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Real Estate Consulting/Evaluation
Market & Feasibility Studies
The delineation and investigation of a particular market to
determine optimal use and the analysis of a specific use within
a market to determine feasibility. GRHCo will study a market
and analyze existing and future supply and demand factors to
determine potential uses within a market. Moreover, GRHCo will
analyze a proposed or existing use within a market to determine
that it will meet specific investment criteria. GRHCo has
completed multiple feasibility studies in 27 states.
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Ad Valorem Tax
Appeal
An analysis of tax assessment methodology and comparable tax
assessments to advocate the client's position for the purpose of
tax relief. This service is typically conducted on a contingent
fee basis, whereby compensation is a percentage of future tax
savings. An appraisal of the subject property can be made part
of the assignment provided the fee for the appraisal is not
contingent upon the outcome of the appeal. This service is
provided on a local basis.
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Investment
Analysis
Deals with a broad range of custom-tailored analyses designed
to meet the client's objectives. Examples include combining site
inspections and loan file review to create a Derived Investment
Value "DIV" report(s) for an individual or a portfolio of properties
or loan(s). Although market information may be gathered as part of
the assignment, the client is ultimately responsible for the
selection of the investment assumptions. Depending upon the scope
of the assignment, this service can be provided on a national basis.
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Highest
& Best Use Studies
Is an analysis to determine the 1) legally permissible, 2)
physically possible, 3) financially feasible, and 4) maximally
productive use for which a site or property could be utilized. For
raw land, highest and best use analysis could propose subdivision or
development with a specific use. For improved property, a highest
and best use study could reveal renovation, conversion, or
redevelopment as the maximally productive use. GRHCo provides this
service on a local basis.
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Multifamily Tax
Credit Due Diligence
Involves an analysis of residential property to be developed
or rehabilitated under Section 42 of the Federal Code. Essentially,
sponsors are provided with federal tax credits based on a percentage
of eligible cost, which can then be syndicated to receive funds to
help pay for development costs. In return, the sponsor agrees to
restrict rent and occupancy to a percentage of median area income. Tax credit due diligence can address many of the issues faced by
developers and syndicators, including compliance, strength of the
development team, design, marketability, cash flow, and sources and
uses of funds. GRHCo has completed over 92 of these assignments in
25 states.
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Site/Property Inspections
Generally limited physical and market observations generated
via an inspection of the property and interviews with area
professionals. Site inspections are preferred when the goal of the
client is for a cursory overview of an asset and where valuation is
not at the forefront. Inspections return observations with regard to
subject occupancy, deferred maintenance, market supply and demand,
and typical leasing terms. We have completed numerous site
inspections across the eastern half of the United States.
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Cash
Flow Forecasting/Analysis
Tests the reasonableness of income and expense assumptions
used to develop stabilized or multi-year operating proforma income
statements. Comparable market information is researched to
determine reasonable market rent, vacancy, and expense figures.
Computer programs and sensitivity analysis aid in forecasting
income and expense growth. Depending on inspection requirements,
this service is provided on a national basis.
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Lease
Modeling
Typically involves financial programs such as Argus or Pro-ject
to model actual terms contained in the lease with regard to the
timing of contract rent, overage rent, rent escalations, and
operating expenses reimbursements. Market information is used to
determine reasonable re-leasing and expense assumptions. Depending
on inspection requirements, this service is provided on a national
basis.
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