Special purpose properties are those with either specialized improvements or with limited presence in a market. Museums are certainly special purpose properties, as are theaters, schools, bridges, and sports facilities – all of which have been addressed by Allgeier Company. Past appraisal assignments have addressed properties as diverse as museums (the Speed Fine Arts, the Creation, and the national Corvette museums in Kentucky among others), bridges over the Ohio River, college campuses, tennis clubs, and bowling alleys.
We have appraised two of the largest whitewater rafting resorts in the eastern US. One of the more interesting assignments began with the owner asking “If you haven’t tried our product how can you place a value on our operation?” Conceding the issue, I found myself paddling through class IV and V rapids on the New River in West Virginia the following day.
Special purpose properties require an aptitude for, in many cases, non-traditional research and the background and experience to draw meaningful conclusions from what is often a relatively meager supply of market data. Allgeier Company excels in this arena.