Property Valuation
The appraisal term 'as improved' in Hawaii means the value of a property:
AA. With all proposed improvements completed
BB. As it currently exists with existing buildings and improvements in place✓ Correct
CC. After market appreciation is applied
DD. Before any physical inspections are conducted
Explanation
An 'as improved' value is the value of the land and existing improvements in their current condition, as opposed to 'as if vacant' (land only) or 'as proposed' (future development).
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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