Eastern South Dakota, Northwest Iowa and Southwest Minnesota Land Appraisal
Vacant Land Appraisals
Elwood & Martin Appraisals, LLC has proven expertise in the area of land appraisal for various forms of real estate in the Sioux Falls region. Our vacant land appraisal services include commercial and industrial lots for subdivision development.
Land Value Estimator
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 the feasibility of the specific planned development. Once the ‘highest and best use’ is determined, the standard sales comparison method is used for market analysis or an income capitalization approach – subdivision analysis for proposed or existing subdivisions.
Vacant land appraisals require more detailed information and a high level of expertise that may include trends in new construction and research on competitors in similar development.
Land Appraisal Service
Commercially zoned real estate in Eastern South Dakota, Northwest Iowa and Southwest Minnesota, often requires the qualifications of an experienced and licensed appraiser to provide a detailed market evaluation prior to, or during development. Elwood & Martin Appraisals, LLC offers specialized services that include appraisals for both vacant land and residential subdivisions in the Eastern South Dakota, Northwest Iowa and Southwest Minnesota regions that can be customized for:
Elwood & Martin Appraisals, LLC research the allowable uses of a specific zoning district to determine the allowable uses for the subject site. Review of setback requirements and building height restrictions are also reviewed if available. The zoning is an important consideration, as it effects the highest and best use of the property.
Unlike sales comparisons used in standard commercial real estate market evaluations, Elwood & Martin Appraisals, LLC appraisals for vacant land in Eastern South Dakota, Northwest Iowa and Southwest Minnesota reflect figures which are generally calculated at price per square foot, or price per acre, or other appropriate unit of measure. According to the applicable laws and regulations in each region.
If your land is already under development Elwood & Martin Appraisals, LLC can provide development cash flow evaluations which factor in construction costs and other expenses. Some examples being, insurance, real estate property taxes and developer and commercial owner incentive and/ or lease commissions.
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.
Real Estate Appraisal Professional Ethics
All Elwood & Martin Appraisals, LLC appraisals are customized to meet your specific needs and written in accordance with the Uniform Standards of the Professional Appraisal Practice and to meet the requirements of all local, state and federal laws. Contact Elwood & Martin Appraisals, LLC for a free consultation and to speak with a member of our team regarding vacant land appraisals.