Property Valuation
What is an 'as-stabilized' value in Hawaii real estate appraisal?
AA. The current value of a property that has been recently renovated
BB. The prospective market value of a property as of the date it is projected to achieve stabilized occupancy, used in development and lease-up situations✓ Correct
CC. The value of a property after all deferred maintenance is cured
DD. The appraised value that lenders use for portfolio loans
Explanation
An 'as-stabilized' value estimates what the property will be worth once it reaches stabilized occupancy (typically 90-95% for income properties). Lenders and developers use this for new construction and lease-up projects.
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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.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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