Land Appraisals

Vacant Land Appraisals

Ingram Real Estate Group has proven expertise in the area of land appraisals for various types of land categories. Our vacant land appraisal services include commercial retail, industrial, residential, agricultural, rural, recreational development, institutional, special purpose, and planned mixed-use development sites.

Land Value Process

A broader analysis that encompasses a wider range of variables must be studied by an appraiser when calculating values for vacant land. One of the key considerations is determining what the land can be used for, or permitted under the applicable zoning, or the feasibility of a specific planned development. Once the ‘highest and best use’ is determined, a sales comparison approach involving recent comparable land sales, with similar zoning and development potential, is utilized to derive a vacant land value.

Real Estate Appraiser, Estate Consultant and Commercial Real Estate Litigation

Sales Comparisons

Unlike sales comparisons used in standard residential and commercial real estate market valuations, Ingram Real Estate Group appraisals for vacant land are generally calculated on a price per acre, price per square foot of land, or price per ‘buildable’ square foot of floor area basis.

Land Development

If your land is already under development, Ingram Real Estate Group can provide development cash flow evaluations which factor in construction costs and other expenses.

Adjacent Properties

Data on adjacent properties and any planned development in the area may also affect and/or increase the valuation for vacant land, particularly if property nearby is being purchased for expansion or additional development.

Example of Importance of Vacant Land Value - whether to demolish/remove existing building improvements.

Used mostly in urban areas that have high land values, we often are required to look at urban property with older building improvements on it, where we first look at the value of the property as if vacant land (from an analysis of recent land sales with comparable zoning and land size scale), and then compare that value to the value of the property as currently improved (from an analysis of recent improved building sales with similar use and comparable building size scale). If the indicated value of the property, as if vacant land, less demolition/removal costs, is significantly greater than the indicated value of the property with the existing building improvements on it, then the highest and best use is to demolish/remove the existing improvements and build new.