Appraisal of Industrial and Flex Buildings

This course examines, reviews, and explains the important aspects of appraising single and multi-tenant income producing industrial / manufacturing / warehouse / storage / distribution buildings (industrial buildings) and multi-tenant flex style office/industrial buildings (flex buildings). 
The course begins by examining the various types of industrial and flex (flexibly designed office-industrial) buildings.  It provides meaningful comments and observations that will help you determine if a property you are appraising is or is not aligned with the accepted, typical market based “norms” for the property type. The primary emphasis of the course is on the development of the income approach for single and multi-tenant leased industrial, as well as multi-tenant leased flex style buildings.
Accordingly, the course reviews and explains the various types of leases and significant clauses commonly found in industrial and flex building leases.  The course addresses how to develop an income and expense analysis for both single-tenant and multi-tenant industrial buildings.  How to develop an overall capitalization rate (“cap rate”) for use in the direct capitalization method of income approach value using the Band of Investment technique that involves annual mortgage constants and equity dividend rates will be examined and explained.
The final chapter of the course ties all the concepts taught in the course together in a case study.