Development, Residential / Commercial
Fraternity / Sorority House
Gas Station / C-Store
Industrial / Manufacturing
Leased Fee Interest
Metals Recycling Center
Mixed-Use, Building(s) / Development
Mobile Home Park
Restaurant / Fast Food
Stream / Wetland Mitigation
My desired appraisal type is not shown
All properties specifically identified below were personally inspected by Michael Odom. The reports were either entirely or primarily prepared by Mr. Odom, and his signature is on each report (with or without additional signatures). Note that this portfolio includes experience acquired through sub-contracting with affiliated firms.
Adaptive Re-Use / Conversion
Adaptability and enhanced (or reduced) appeal are central to the question of viability where adaptive re-use undertakings are concerned. I have evaluated several such projects including North Main Village, a mixed-use project centered around a converted big-box grocery which now houses upscale lofts.
Assisted Living / Nursing Home
Attached Housing (Single-Family)
This category includes condominiums and fee-simple attached townhouses. Apartments are categorized as “Multi-Family” as the individual units are not distinct properties. I have appraised a number of attached housing projects, primarily in the Athens area but also a number of other Georgia cities. Among these is Urban Lofts, shown below:
I have appraised both used car and new car dealerships and service centers including Lake Oconee Chevrolet-Pontiac-Buick, at Interstate 20 exit 130 in Greensboro, Georgia.
Bank appraisal relies primarily on the market and cost approaches to valuation. I have appraised branch banks, credit unions, and bank headquarters, including the Atlanta facility shown below.
Traffic counts, the quality of traffic exposure and the location of competing properties all factor heavily in carwash valuation, but, when reliable figures are available, income documentation is generally considered the preeminent value determinant for an existing carwash. We have extensive experience appraising self-service car wash properties, automated car washes, and express wash (tunnel-conveyor) properties and businesses, including the facility pictured below. The express wash category has grown significantly in market share in recent years due to technological advances and consumer demand.
Daycare / School
Eminent Domain / Condemnation
Individuals should receive, at a minimum, consultation from a qualified expert when a utility company or other government entity intends to acquire all or a portion of their property. The government often relies upon mass appraisal practices which generally compromise accuracy. I have worked for both the individuals and the government. My experience in this category includes power-line easement, walking trail easements, airport property, and right-of-way acquisitions such as the Barnett Shoals Road widening project in Athens, where over 30 commercial properties were evaluated. I have experience with Georgia Department of Transportation form reporting and reporting conforming to the Uniform Appraisal Standards for Federal Land Acquisitions (“yellow book”).
When property is inherited, placed into a trust, or simply gifted it is necessary to establish market value for tax purposes. I have extensive experience with appraisal of this nature, which often entails retrospective reporting (see also “Retrospective”). Whether the property has transferred or you need help with estate planning, we are here to help.
Comparable sales of funeral home property should be interpreted cautiously as the sale price is commonly contaminated with personal property value and business value, or going-concern value. I have appraised multiple funeral home properties, including Meadows Funeral Home in Monroe, shown below.
I have evaluated a number of automotive garages including Big 10 Tires in Monroe, Georgia. With the exception of built-in hydraulic lifts, the lifts are generally considered personal property but can be included in the valuation upon request.
Gas Stations / Convenience Stores
Golf Course / Country Club
With golf course appraisal, allocating weight between the market and income approaches is often dependant upon whether the club is public, semi-private or private. I have evaluated both public and private courses, including Sandy Creek in Commerce and Monroe Golf and Country Club.
Going-Concern / Business Appraisal
Going-concern value represents the total value of an ongoing proven business enterprise. This includes real property, personal property, and intangible value produced by the assemblage of the land, buildings, labor, equipment, and the marketing operation. Evaluations of this nature rely largely on income data provided by the business owner. I have considerable experience with business appraisal. Still, based on the unique nature of such assignments they are accepted on a case-by-case basis. Feel free to call for a free consultation.
Greenhouse appraisal generally requires a regional data search, and, as is the case with a number of property types, a careful assessment of property versus going-concern. My greenhouse appraisal experience includes Horizon Growers in Greensboro, Georgia. This complex has over eight acres of enclosed greenhouse area.
A high-rise is defined by Marshall & Swift as a structure with three or more stories of finished heated area. Other definitions vary, with the current Wikipedia entry specifying a height of at least 75‘ and less than 492‘, at which point the structure is a skyscraper. With a few exceptions, such as consideration for parking and enhanced views, high-rise valuation is not fundamentally distinct from other evaluations in the same occupant category. Experience with high-rise sites (exponentially more valuable than other sites based on exponentially higher density allowances) includes the site of Georgia Traditions and 412 Thomas Street in downtown Athens. I also appraised the proposed Easley Mill Condominiums, a 272 bedroom 162,000 square foot project to be located along the North Oconee River.
Historic property can sometimes offer enhanced appeal not recognized in otherwise “comparable” properties. They can also come with additional encumbrances relating to special designations. Historic property appraisal experience includes The Camak House, listed on the National Registry of Historic Places.
Industrial / Warehouse
I have appraised a variety of industrial category properties, including heavy manufacturing, light industrial and storage/distribution oriented properties. Manufacturing facilities appraised include Amtico International, a 73,885 square foot facility in Madison, Georgia, and the Universal Rundle Plant, a 115,706 square foot complex in Union Point. Transit warehouses evaluated include LAD Truck Lines, Inc., consisting of 123,674 square feet located in Watkinsville, Georgia.
The appropriate determination of highest and best use is paramount in land appraisal as is due diligence in researching factors such as proposed infrastructure changes and demographic dynamics. Whether the best use of the land is commercial, residential or agricultural, certified general property appraisers are the best prepared when it comes to the valuation of raw land. In many situations residential appraisers are ill-equipped to assess highest and best use (even when that use falls under the residential or agricultural categories) and although the sales comparison method is generally the most useful method of analysis, it is often beneficial to be aware of alternative land valuation approaches not used by residential appraisers such as the land-residual formula, an income reversion technique. I have appraisal experience with all varieties of land, from single-family lots, to 1,000+ acre tracts.
Lodging appraisal is another occupancy for which an estimate of value for non-real property, i.e. personal property and intangibles, is commonly warranted. Regional data searches are appropriate and generally necessary for this use as is an understanding of lodging terminology, metrics (such as ADR, RevPAR, etc.), and classes of operations. We have extensive experience valuing economy and mid-scale service concerns, including the one pictured below:
Experience appraising medical space covers a wide variety of properties including Class A space such as the Jefferson Medical branch of Athens Regional, a 21,000+ square foot facility shown below.
Metals Recycling Center
Income analysis is, of course, key for mini-warehouse valuation but sales data, as usual, is also significant. I have experience with several mini-warehouse developments, including the Trade Street Mini-Warehouses, shown below, in Bogart, Georgia.
Mixed-use generally refers to property used for residential and commercial purposes. The appraisal of mixed-use property generally requires the analysis of two or more sets of data, entailing extraordinary work for the appraiser. I have rather extensive experience with mixed-use property, including the property shown below, located in downtown Athens. For mixed-use development see “Residential Development”.
Mobile Home Parks
Mobile home park evaluations may or may not include value arising from the homes, which are considered personal property. Many municipalities severely restrict or altogether prohibit the advent of new MHP projects, a supply factor which has led to low vacancy rates and higher values in many markets. Conversely, mobile home park use is sometimes considered an interim use, at which point a simple land appraisal is appropriate. MHP‘s evaluated include the Spring Valley Mobile Home Park, shown below.
We have extensive experience appraising office property of all varieties, including specialty office such as medical/dentil. Office property appraised includes the property occupied by Cook Noell Tolley Bates & Michael, LLP, shown below.
Farmers will tell you that orchard cultivation is both science and art; while we strive to rely on the former, the latter is also necessary in orchard valuation. Pecan lease structures are typically percentage based and therefore unprotected from volatility in market pricing and yield, each of which is influenced by various independent dynamics. The lifespan of the peach tree is much shorter and the history of the orchard should be accounted for. Having valued thousands of acres of orchards I have ample experience with Georgia’s leading orchard crops:
Partial interest means less than full property rights and includes leased fee interests, leasehold interests, life estates, conservation easements, transferable development rights, and fractional interests. Partial interest appraisal often presents peculiarities that should be fully understood by the appraiser. For example, leased fee interest – the interest held by a landlord in a long-term lease – is often more valuable than outright fee-simple ownership. Conversely, fractional ownership, or percentage ownership, is generally worth less than the nominal percentage implies (30% ownership may only be worth 20% of the property‘s full market value). I have varying experience with each of the categories listed above, including a wide variety of easement valuations. See also eminent domain and conservation easement.
Most chicken houses in this area are designed for raising broilers, or “meat birds”. Poultry house design has advanced radically over the last twenty years and it is important to understand the features of a modern facility and how these correspond to value. I have appraised chicken houses of virtually every age and quality level.
Absorption is an important term with regard to subdivision appraisal. Lot sales are projected to occur at a frequency (estimated from market data) known as the absorption rate. All revenue and certain expenses from the lot sales are discounted for time to a yield an estimate of present value. A comparison of this figure to the figure produced by the cost approach indicates whether the project is considered feasible and the level of profit anticipated. All proposed subdivision appraisals therefore can be viewed as containing a degree of feasibility analysis. I have extensive experience with a wide variety of residential developments, including Oak Grove in Athens. Oak Grove is a carefully planned mixed-use, mixed-density concept development: all the homes here exhibit architectural features predating the 1920‘s, with a strong Victorian-era and neoclassical emphasis. I have extensive appraisal experience with traditional residential development, condominium development, fee-simple townhouse development, mixed-density and mixed-use development.
Restaurant / Fast Food (QSR)
Restaurants often include a difficult to calculate functional obsolescence component relating to specialization that may not be suitable to other occupants if placed on the market. We have extensive appraisal experience across restaurant categories, including fast-food, buffet, and conventional seated dining (both casual and formal).
Retail / Shopping Center
In real estate terminology the term retail is used to describe exposure oriented property that is suitable for a variety of uses, which may or may not include retail as it is more narrowly defined. These properties can be free-standing “boxes”, small strip centers or regional malls. Quality income data is generally important here in forming a confident opinion of value. Discount retail stores, especially franchise retailers such as Dollar General and Fred‘s, are often held by long-term leases impacting value. Shopping center property evaluated includes major anchor shopping centers such as The Shops of Monroe, shown below:
Estimates of past values are most commonly needed for tax purposes. The amount of work required to provide a credible opinion of value increases with time elapsed. Developing an opinion of value as of a date one or two years ago is not difficult, whereas searching for data from ten years ago is. I have experience with retrospective valuations predating the date of the report by as much as twenty-eight years.
Review appraisal reporting can be customized to suit the client‘s needs, but generally answers questions such as: is the data presented factual and accurate? Does the report conform to USPAP? Did the appraiser omit pertinent information? At the client‘s request the review report will also contain an opinion of value as of the date of report (and a contemporary value if requested) which may or may not differ the value originally offered. I have performed a number of review reports for various property types.
RV (Recreational Vehicle) Park
RV Park appraisal experience includes the Bulldog Park, a proposed 223 unit RV park that will cater to Georgia football fans. Unlike typical RV parks, this development is organized as a condominium project, with lots selling to individual owners for around $33,000+ each.
Though there is a great deal of misinformation surrounding this emerging industry, promulgated in part by misleading marketing campaigns, solar farming has nonetheless become – both metaphorically and literally – a force of nature in many areas of the state. Odom Real Estate Appraisal, Inc. has valued property assuming solar farming use and obtained hard-earned information on the industry. We can help you separate fact from fiction.
A solar farm development in Butler, Georgia:
In addition to land acquired for the development of municipal playing fields, we have experience valuing a private sports complex known as the Atlanta Cricket Fields located in Forsyth County, Georgia.
Stream / Wetlands Mitigation
We have appraised a number of large tracts for which the generation of transferrable credits from stream and wetlands mitigation represented the primary component of value. Documentation regarding the availability, release and transfer of stream and wetlands credits is available on the U.S. Army Corps of Engineers website. Ledger activity from the various banks is analyzed in depth to determine credit supply, demand, and the historic pace of sales within the subject’s primary service area. This information can then be distilled into a discounted cash flow model to determine the economic value of the existing or proposed bank.
Tax assessors generally rely upon mass appraisal practices with simple formulas that generally compromise accuracy. An appraisal from a Certified General Appraiser lends credibility to an appeal. We can provide you with an appraisal, or handle appeal process duties for you upon request. We will analyze your prospects for appeal free of charge. Tax appeal is often an unrealized opportunity in a declining market.
For the un-initiated timberland valuation can seem simple. It is a common misconception that adding bare land value to merchantable timber or stumpage value yields real property value. Use an appraiser that is capable of properly interpreting timber reports, can applying income modeling to timber, and understands the difference between merchantable timber and the contributory value of the timber. We have valued thousands of acres of timberland for clients including the Georgia Department of Natural Resources.
Unique Property (My property/report type is not shown)
Like medical offices, veterinary clinics include extraordinary plumbing, fixtures and cabinetry. Many good quality facilities may include x-ray rooms, high-powered central vacuum(s), and kennel areas with sump drainage. We have extensive experience with the valuation of veterinary hospitals, including the property pictured below:
"Yellow-Book" (Uniform Appraisal Standards for Federal Land Acquisitions)
When land or partial property rights are acquired by the federal government, the corresponding appraisal report must conform to the Uniform Appraisal Standards for Federal Land Acquisitions, which has more stringent reporting criteria such as documenting all previous property transfers within ten years (or the most recent prior sale without time restriction). Such reports require extraordinary work and knowledge on the part of the appraiser. I have performed a number of reports conforming to “yellow book” standards.