All Forum Posts by: Steve R.

Forgot to add this to the previous post, but I would confirm when the property was originally built, and how many units were approved at that time. I would then make sure that if the units were added later, were they built before the change in parking requirements went into effect? That would help clarify if it was pre-existing or if they are illegal units.

I would have a conversation with your local town/city zoning office. This property sounds like a pre-existing but non-conforming use which predates the current zoning requirements regarding parking. Many times these types of properties are grandfathered in and would represent a legal 6 unit. Usually as long as you keep the use the same, i.e. keep it a multifamily, you are able to keep the protections of the preexisting use (please check with local laws/ordinances as I am not a lawyer). The local zoning office or building department will be better able to assist you. Good luck!

Welcome Mark, definitely check out the local REIA groups, there are some really good people in our area. Feel free to reach out if you ever need market info as I do a lot of appraisal work in our area.

As an appraiser, I actually like the property owner to be there during my walkthroughs. I focus mainly on commercial properties, so take this as my opinion only, however it is so much easier to have someone knowledgeable about the property to be there to answer questions immediately as they come up during my inspection. I appreciate any and all information that the property owner provides, and it makes my job much easier, especially if its an area that I am less familiar with.

I will say this, I verify every piece of information that is provided, and I usually ask questions I already know the answer to just to see how truthful the property owner is being with me. So for me to actually consider any information that is provided, please tell the truth. Just my two cents.

Phil, surprisingly for smaller commercial properties like small multi-family and office properties the MLS actually has some pretty good stuff, at least that has been my experience with the MLS in Massachusetts. For the property I'm looking at, LoopNet only had a single listing for sales comps in the past few years that I may be able to use.

Hi everyone, I am looking for someone in Connecticut who would be willing to provide a little assistance with a quick MLS search. I am conducting a commercial appraisal for a small office building (<5,000 square feet) in New Britain, CT and I need to pull some recent sales comps in the area. I haven't found much that is similar to my property on the commercial sources that I subscribe to, and the local MLS will most likely have what I'm looking for. As a thank you, I'm more than willing to pick up the tab for lunch or buy a round after work when I'm in the area conducting the comp due diligence. I appreciate the help!

-Steve

One issue is the proximity to the nuclear power plant in neighboring Seabrook NH

@Brian Ortins, I live right in Worcester so let me know if you ever need any local boots on the ground so to speak.

Shaun I am doing to do my best to get out to the Waltham meeting because I am way too restless to wait around for January to meet all of you guys, however I have a 1 1/2 year old at home and sometimes my time isn't my own.

Take a trip to your local town assessors office, they usually have records of all recent transactions available for free or at a minimal cost. Just takes some time to sort through all the data but it can be a good cheap source of information. I also like to chat them up to get another view on the local market activity from someone who isn't trying to sell me anything.