Land Appraisal Services
Understanding what your land is worth can be a difficult task. From marshland and wetlands to vacant commercial land and agricultural land, there are dozens of factors that may impact whether your property is of little value or usable and worth significant sums. The McCoy Valuation team brings a wealth of experience to helping you determine the value of land by considering a variety of factors including location, zoning, topography, and access to utilities and infrastructure.
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Land Valuation for Proposed Commercial Development
Developers wanting to convert vacant land into commercial or residential uses may require an appraisal when acquiring a site, assessing project viability, or seeking financing. Among the most important considerations in valuing land for proposed development is understanding zoning requirements, proximity to utilities/infrastructure, and environmental issues.
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Multifamily Land Appraisal
One of the most common types of land valuation services McCoy Valuation provides is multifamily land appraisals. Apartment developers often identify parcels of land that are ripe for development and must inform lenders and investors how much the land is worth per apartment. This could include “as-is” land that requires site work and has not yet been improved or modified. In other cases, it may include “by-right” land that has been prepared for multifamily development with proper zoning, infrastructure, and approvals.
Land valuation can vary widely depending on how much work has been completed on the undeveloped sites. For properties located far from existing utility infrastructure, additional and sometimes expensive site work may be needed to ensure multifamily buildings can receive adequate plumbing, electricity, and water. Additionally, whether or not a property will require rezoning may impact valuation as well as status of any necessary approvals.
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Farmland and Timberland Valuation
Various timberland tracts throughout Southern Virginia and Eastern North Carolina are valued based on their potential use, agricultural production, topography, and vegetation. Recreational land, for example, may be used for activities such as hunting, fishing, and camping. Property owners may find it desirable to have specific trees or streams that are conducive to certain wildlife. For timberland, the age and type of tree planted on a property will impact its value as trees are harvested every so often. Having a trail system and vehicle access may also be a consideration.
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Conservation Easements
In Virginia and North Carolina, protecting natural resources is considered a public priority. According to the Wetlands Watch Organization, a conservation easement is “a voluntary, but legally-binding, agreement between a property owner and a landholding entity, in which development rights of a property are limited in perpetuity to preserve its ecological values.” These types of easements entail government entities acquiring development rights of qualifying parcels of land. This allows landowners to both protect their property and generate allowances while holding the property. As appraisers, the McCoy Valuation team will often look at the value of land with and without easements on behalf of property owners.
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Major Land Appraisal Assignments
Located in Corolla, NC, this vacant land site was appraised for a 10-lot single-family development focused on short-term rentals.
This land parcel in the Greater Fredericksburg market is a proposed Taco Bell quick-service drive-thru restaurant.
The Constitution is a 219-unit multifamily property offering one, two, and three bedroom apartment homes.
Located next to a branch of the Elizabeth River, this property was selected as a proposed industrial development site.
The Arbors at Western Branch is a proposed senior living community offering one and two bedroom apartment homes.
McCoy Valuation
Contact Our Team
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