In building value, how do you account for historical value? I do not know for certain but I have always kept in mind that pricing is an art, not a science. I would think you would go about it in much the same way as looking at a regular building's value.
1. First, if possible, find a similar historical building in a smaller footprint, taking an estimate and multiplying with the decreasing factor of price per square foot with a larger footprint to get a starting basis.
2. Does the current owner have a business? Is there a "net sheet" (how much they make, in other words) and can that be continued with a new owner/
3. Is the building currently being used at its highest in best use?
4. Does the building have current tenants? What does that take in for the owner? What would a buyer be able to expect as an ROI (return on investment)?
5. Is the property a landmark?
You might ask, how could you prove a property has historical value? One way to show that would be to determine that it is in the National Registry of Historic Areas. That, I feel, would give you cause to show the property has historical value.
If the property is a landmark, on the other hand, I feel you would have to show that the property has impacted the surrounding properties in the area for the better over time. That could be accomplished in many ways and measured in just as many. That said, you could certainly say the property could bring tourists and traffic to a slow moving area for historical landmarks. Some things could end up just as important over time but not show as immediate an impact. One example would be to renew interest in the area by restoring an old historical building in an historic area which in turn could spur an association. As an example, in Crestview, Florida there is a Crestview Florida Main Street Association.
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