Selecting Units of Comparison Criteria: Nature of the Property Appraisal Problem to be Solved Wayne Foss, MBA, MAI, CRE, Fullerton, CA USA

2 Common Units of Measure Measures of Surface –1 square foot = square meters –1 square meter = square feet –1 acre = hectare –1 acre = 43,560 square feet –1 hectare = acres –1 hectare = 10,000 square meters –1 Ping = 3.31 square meters = square feet –1 Ping = 2 tatami mats

3 Residential Properties Single-Family –Total Property Price –Price per square foot of gross living area Apartment –Price per apartment unit –Price per apartment room –Price per square foot of gross building area

4 Industrial Properties Warehouses –Price per square foot of gross building area –Price per cubic foot of gross building area Factories –Price per square foot of gross building area –Price per machine unit

5 Office Properties Price per square foot of gross building area Price per square foot of net rentable area Price per square foot of useable area

6 Hospitality Properties Hotels and Motels –Price per guest room Restaurants, Theaters, and auditoriums –Price per seat

7 Recreation Properties Golf Courses –Price per round annual number of rounds played –Price per membership –Price per hole –Price per acre Tennis and racquetball facilities –Price per playing court

8 Agricultural and Vacant Properties Agricultural –Price per Acre –Price per animal unit (for pastureland) –Price per board feet (for timberland) Vacant Land –Price per square foot –Price per front foot –Price per acre

9 Special Purpose Properties Mobile Home Parks –Price per parking pad Marinas –Price per Slip Automobile repair facilities –Price per bay –Price per square foot of gross building area

10 So That’s Units of Comparison Wayne Foss, MBA, MAI, CRE, Fullerton, CA USA