Combination of Short term and Long term rentals on property, how do you value?

[Cody Hackett]

Hi there,

I have a question about valuing my property that consists of 2.6 acres across two lots 9 units total. One 4 plex, one 2-Plex, one 2000 sq/ft garage, and two STR (One tiny home and one Yurt). How would I go about valuing this property? Its not technically zoned commercial, however the entire area where its located is in the ETJ has large percentage of other commercial properties/business. All currently are being rented, gross incomes around 180K 2022, NOI around $130k. Given there is really no comparables for the property would an appraisal look at the Income approach &/or Cost to build approach?

Also, how hard would this be to refinance into a commercial loan, given its currently an owner financed property I own?