WHAT IS YOUR BUILDING WORTH?

Building values have skyrocketed in recent years. I have prepared a chart to allow you to get an idea of values of different types of properties in different areas of Santa Monica.

Using information from the Multiple Listing Service, I averaged the information on 2003 sales for 2 to 3-unit buildings, 4-unit buildings, 5 to 12-unit buildings, and thirteen or more unit buildings in the five Santa Monica zip codes (90401 through 90405).

Using the chart (click for chart), you may get a rough idea what buildings of various sizes are selling for in different parts of the city. Keep in mind the figures are averages. The types of things that can cause your building value to vary from others is whether compared to the average building your property has more or less charm, is in better or worse condition, has a better or worse location, has higher or lower rents, has more or fewer below market rents, or has a good owner’s unit that can be occupied by an owner-user.

Have fun being an amateur appraiser and then update your financial statement.

Click here or on the chart below to enlarge.