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Tiger Hotel Appraisal

Tiger Hotel Appraisal

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December 2010 real estate appraisal of Columbia's Tiger Hotel by Adam Martin valuing the hotel at $13,180,000.
December 2010 real estate appraisal of Columbia's Tiger Hotel by Adam Martin valuing the hotel at $13,180,000.

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Categories:Types, Legal forms
Published by: The Columbia Heart Beat on Nov 13, 2012
Copyright:Attribution Non-commercial

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11/18/2012

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Appraisal by:Adam Martin5085 Commercial Dr.Columbia, MO 65203[Pick the date]
Real Estate Appraisers
Appraisal of:23 South 8
th
StreetTiger HotelAppraised for:Dan JohnsonUniversity of Columbia-Missouri218 Cornell HallColumbia, MO 65201Appraisal Date:December 15, 2010
Martin Real EstateGroup LLC
 
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December 15, 2010Dan JohnsonUniversity of Missouri-Columbia437 Cornell HallColumbia, MO 65201Dear Mr. Johnson:
As requested, I have enclosed a complete narrative appraisal report of the “Tiger Hotel” at 23
South 8
th
Street in the Historic Business District of Columbia, Missouri. After inspecting theproperty, I found that it is a nine story commercial use building including leased fee and feesimple businesses. This hotel is primarily used as an income generating asset.The purpose of this appraisal was to determine the estimated fair market value of the leased feeand fee simple subject property by using three valuation methods. The three approaches used inthis process were the cost approach, the sales comparison approach, and the income approach.As of December 15, 2010, I have concluded a fair market value of:
$13,180,000
On behalf of the Martin Real Estate Group, I would like to extend to you my gratification forchoosing the company that will best assist you in all of your appraisals. I have included acomplete, in depth report of my analysis of the property. If you have any questions or concerns,please do not hesitate to call me at (314) 954-1614 or via e-mail at acmww8@mail.missouri.edu.Thank you again for choosing The Martin Real Estate Group.Sincerely,Adam MartinProfessional Appraiser
5085 Commercial Dr.Columbia, MO 65203314-954-1614
 
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Table of Contents
Executive 4Certifications 5General Assumptions 6General Limiting Conditions 7Premises of Appraisal 8Identification of the Property 8Type of Appraisal 8Purpose and Use of the Appraisal 8Fair Market Value 8Scope of Work 8Property Rights 8Presentation of Data 9Area & City Analysis 9Neighborhood Analysis 10Site Analysis 10Zoning 10Marketability 10Improvements 11Analysis of Data and Conclusions 12Highest and Best Use 12The Valuation Process 13Cost Approach 14Land Valuation 15Land Sales Schedule 19Summary of Cost Approach 20Sales Comparison Approach 21Comparable Properties Sales Schedule 22Comparable Sales Adjustment Table 23Summary of Sales Comparison Approach 26Income Capitalization Approach 27Proposed Income Statement 28Determination of Capitalization Rate 30Band of Investments 31Reconciliation of Income Capitalization Approach 32Reconciliation and Conclusion of Data 33Addendum 34

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