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Real Estate Essay

2311 words - 10 pages

Reporter: Anna Camille C. Fabila

Topic: Zoning and Appraising the Value of an Industrial Property

Learning Objectives:
* To know about zoning an industrial property and its types
* To be familiar with appraising an industrial property

ZONING
As we all know, zoning is the division of the city into districts or zones and prescribing regulations for the use of each district or zone. Zoning is intended to regulate the use of private land for the common good. It establishes that the interests of private property owners must be balanced against the interests of the public.

A major purpose of zoning is to put land to the use for which it is best suited. Of course, determining ...view middle of the document...

that do not typically come to mind when thinking of "Industrial" zoning. Because of this mix of workers and retail customers, both car traffic and truck traffic could be extensive.

LI - Light Industrial. This district is intended to permit a mix of light manufacturing, warehousing and service uses and retail sales are permitted ... where the product is produced or warehoused on site. Other retail sales or service uses are permitted ... provided that they are integrated into the overall
project and shall not exceed 2,000 square feet.

LI has the shortest list of allowable uses. There are fewer "heavy manufacturing" uses than either CI or GI, and large-scale petroleum product storage is not permitted. There did not appear to be anything allowed in LI that was not also allowed in CI and/or GI.

GI - General Industrial. This district is intended for industrial uses of a larger scale or more intensive processing with large areas of unenclosed storage, which
may generate substantially more impact on surrounding properties, and retail sales are permitted ... where the product is produced or warehoused on site. Other retail sales or service uses are permitted ... provided that they are integrated into the overall project and shall not exceed 2,000 square feet."

The part about retail sales is the same for LI and GI. However, GI does allow some heavy manufacturing and higher-impact uses like smelting & refining, metal forging, and tire manufacturing that aren't allowed in CI, but for the most part the "industrial" part of GI and CI are nearly identical. Except for mixed use centers, however, institutional uses (assembly halls, hospitals, libraries, etc.) are not permitted in GI. Because there are no institutional uses, traffic will likely be mostly large trucks.

APPRAISING AN INDUSTRIAL AREA

Appraisal. An estimate or opinion of value of the property. A process by which conclusions to property value are obtained on a specified date, supported by a presentation and analysis of relevant and factual data.

Valuation. The process of estimating value.

*Both terms can be used interchangeably.

The Appraisal Process
The appraisal process typically consists of the following six steps:
1. Define the problem. This involves establishing at the beginning, exactly what is to be appraised, the purpose of the appraisal, and the date of the appraisal.
2. Conduct the survey. Determine the personnel (not personal) needs, fee, and general information about the property. This involves inspecting the neighborhood and the subject property. The appraiser will also consider the age and physical condition of typical properties; the convenience of the subject property to churches, schools, transportation, and shopping; the apparent rate and direction of growth; vacancies, zoning, and trends towards other uses; and any favorable or unfavorable characteristics which might affect the value of the subject property.
3. Gather data. ...

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