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Bullock Commercial Appraisal, LLC

Commercial Real Estate Appraisers (781)879-2766
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Real Estate Advisory & Consulting Services  
 
We provide a variety of commercial real estate advisory, due-diligence and consulting services.  In this capacity we work closely with clients including corporations, institutions and individual property owners to evaluate commercial real estate or create real estate strategies.  This can include strategies to optimize investment returns over the holding period of a property as well as more focused advisory services, including:
  
Feasibility studies for proposed construction or rehabilitation.  Will the value of your new or rehabilitated project equal or exceed the total cost to build it and provide adequate entrepreneurial profit?
 
Highest & best use analysis can be peformed on improved properties or vacant land.  Project optimization will provide increased return on investment.  We have experience in complex situations including difficult topography or soil conditions, environmental protections, contamination, interim-uses, required zoning change (and probability), buildings near or at end of economic life (tear down / scrape recommendations), rate of return analysis for proposed upgrades or renovations, and complete repositioning of property.
 
Absorption studies and supply/demand analyses - are your project lease-up projections reasonable and supportable given current market conditions?  Is your projected capture rate likely given your project's physical attributes, location, and competitive position in the market?  
 
Market and marketability studies - a basic market study can include a survey of current and projected supply vs. submarket occupancy rate and trend while a marketability study goes one step further by identifying the number of units or square feet that can most probably be absorbed within a specific trading area (market) and over a specified time period.  It is different from a feasibility study in that it does not take into consideration development costs or profitability but does provide a forecast of the price or rent levels at which the market might accept the space or project, a forecast of absorption within a defined time period, and specific conditions, such as financing terms, sales techniques, and amenities, which will enhance or improve market acceptance. 
 
Zoning change request consultations / advocacy - do you require a zoning change to permit your proposed development of a site or to enhance it's market value?  We can help you to evaluate the likelihood of a zoning change and/or provide a report advocating the benefits of a zoning change to a municipality or surrounding property owners.
 
Rent reviews, lease abstractions, and lease audits - market rent and lease reviews identify competitor rent levels, current vacancy rate trends, comparable amenities and the assessment of property's strengths, weaknesses/deficiencies, opportunities and potential risks/threats and mitigation options (SWOT), and potential to raise rent/lease rates or lower rates to maintain occupancy of distressed assets.  Are your current rental rates above, below, or at the current market level? 
 
Lease abstraction is an important component of due-diligence for a multitenant property.  Lease terms affect both the quanity and quality of rental income.  Are you considering the purchase of a property encumbered by numerous leases that must be examined and evaluated?  From a buyers standpoint, lease audits can help to determine if tenants were properly screened, if they are satisfied with their space or plan to vacate upon lease termination, and reconcile actual lease payments vs. lease terms and ledgers with bank statements.  From a tenant's standpoint, is the landlord overcharging due to inaccurate base year expense calculations, landlord amortization of capital expenditures not permitted in lease agreement, excessive CAM charges, over-billing of management expense by landlord affiliated firm, etc.?
 
Comprehensive building and site inspections including building measurement, examining building plans, making recommendations on tenant mix, tenant improvements, capital expenditures, developing alternative leasing scenarios for vacancies and dark anchor space, identification and quantification of deferred maintenance and functional obsolescence with recommendations on curable deficiencies. 
 
Acquisitions and financial analysis of all major property types: income and expense operating history, budgets, variances (itemized and aggregate basis), building component-by-component cost-benefit analyses, buy/hold/sell and lease vs. buy recomendations, normalization/recasting of financial statements to conform with FAS/IFRS/GAAP and/or maintain comparability with industry standards, financial modeling/forecasting with Excel and ARGUS, sensitivity analysis of transaction cash flows, evaluation of loan alternatives and investment returns including IRR component analysis.
 
Screening prospective acquisitions, dispositions, debt alternatives, collection and review of appraisals, geotechnical and soil studies, flood report, environmental reports, service contracts, leased equipment, certificate of occupancy, zoning letter, license/permits, certified operating statements, tax returns, proof of collections, proof of utilities, property tax bills, insurance certificate and historical premiums, tenant sales revenue, vacancy history, police reports/ complaints, litigation, current traffic count and trend, title and survey review, easement identification and impact.Purchase price allocations for financial reporting, tax reduction, and other purposes.
 
Before and after-tax investment analyses
 
Financial Modeling (Argus, Excel)Site Selection / Pre-development phase work (site location, letter of intent, purchase offers/negotiation, evaluating debt alternatives, securing planning commission approval).  Site selection/location services include assessment of pertinent site-selection factors, development of a "short list" of preferred locations, analysis of cost of doing business among sites under consideration, and submission of request for proposal (RFP) to economic development authorities. 
 
Zoning, land use, and price dispute resolution
 
Segregation of business enterprise value (goodwill) from personal and real property
 
Property Tax Assessment appeals sometimes require an independent appraisal report to support or challenge an assessed value.  If your an assessing authority or property tax consultant we can provide you with an appraisal report.  If your a property owner we can help to lower your property taxes if your property is over-assessed by filing a tax abatement.  The deadline for filing is March 1st in New Hampshire and February 1st in Massachusetts.
 
Some of these and other types of real estate advisory and consulting assignments can be provided for a fixed fee or billed on an hourly basis.