Comps For Commercial Property???

Comps For Commercial Property???

Does anyone have a good website for finding comps for commercial real estate? Also. commercial property information? The city the property is located in doesn't have online record access. I'm trying to avoid the hour drive to the city records department.

Thanks,
KimmyJ

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Comps for commercial property

You may want to try the county records. Assessors records frequently have lot size, building size and configuration info. Comps on commercial properties are usually tough to find. Typically only a few commercial properties sell in a given area. Even those sales may not work since a warehouse isn't going to be comparable to a strip mall or retail space. Commercial properties are more often valued on their ability to generate income rather than comparable sales.

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Comps for commercial property

You are absolutely right! When determining a commercial property's value, it is very had to find a property that will be similar, in similar business, etc. If this commercial property has a functioning business on it, you will need to obtain their P&L statements, to view their income and expenses, evaluate property condition for possible capital expenditure, determine taxes, etc. Then, depending on the type of business you are looking at, there will be a bunch more inforomation that you will need to determine, as well as having all of the end buyers information at hand, like, form of funding, return on investment, are they holding or selling it, etc.
Good luck! I'm just learning all of this too, dealing with a possible assignment of a 1mil plus multifamily... it's a bit more complex than purchasing a SFR.
Mati

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REO database and comp website

Here's a website for most of the banks and their reo's.......

www.mortgagenewsdaily.com/wiki/REO_Database_List.asp

Also if you haven't tried www.domania.com for comps,give it a shot.


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