We specialize in valuing

WV&A performs various appraisal, appraisal review and consulting assignments for the following land types in the Memphis MSA and immediate outlying areas.

  • Agricultural-Undeveloped - Fallow farm land that is not being used for pasture.
  • Commercial – Land that can be developed for a non specific commercial use (not just exclusively retail or office).
  • Industrial - Land that can be developed for industrial use.
  • Multi-Family - Land that can be developed for multi-family residential use.
  • Apartment - Multi-family residential zoned land for five or more living units.
  • Duplex & 3-4 Plex - Multi-family residential zoned land for two, three or four living units.
  • Office - Land that can be developed for office use.
  • Planned Development (PUD) – Land that is planned for development of multiple uses within a single neighborhood environment, typically including one or more of: residential, office, industrial, retail and lodging.
  • Residential (Single-Family) - Land that can be developed with a minimum of five single-family homes or lots. This category includes residential subdivision land - a tract of land that has been divided into blocks or plots with streets, roadways, open areas, and other facilities appropriate to its development as residential.
  • Retail - Land available for development for retail use.
  • Retail Pad - A finished out-parcel within a shopping center development. Pads generally enjoy superior street exposure.
  • Subdivision-Industrial – Land that can be developed with a minimum of five industrial properties - a tract of land that has been divided into blocks or plots with streets, roadways, open areas, and other facilities appropriate to its development as industrial.
  • Subdivision-Office – Land that can be developed with a minimum of five office properties – a tract of land that has been divided into blocks or plots with streets, roadways, open areas, and other facilities appropriate to its development as office.
  • Subdivision-Residential - Land that can be developed with a minimum of five single-family homes or lots. This category includes residential subdivision land - a tract of land that has been into blocks or plots with streets, roadways, open areas, and other facilities appropriate to its development as residential.
  • Wilderness - Land that has been left natural, uninhabited, unoccupied, and uncultured, and is not used by the owner, an agent, or a lessee for any artificial purpose.

WV&A performs various appraisal, appraisal review and consulting assignments for the following multi-family property types in the Memphis MSA and immediate outlying areas.

  • Age Restricted – A multifamily development in which the residents are seniors, typically excludes children and young adults.
  • Condominium/PUD Projects - A multi-unit building or buildings in which ownership of individual units can be separately held in fee by individual unit holders. Common areas are undivided and shared in common from the standpoint of ownership.
  • Garden/Low Rise - An multifamily development of two- or three-story, walk-up structures built in a garden-like setting; customarily a suburban or rural-urban fringe development.
  • Government Subsidized - A multifamily development with all or a portion of the units set at below market rents according to government guidelines and set aside for low and moderate income families.
  • LIHTC (Low Income Housing Tax Credits) - A multifamily development in which the developer has agreed to provide units to low income households at restricted rental levels in return for government sponsored tax credits. The credits are also commonly called Section 42 credits in reference to the applicable section of the Internal Revenue Code. The tax credits are more attractive than tax deductions as the credits provide a dollar-for-dollar reduction in a taxpayer's federal income tax, whereas a tax deduction only provides a reduction in taxable income. The "passive loss rules" and similar tax changes made by TRA86 greatly reduced the value of tax credits and deductions to individual taxpayers.
  • Homeless Shelter – Multi-unit temporary housing for homeless individuals and/or families, typically operated by a non-profit entity.
  • Mid/High-Rise - A multifamily building with four or more stories, typically elevator-served.
  • Mobile/Manufactured Home Park - Any site with facilities suitable for parking two or more mobile homes semi-permanently.
  • Student-Oriented Housing - Multi-unit housing for college students.
  • Apartment - Specialized student multi-housing developments; typically with two to four bedrooms off separate living room with kitchen and bath in each unit.

WV&A performs various appraisal, appraisal review and consulting assignments for the following retail-commercial property types in the Memphis MSA and immediate outlying areas.

  • Car Wash - A commercial facility devoted to the washing of motor vehicles.
    - Full Service - A car wash facility that requires no customer involvement.
    - Hybrid - A car wash that is part automated, part self-service.
    - Self Service - Usually consists of a garage-type building with walled bays that each house a coin-operated, power-spray unit. Spray unit alternately dispenses a soap/water mixture followed by a rinse spray. Customer performs all work and there is typically no requirement for any full-time personnel to remain on-site to collect money or operate equipment.
  • Condominium Bldg(s) – A multi-unit building or buildings in which ownership of individual units can be separately held in fee by individual unit holders. Common areas are undivided and shared in common from the standpoint of ownership.
  • Condominium Unit(s) – A multi-unit development in which ownership of the units is separately held in fee by the individual unit holders. Common areas are undivided and shared in common from the standpoint of ownership.
  • Convenience Store - Typically consists of an isolated retail outlet located in proximity to a residential neighborhood, where convenience goods (snacks, dairy products, beer/wine/soda) can be purchased; provides a convenient location and longer hours for the quick purchase of a wide array of consumable goods and services. Convenience stores have five identifiable formats: the mini-convenience store (800-1,200 SF); the limited-selection convenience store (1,500 - 2,200 SF); the traditional convenience store (2,400 - 2,500 SF); the expanded convenience store (2,800 - 3,600 SF); and the hyper convenience store (4,000 - 5,000 SF).
  • Day Care Facility/Nursery - Daytime child-care center for pre-school age children.
  • Free Standing Building - A building that is not attached to another building.
    - Bank Branch - A building originally designed to house a bank branch. Many of these facilities have come on the market in recent years because of consolidation in the banking industry, industry cost cutting and the growth of electronic banking. Branches typically range in size between 10,000 SF and 25,000 SF and are of heavy duty masonry construction.
    - Big Box - A large single-user retail building between 15,000 SF and 100,000 SF. Examples include Circuit City, Best Buy, Bed, Bath and Beyond, Home Depot, Sportmart, Target, etc.
    - Department Store - Multi-departmental stores that have a heavy emphasis on men and women fashions; will typically include a children's department, house wares, china and linens. Free standing department stores are typically found in CBD's.
    - Grocery Store - A neighborhood food store where fresh produce, meats and packaged food items are available for purchase. Grocery stores typically range in size between 30,000 and 80,000 SF.
  • Garden Center - A facility that specializes in the retail sale of plants, landscaping, and other products to promote their growth and care.
  • Laundromat Self Service - Free standing facility with self-service coin-operated laundry equipment. The building is characterized by the needs of extensive plumbing and electrical supply distribution.
  • Mixed Use - A property with a combination of uses where retail is the dominant component.
    - Retail - Office - A property that includes retail and office uses.
    - Retail - Office - Residential - A property that includes retail, office and residential uses.
    - Retail - Residential - A property that includes retail and residential uses.
  • Post Office - A government owned or leased facility for handling the transmission of mail.
  • Restaurant - A place where meals are served to the public.
    - Fast Food - A restaurant, generally part of a chain operation that specializes in the rapid preparation and service of a specialty food e.g., fried chicken, hamburgers, and pizza, typically with an auto drive-thru window for extra convenience.
    - Full Service - A restaurant facility that prepares and serves food with sit-down dining for the patrons, along with preparation and serving of alcoholic beverages.
    - Limited Service - Designed to accommodate restaurant operations with a limited serving staff of waiters/waitresses. Layout typically includes an ordering and/or buffet line stations for customers.
    - Sit Down - A restaurant facility that prepares and serves food with sit-down dining for the patrons, with no alcoholic beverage service.
  • Retail-Pad - A free-standing retail building located on an out-parcel within a shopping center development. Retail pads generally enjoy superior street exposure.
  • Service Station/Gas Station - Automobile refueling center that may or may not include a car repair center.
  • Street Retail - Storefront retail that derives significant sales from drive-by traffic. Property is not part of a shopping center but rather a part of an agglomeration of retail development along a commercial boulevard.
  • Tavern, Bar, Nightclub, Micro-Brewery - Commercial establishments oriented around the sale and on-site consumption of alcoholic beverages.
  • Vehicle Related - A retail-commercial property oriented towards the sale or servicing of vehicles and/or their accessories.
    - Auto Auction - A facility for the temporary holding and public sale of automobiles - typically features limited structural improvements for inspection and limited office space or covered sales areas.
    - Dealership - Automobile sales center that may or may not include a large service garage.
    - Lube Shop - Specialized service facility focused on the performance of simple fluid replacement jobs such as oil changes, radiator flushes and transmission/steering fluids. Facility is not as well suited for major auto repair work due to the absence of hydraulic lifts. Typically consists of a three bay garage building with roll-up doors on both the front and back to allow assembly-line drive through service. Garage bays feature long grease/service pits rather than hydraulic lifts.
    - Service & Repair Facility - Multi-bay facility designed to accommodate a full range of major auto repair work. Typically features hydraulic lifts in most of the bays.
    - Tire Store - Service facility oriented toward tire replacement sales and suspension/brake work. Typically consists of a service garage building with hydraulic lifts.
  • Truck Stop/Travel Center – A facility typically adjacent to a highway designed to accommodate traveling trucks and passenger cars, and usually including numerous ancillary services: fuel, restaurant, overnight parking, motels, showers and changing rooms, truck parts, service garage, etc.
  • Community Shopping Center - Community centers reflect a general merchandise or convenience concept and typically encompass 100,000 to 350,000 square feet of GLA, including anchors, on 10 to 40 acres. They will typically have two or more anchors (discount department, supermarket, drug, home improvement, large specialty discount) with a 40 to 60 percent anchor ratio (the share of a center's total square footage that is attributable to its anchors) and a primary trade area (the area from which 60 to 80 percent of the center's sales originate) of three to six miles.
  • Convenience/Strip Center - A strip center is an attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the store fronts, but a strip center does not have enclosed walkways linking the stores. A strip center may be configured in a straight line, or have an "L" or "U" shape. A convenience center is among the smallest of centers, whose tenants provide a narrow mix of goods and personal services to a very limited trade area. A typical anchor would be a convenience store like 7 - Eleven or other mini-mart.
  • Fashion/Specialty Center - Fashion/specialty centers reflect a higher-end, fashion-oriented concept and typically encompass 80,000 to 250,000 square feet of GLA, including anchors, on 5 to 25 acres. They will typically have fashion-oriented anchors with a primary trade area of 5 to 15 miles.
  • Neighborhood Center - Neighborhood centers reflect a convenience concept and typically encompass 30,000 to 150,000 square feet of GLA, including anchors, on three to five acres. They will typically have one or more anchors (supermarket) with a 30 to 50 percent anchor ratio and a primary trade area of three miles.
  • Outlet Center - Outlet centers reflect a manufacturers' outlet stores concept and typically encompass 50,000 to 400,000 square feet of GLA, including anchors, on 10 to 50 acres. They will typically have manufacturers' outlet store-oriented anchors with a primary trade area of 25 to 75 miles.
  • Power Center - Power centers reflect category-dominant anchors with a few small tenants and typically encompass 250,000 to 600,000 square feet of GLA on 25 to 80 acres. They will typically have three or more anchors (category killer, home improvement, discount department store, warehouse club, off-price) with a 70 to 90 percent anchor ratio and a primary trade area of 5 to 10 miles.
  • Regional Center - Regional centers reflect a general merchandise or fashion-oriented concept and are typically enclosed malls encompassing 400,000 to 800,000 square feet of GLA on 40 to 100 acres. They will typically have two or more anchors (full-line department store, junior department store, mass merchant, discount department store, fashion apparel) with a 50 to 70 percent anchor ratio and a primary trade area of 5 to 15 miles.

WV&A performs various appraisal, appraisal review and consulting assignments for the following industrial property types in the Memphis MSA and immediate outlying areas.

  • Business Park – A master planned development encompassing a group of predominantly industrial buildings on a large acreage tract with wide streets. Higher quality parks will feature a campus-like setting with extensive landscaping, underground utilities, architectural standards, and codes, covenants and restrictions (CC&R's) to promote a harmonious and attractive working environment.
  • Commercial Laundry – An industrial plant for the laundering of garments, uniforms and other fabrics.
  • Condominium Bldg(s) – A multi-unit building or buildings in which ownership of individual units can be separately held in fee by individual unit holders. Common areas are undivided and shared in common from the standpoint of ownership.
  • Condominium Unit(s) – A multi-unit development in which ownership of the units is separately held in fee by the individual unit holders. Common areas are undivided and shared in common from the standpoint of ownership.
  • Flex Space – Alternatively known as service center and tech space. Product generally contains glass on three of the outer walls and has additional parking. Designed to flexibly allow conversion of industrial units to a higher percentage of office space.
  • Manufacturing – A facility used for the conversion, fabrication and/or assemblage of raw or partly wrought materials into a product/good for sale.
    - Heavy – Industries that are physically extensive or complex and usually require large tracts of land, (e.g., steel mills, refineries); also, industrial operations that produce hazards or nuisances, (e.g., objectionable fumes, pollution, noise, vibration).
    - Light - Industries with less extensive physical plant requirements than heavy industry and less objectionable operations, typically used for light assemblage.
    - High-Tech – Industrial complex designed to meet the needs of high technology fabrication processes. Generally considered to have more demanding building standards than heavy industry in terms of sophisticated clean rooms, vibration dampening and/or biohazard containment.
  • Office Showroom – Similar to Flex/Office in terms of basic construction and layout with 50% of the interior finished and over standard parking (3:1). Office showroom is typically located along a freeway or major thoroughfare where its traffic exposure can be exploited for the purpose of retail/direct sales. Interior build-out typically favors a sales floor over office with the balance of space devoted to warehouse/stock.
  • Research and Development (R & D) - A type of industrial building popular in high technology industries, such as computers, electronics, and biotechnology; generally a hybrid of office, manufacturing, and warehouse space housed in appealing, high-quality buildings; often characterized by a location in a campus-like industrial park with extensive landscaping, above standard parking, architectural standards, and ample open space; also called R&D Building.
  • Salvage Yard - A yard or lot used to store junk, such as scrap metal or resalable car parts.
  • Self-Storage/Mini-Storage Facility - Also referred to as mini-bay warehouse. A self-storage facility typically leased on a monthly basis; consists of small units ranging in size from 20 to 500 square feet, some of which may be air-conditioned. This category also includes Public Storage - a facility that includes an operating business that provides warehousing storage and service for multiple customers; customer goods are typically not segregated by any fixed improvements such as walls; also known as logistics firms.
  • Storage Yard – A plot of land, typically enclosed by a high fence or other screening for the external storage of equipment, parts or materials.
  • Truck Terminal/Transit Facility - A loading dock facility that allows truck freight operators to redistribute loads of their truck fleets at an intermediate transfer point. These facilities are primarily used for staging loads and possess very little if any storage area.
  • Warehouse - A structure that is designed and used for the storage of wares, goods, and merchandise; usually classified as industrial.
    - Distribution Warehouse - A storage building designed to promote the logistical movement of goods. Special emphasis placed on providing adequate loading facilities and easy truck ingress/egress. Modern distribution buildings feature 24-foot minimum clear height and typically one or more dock-high loading doors for every 10,000 sf.
    - Loft/Multi-Story - Older (generally pre-1930) multi-story industrial buildings generally built of reinforced concrete or heavy timber construction. Typically located in dense inner city environments. Considered obsolete by modern industrial building standards and falling out of industrial/storage usage.
    - Refrigerated/Cold Storage - A structure that is designed and used for the cold storage of wares, goods, and merchandise through the use of refrigeration.
  • Storage Warehouse - A structure that is designed and used for the storage of wares, goods, and merchandise. Considered obsolete by distribution buildings standards and is used for inventories with low turnover or dead storage.

WV&A performs various appraisal, appraisal review and consulting assignments for the following office property types in the Memphis MSA and immediate outlying areas.

  • Business Park - A master planned development favoring office development that encompasses a group of buildings on a large acreage tract with wide streets. Better quality parks feature a campus-like setting with extensive landscaping, underground utilities, architectural standards, and codes, covenants and restrictions (CC&R's) to promote a harmonious and attractive working environment.
  • Condominium Bldg(s) – A multi-unit building or buildings in which ownership of individual units can be separately held in fee by individual unit holders. Common areas are undivided and shared in common from the standpoint of ownership.
  • Condominium Unit(s) – A multi-unit development in which ownership of the units is separately held in fee by the individual unit holders. Common areas are undivided and shared in common from the standpoint of ownership.
  • Creative/Loft - Older retail/industrial buildings converted to office use and favored by creative users such as the entertainment industry, advertising agencies, and high technology firms. Interior finish typically reflects a deconstructive style that exposes the buildings structural and mechanical systems. These buildings often have a shortage of parking because creative/high tech users are more people intensive than the original users of the buildings.
  • Institutional/Governmental - Any building owned or primarily occupied by the government or large non-profit entity.
  • Medical Office - Buildings containing space designated for medical functions such as doctors, dentistry, medical lab or medical facilities. The space is typically air-conditioned and specially finished for medical functions in terms of providing a greater number of wall subdivisions for treatment rooms and additional plumbing. Medical uses are typically parking intensive with parking requirements of five spaces per 1,000 square feet standard.
  • Mixed Use - An office property containing a combination of uses where office is the dominant component.
    - Office - Industrial - A property that includes office and industrial uses.
    - Office - Multi-Family - A property that includes office and multi-family uses.
    - Office - Retail - A property that includes office and retail uses.
    - Office - Retail - Industrial - A property that includes office, retail and industrial uses.
    - Office - Retail - Multi-Family - A property that includes office, retail and multi-family uses.
  • Office Building - A building developed for office use.
    - Low-Rise - A one- to six-story office building.
    - Mid-Rise - A seven- to twenty-five-story office building.
    - High-Rise - An office building 25 stories or taller.
  • Office/R&D (Flex) - An industrial shell building that is highly built out with office and lab space and a smaller portion of the building may be used for light assembly. Typically found in better quality business parks.
  • Office/Warehouse (Flex) – A smaller warehouse building with 15% or more office.

WV&A performs various appraisal, appraisal review and consulting assignments for the following special use property types in the Memphis MSA and immediate outlying areas.

  • Acute Care Hospital – An institution that is primarily engaged in providing diagnostic and therapeutic services for medical diagnosis, treatment, and care, by or under the supervision of physicians, to injured, disabled, or sick persons or rehabilitation services for injured, disabled, or sick persons.
  • Ambulatory Surgery Center – An outpatient clinic where ill or injured persons receive surgical procedures.
  • Behavioral Care Facility – An outpatient treatment center for psychiatric and mental disorders, Alzheimer's and developmentally disabled. Outpatient and psychiatric counseling for substance abuse patients.
  • Clinical Laboratory – A clinical testing center or laboratory (e.g., radiology, MRI, blood testing, serum lab, etc.).
  • Comprehensive Ambulatory Care Center – An outpatient clinic where ill or injured persons can receive a wide range of medical services.
  • Medical Center – A large medical complex that provides a comprehensive array of health care services in both outpatient and inpatient settings.
  • Rehabilitation Center/Hospital – A recovery facility oriented toward the longer term treatment and training of sick/injured persons so they can function in society. Rehabilitation centers specialize between either physical therapy for trauma/stroke victims.
  • Assisted Living Residences - Designed for seniors in need of assistance with daily living activities who do not require continuous skilled nursing care. May also be located in a separate wing or floor of a congregate residence, though licensure requirements for this type of property are generally more stringent than for congregate/independent units. This type of life-care facility/apartment is for elderly individuals who require services such as cooking, housecleaning, and sometimes nursing care. Residents typically pay an endowment fee guaranteeing lifetime residence and medical care, as well as a monthly maintenance fee.
  • Congregate Seniors Housing (also referred to as congregate/independent living) – Designed for seniors who pay for some congregate services (e.g., housekeeping, transportation, meals) as part of a monthly fee or rental rate, and who require little, if any, assistance with activities of daily living (e.g., eating, dressing, and bathing). Residents may or may not receive health care services provided by in-house staff or an external agency. Congregate Senior Housing may also be a retirement community designed to attract young retirees by emphasizing outdoor recreational activities (e.g., golf, swimming, tennis). This type of apartment does not include any medical assistance for the occupants.
  • Continuing Care Retirement Community - Continuing Care Retirement Community (CCRC) properties feature a combination of congregate/independent living units, assisted living beds, and skilled nursing beds, as well as properties that combine congregate/independent units and skilled nursing beds. A facility designed, staffed, and equipped to accommodate individuals who are not in need of hospital care, but require skilled nursing care and other medical services.
  • Skilled Nursing Facility - Includes all licensed nursing beds. Skilled nursing facilities (SNF) are state-licensed nursing homes, which provide around-the-clock care for convalescent patients (a level of care just below acute hospital care).
  • Hospital-Veterinarian – A facility designed and used for providing medical care to animals.
  • Health & Fitness Center/Sports Club/Gym - An exercise facility that features an assortment of weight/resistance training, aerobic activities and locker room/shower facilities. Category encompasses a wide range of facilities. Lower end facilities may only provide weight-training equipment while upper-end facilities may include court sports, swimming pools, classes and spa treatments.
  • Armory/Club/Lodge Facility – A large room used for public gatherings (e.g., Not-for-Profit Assembly Hall). For Country Club, should be under "Golf Course/Country Club."
  • Community/Recreation Center – Neighborhood oriented facility used in common by a number of people and often owned by the general public or a non-profit agency (i.e. church, settlement house). Building generally includes a meeting room and/or an assembly hall that can double as a gymnasium. Generally has limited or no locker room facilities (unlike an athletic club).
  • Convention Center – A large scale meeting hall designed to host national and regional association meetings. Facility designed to accommodate a large number of trade booth exhibitors thus necessitating high electrical capacity and an extensive network of electrical outlets. Facility must be located in a large regional city with a large passenger airport and significant lodging room capacity to accommodate a large number of out-of-town guests.
  • Reception Hall/Banquet Facility – Open plan assembly hall with no fixed seating and an adjoining commercial kitchen capable of meeting the food preparation needs of a wedding reception or other type of banquet event.
  • Religious Facility - A church, temple, mosque, shrine or other house of worship.
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