Commercial Property Valuation

[Ryan David Dodd]

I have a "commercial" rental property in Myrtle Beach, SC and am trying to come up with a valuation for a balance sheet.  The last appraisal was in 2020 and cost $2,000!  With it being in the middle of one of the hottest markets in the USA, I have to imagine it's changed in the last five years.  I'm new to all this but I knew enough to take my father's business, which I inherited, and executed an asset sale, which is actually an amazing story (see links below), and then lease the land/building back to the buyer of the business, and I'm pleased to say we have  recently obtained a second 5 year triple net lease, increasing 3% annually.  So it's unencumbered and cash flowing. 

My question is this.  Are there any free websites that offer zillow or realtor.com level of information on commerical properies?  For instance, if I look at the neighborhood I live in, I can see all sorts of information on active and non active listings.  However, I can't find that type of information on my commercial property.   

My lot backs up to SFR and it is unfortunately zoned SF-10, which goes back to the 80's. It's grandfathered into a zoning exceptiong for "light industrial" use like dozens of other lots on Northgate Blvd 29577. If you look on zillow, sales info is available for all of the homes surrounding Northgate Blvd but not for the most businesses ON Northgate Blvd.

So, I'm trying to figure out how to 1) find a tool to estimate valuation of the building/land without paying for appraisal, and 2) figure out what is the highest and best use and rent rate potential of the property going forward. 

What say you?!

If you'd like to read about the late Master Sergeant, Lawrence E. Dodd, USAF (ret.) and his journey to Larry's Auto Clinic, Inc.

https://thecoastalinsider.com/larry-dodd-air-force-veteran-a...

https://thecoastalinsider.com/larry-dodd-air-force-veteran-a...

[Nick Maugeri]

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