Appraisal Experience / Portfolio – Odom Real Estate Appraisal

At Odom Real Estate Appraisal, Inc., we specialize in commercial property and complex property appraisal and have accumulated a diverse range of experience over the years. Click on the categories below to check experience with your property/report type. Note that the list is not comprehensive and some property types are combined under a broader heading (for example, apartments and fraternity/sorority housing fall under multi-family). Please feel free to call or e-mail to discuss your unique property and/or situation.

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.

Agricultural

I have appraised a wide variety of farmland including but not limited to center-pivot irrigated row cropland, orchards and poultry farms. I have also appraised qualifying farmland under Federal Treasury Regulation 2032A using the five-factor method, and property being acquired using Federal (NRCS/USDA) funds under the Farm and Ranch Lands Protection Program (retired) and ACEP-ALE program – see also Conservation Easement.

Assisted Living / Nursing Home

The analysis of elderly care facilities demands careful analysis of income data and demographics. Often it is difficult or impossible to segregate real property value from the value of the going-concern, an issue that the appraiser should have the experience to address. An example of an assisted living facility appraised is Great Oaks Assisted Living Facility in Monroe, Georgia. This facility recently expanded to 110,000 square feet and 139 beds. Of the nursing homes I have appraised, Park Place in Monroe, which recently expanded to 166 beds, is the largest. There are important distinctions between assisted living and skilled nursing facilities.

Great Oaks Assisted Living Facility, Monroe, Georgia

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:

Automobile Dealership

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.

Lake Oconee Chevrolet-Pontiac-Buick, Greensboro, Georgia

Bank

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.

Car Wash

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.

Church

Church properties sell rather infrequently and are seldom rented, thus cost analysis is more important than it is with other occupancies. The potential for adaptive re-use (conversion) is often a consideration. I have extensive experience appraising churches, including the 40,591 square foot facility shown below:

Conservation Easements

Please see Conservation.

Contaminated Property

I have experience appraising capped landfill property as well as non-landfill property that has been contaminated with hazardous waste. In the case of the latter the cost of remediation should be estimated by a qualified expert.

Daycare / School

Childcare and learning facilities have capacity rules which an appraiser should be familiar with. The adaptability of a daycare or school for office use is sometimes a consideration, especially for facilities that were not originally intended for this occupancy. I have appraisal experience with multiple childcare/learning facilities, including the property shown below:

Bethlehem Christian Academy, Barrow County, Georgia

Divorce

I have extensive experience with divorce case valuations. The anxiety of the courtroom can often be avoided with the help of a credible report.

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”).

Estate

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.

Funeral Home

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.

Garages, Automotive

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.

Big Ten Tire, 2035 West Spring Street, Monroe, Georgia

Gas Stations / Convenience Stores

The contribution to value from the tanks and pumps should be gauged carefully as this generally accounts for at least 15% of the total property value and sometimes as much as 50%. Conventionally, the market approach generally relies upon the appraiser assigning, somewhat arbitrarily, large value estimates to the fuel stations from each of the comparable sales, commonly resulting in distorted valuations. This should be avoided by using a hybrid unit-of-comparison that considers the fuel tanks, dispensers, and building area. I have evaluated numerous C-store properties, including the facility shown below, located off Interstate 85 near Commerce, Georgia.

30581 U.S. Highway 441 South, Commerce, Georgia

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.

Sandy Creek Golf Club, Commerce, Georgia

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

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.

High Rise

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

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.

Home, Single-Family

Although commercial and complex residential appraisal is our specialty, I have logged thousands of hours appraising hundreds of single-family homes. SFR appraisal work is available upon request and is accepted on a case-by-case basis depending on factors such as location.

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 Amtico International plant, located in Madison, Georgia

Kennel

I have experience appraising “pet motels”, including Ashley Hills Pet Center in Walton County, pictured below:

Land

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.

Landfills

We have experience with the valuation of capped landfill property and proposed landfill property. Evaluations of this nature are considered extraordinary in scope, usually involving nation-wide data searches and sophisticated income modeling. Our most recent valuation of this nature pertained to a 350+ acre site in northwest Georgia. The exploratory phase of the project began nearly ten years prior to the date of the appraisal, during which time the nature of the proposed project evolved from C&D, to MSW, and finally to CCP disposal.

Lodging/Hotel/Motel

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:

Medical

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

This has been a dynamic market environment for this property category due to the changing regulatory environment and technological innovations in processing. We have experience with several such facilities in this region, including the pictured complex in Stephens County, Georgia:

Mini-Warehouse Storage

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.

Trade Street Mini-Warehouses, Bogart, Georgia

Mixed-Use

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”.

361 East Clayton Street, Athens, Georgia

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.

Multi-Family

Based near the University of Georgia, we have extensive experience with multi-family housing, including both small and large projects and fraternity/sorority housing such as the Milledge Avenue house shown below. We also have experience with non-student oriented multi-family housing and mixed-use projects.

285 South Milledge Avenue, Athens, Georgia

Office

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.

304 E. Washington Street, Athens, Georgia

Orchards

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:

A mature Georgia pecan grove – a beautiful sight

Partial Interest

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.

Poultry House

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.

Modern chicken house facility, Madison County, Georgia

Residential Development

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.

Oak Grove, Jefferson Road, Athens, Georgia

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:

Retrospective

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

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.

Solar Farms

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:

Sports/Athletic Venues

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.

Atlanta Cricket Fields, Cumming, 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 Appeal

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.

Timberland

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)

Unlike some appraisal firms, we don’t shy away from tackling the unique property: commercial pools, capped landfills, obsolete textile mills, and condominiumized parking lots are just a few of the oddballs on my resume. Tell us the details of your unique situation and we will be happy to assist you if at all possible. Please feel free to contact via phone or e-mail. We guarantee an e-mail response within 24 hours.

Veterinary Clinic

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.