Apartments, Condominiums, and Cooperatives Federal Appraisal has been appraising multi-family buildings for 37 years. From super luxury residential towers to obsolete buildings in the midst of blight and urban renewal, to suburban and rural housing, Federal Appraisal, LLC appraises all types of multi-family housing. We appraise for financing, feasibility and development, and construction through all aspects of operations, and then divestment, repositioning and redevelopment, and sometimes bankruptcy. As a national appraisal company, we have appraised multi-family buildings in most of the major markets in the United States. We specialize in portfolio valuations, and appraisals for accounting and tax, and legal purposes for all types of multi-family including but not limited to: garden apartments in suburbs luxury rental, condo, or coop building in CBDs feasibility, planning, zoning, financing, market studies HUD rent studies, RCSs Subdivisions, single family homes, townhouses and/or planned developments Our clients utilize our appraisals and advice for numerous purposes, including: financing, development, feasibility, marketing investing due diligence; equity and debt tax management; property taxes, income taxes, sales and transfer taxes gift and estate planning litigation tax and investor reporting, IRS, depreciation, cost segregation, purchase price allocation, ASC 805 acquisition or disposition due diligence

Land Appraisal, Subdivisions, Easements, Rights of Way While often a relatively small contribution to the overall real property value or overall business value, land frequently presents challenging appraisal issues.  Such issues often make the land valuation the most volatile of the appraised components of the overall real property value or overall business value.  Without an experienced hand, land valuation can become problematic. Federal Appraisal specializes in the appraisal of land and all its land rights variations. fee simple land leased fee and leasehold land, ground leases, permits, licenses easements (permanent or temporary), right of ways, encumbrances, appurtenance rights air rights, development rights, transferable development rights, FAR partial interests Federal Appraisal has been appraising land for 36 years.  We have worked numerous types of land development. residential lots and subdivision site commercial, retail, industrial land utility and infrastructure land Our land appraisal and advisory work is utilized in many issues, including: redevelopment loan underwriting and financing feasibility studies and market studies condemnation acquisition and disposition due diligence property tax assessment and litigation income tax reporting, transfer tax reporting investor reporting litigation and expert witness zoning and variance issues cost segregation and purchase price allocation, ASC 805 reporting

Development Rights and Partial Interests Development Rights and Partial Interests are more complex appraisal issues.  Federal Appraisal specializes in complex appraisal issues, such as these. Partial Interest concepts begin with leases on fee simple property, creating leased fee and leasehold interests.  It is not uncommon in modern real estate for breakdowns in communication between unsure appraisers and clients. Such undisciplined practice by appraisers can lead to the appraisal of the wrong interests and inappropriate value conclusions.  Some lease deals are so complex and old that the implications of the lease are difficult to discern for all but the most experienced appraisers, such as those from Federal Appraisal. Federal Appraisal LLC has appraised thousands of leased interests around the United States, from standard leases on general purpose commercial real estate to complex leases on very high value/complex facilities, such as corporate headquarters and campuses, power plants, and special manufacturing facilities. Fee Simple, Leased Fee, Leasehold Ground Leases Long Term Leases Lease Renewal Terms and Negotiations Operating and Capital Leases Leasehold Improvements Partial Interest concepts continue with a divided interests in a fee estate, such as business partnerships and family limited partnerships.  Depending on the context, these partial interests do not represent their pro rata share of the fee value.  A 50% owner in an investment property does not have 50% of the value of the underlying investment property.  The appraisal is complex because first, Federal will establish the value of the underlying investment property.  Then, Federal will establish the discount to the pro rata share.  This discount study is a second appraisal, which has its own requirements depending on the users of the appraisal.  The IRS has very complex and distinct requirements from others such as bankruptcy courts or partnership dispute resolutions. Federal Appraisal specializes in appraisal for accounting and legal purposes, such as discount studies for the IRS and litigation. Partial Interest Minority Interest Discount for Lack of Marketability Discount for Lack of Control Development Rights are another type of partial interests.  Arising from general land development rights, development rights are the rights to develop that can be transferred to other landowners.  Development rights represent part of the land rights that are inherent in a full fee simple estate.  In urban areas, where land sales are rare and land values are very high, development rights present very difficult appraisal problems but often yield very high values. Federal Appraisal has decades of experience appraising development rights. Transferrable Development Rights Air Rights Floor Area Ratio FAR Square Feet

Fee Simple, Leased Fee, Leasehold, Development Rights, Partial Interests Appraisal Even though land is relatively inexpensive or contributes a relatively small portion to the overall value of the property or business, land appraisal is often disproportionately complicated and difficult. Sometimes the appraisal context, the client’s purpose and use for the appraisal, dictate appraisal hypothetical assumptions. For example, when appraising for property taxation, even if the property is leased (a leased fee estate), many states require the appraisal to assume a fee simple estate. Improvements can diminish or enhance land value. Most commonly, various intangible characteristics of the land, such as permits, approvals, deed restrictions, encumbrances, easements, and rights of way, etc., have dramatic impacts on the value of the land. Further, the development potential of land, either vacant, surplus, or excess land, can be difficult to discern, even before air rights and transferable rights issues are encountered. The credible appraisal of land requires extensive experience. Federal Appraisal has decades of intensive land appraisal experience and is able to ensure cost effective credible land appraisal. Hiring Federal Appraisal is like an insurance policy against future accounting, tax and legal problems concerning land appraisals. land developments and feasibility and market studies residential and commercial land rail road land, land for transmission lines and pipelines special use land fee simple, leased fee, leasehold, easements, rights of way partial interests, temporary interests land sales approach and land residual condemnation litigation, damage