Commercial Land Valuation

This course covers valuation of non-residential land, including land suitable for commercial, industrial, and multi-family use. The course includes a refresher of the basics of land valuation and coverage of all recognized land valuation methods, with special emphasis on the sales comparison approach, extraction, land residual, and ground rent capitalization. 
The course begins with an overview of the reasons why an appraiser might need to provide an estimate of land value in a non-residential appraisal. Highest and best use is covered, including its four tests, as well as related concepts such as assemblage, plottage, interim use, excess land, and surplus land. 
In Chapter 2, the six methods of land and site valuation are introduced, and the allocation and subdivision development methods are addressed briefly. The sales comparison approach is covered in some depth, including use of qualitative analysis and quantitative techniques and units of comparison. Chapter 3 provides several case study problems that challenge students to apply the sales comparison approach. Chapter 4 examines the extraction, land residual, and ground rent capitalization methods, and includes case studies for each of these methods