If you have big dreams that are a little out of the ordinary and need a commercial property to make them a reality, OKC Commercial Property is here to help. Special purpose real estate covers a broad range of businesses from gas stations to churches, to mines, to farms or even amusement parks. No matter how specialized or quirky your demands, we can find the perfect piece of property for you and your organization. Our special purpose real estate specialists will help you find a commercial property that checks all the boxes no matter how far out of the box your needs might seem.

According to The Dictionary of Real Estate Appraisal, 5th ed., a special-purpose property is, “A property with a unique physical design, special construction materials, or a layout that particularly adapts its utility to the use for which it was built; also called a special design property.”

This is one of the most expansive areas of commercial real estate, as the types of property that are designated as special purpose real estate include:

• Amusement parks
• Bowling alleys
• Car washes
• Cemeteries
• Clubhouses
• Cold storage facilities where more than 50% of total square footage is equipped for refrigeration
• Dormitories
• Farms (including dairy facilities)
• Funeral homes with crematoriums
• Gas stations
• Golf courses
• Hospitals, surgery centers, urgent care centers and other health or medical facilities
• Hotels and motels
• Marinas

• Mines
• Museums
• Nursing homes (including assisted living facilities)
• Oil wells
• Quarries (including gravel pits)
• Railroads
• Sanitary landfills
• Service centers (such as oil and lube, brake or transmission centers) with pits and in-ground lifts
• Sports arenas
• Swimming pools
• Tennis clubs
• Theaters
• Wineries

Each one of these types of businesses and properties that fall under the category of special purpose real estate have their own sets of regulations and zoning requirements, which is why it is essential that you work with a commercial real estate professional that has the experience and expertise to make sure you are consistent with all applicable laws and get the best deal possible. When buying or selling a special purpose real estate property one of the biggest make-or-break factors in making sure your deal meets your needs and your budget is getting the proper valuation for your property. For special real estate properties there are two types of appraisals: Value in Use Appraisal and a Going Concern Market Value.

A Value in Use Appraisal is defined by the Appraisal Institute as:

“The value a specific property has to a specific person or specific firm as opposed to the value to persons or the market in general. Special-purpose properties such as churches, schools, and public buildings, which are seldom bought and sold in the open market, can be valued on the basis of value in use. The value in use to a specific person may include a sentimental value component. The value in use to a specific firm may be the value of the plant as part of an integrated multiplant operation.”

Appraisal Institute

They go on to define a Going Concern Market Value as:

“The value of a property as it is currently used, not its value considering alternative uses.  It is a concept based on the productivity of an economic good with its associated land and improvements.  It is the value a specific property has for a specific use.  In estimating use value, the appraiser focuses on the value the real estate contributes to the enterprise of which it is a part, without regard to the highest and best use of the property or the monetary amount that might be realized from its sale.  Going concern value may vary depending on the management of the property, the entity utilizing the property, and external conditions such as changes in business operations.  Therefore, it typically encompasses much more than just the land and improvements.”

Appraisal Institute

These types of valuations are highly specialized and somewhat subjective, which makes having experienced professionals, such as OKC Commercial Property on your team critical in helping you navigate this process and getting the best valuation for whether you are buying or selling one of these unique properties. Do not leave these details to chance and do not leave your deal and the hands of a jack-of-all trades commercial real estate agent. OKC Commercial Property has the know-how and connections to ensure that you get the right property for your business or get the right price for your property.

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