seller and the business operates from a special-purpose property.
This is a valuable resource for locating an individual who has worked on a particular type of special-purpose property, especially if nothing comes from a literature search.
In its discussion, the Minnesota Supreme Court stated that usually at least two methods of appraisal should be employed, but when valuing special-purpose property, like Guardian's ethanol production plant, using solely the cost approach was acceptable.
This article outlines a process to logically determine if a property is a special-purpose property.
Where a business valuation is required by the SBA, its requirements give real property appraisers the authority to include the required business valuation within a real estate appraisal when the SBA loan is being used to purchase a special-purpose property.
California's approach may be more appropriate to value just compensation for any special-purpose property or other property lacking a relevant, comparable market.
If the abstract does not mention the type of special-purpose property in the case study and the full text is not searchable (e.
Appraising industrial special-purpose property has become an important topic because specialization in assets has increased the number of special-purpose properties.