Hardin Appraisals Overview

Hardin Appraisals is an independently owned commercial real estate appraisal firm operated by Robert W. Hardin, Jr., CGPA, a Certified General Real Estate Appraiser in Kentucky and Indiana. He has over 20 years of experience appraising nearly all commercial real estate property types and providing consultation assignments. Based in the Louisville Metro, Hardin Appraisals is a full-service commercial real estate appraisal service provider with annual investment grade and non-investment grade commercial valuations totaling approximately $750,000,000. 

If you are interested in ordering a commercial real estate appraisal, please call during business hours or reach out by email anytime. As physical real estate inspections are integral to the appraisal process, you may be directed to an actively monitored voicemail.  

The following paragraphs state extensive but not exhaustive lists of property types that Hardin Appraisals covers. Hardin Appraisals does not provide single-family residential appraisal services. 

Commercial Real Estate Appraisals

(Retail, Office, General Commercial, & Mixed Use)

The four main classes of commercial real estate are often referred to as Retail, Office, Industrial, and Multi-Family. That said, titles and names can often be opinions, with some property types being classified as one property type or another. Hardin Appraisals provides appraisal services for almost all commercial property types. Some retail, office, general commercial, and mixed-use commercial property types recently appraised are listed below: 

Retail

Retail (Single Tenant / Free Standing or Attached) • Retail (Multi-Tenant / Free Standing or Attached) • Retail Shopping Center (Local, Strip, Neighborhood, Community, Etc.) • Shopping Center (Power Center, Outlet Center, Lifestyle, Etc.) • Condominium (Office / Retail / Etc.) • Single or Multi-Tenant Retail (Leasehold Interest)  • Full-Service and Gross Leased • Net Leased • NN Leased (Double Net) • NNN Leased (Triple Net) • Absolute Net Leased • Owner-Occupied Retail 

Office

Single or Multi-Tenant Office or Medical Office Buildings (Low Rise, three stories or less) • Multi-Tenant Office Building (High-Mid Rise, over three stories) • Louisville CBD High-Rise Office Tower • Single and Multi-Tenant Suburban Class A Office Buildings (Low Rise, three stories or less) • Single and Multi-Tenant Suburban Class A Office Buildings (High-Mid Rise, over three stories) • Single or Multi-Tenant Suburban Class A Medical Office Buildings (Low Rise, three stories or less) • Parking Facility (Lot or Garage) • Suburban Class A Office Building (Leasehold Interest) 

General Commercial

Automobile Dealership • Veterinary Clinic • Banquet / Reception Hall • Branch Bank / Financial Building • Day Care • Dry Cleaner • Medical Facility / Clinic • Laundry Mat • Restaurant / Bar / Night Club

Mixed Use

Large-Scale Downtown Mixed Use • Small-Scale Downtown Mixed Use • Large-Scale Suburban Mixed Use • Small-Scale Suburban Mixed Use • Rural Mixed Use • Short-Term-Rental Mixed Use • Boutique Mixed Use • Owner-Occupied Short-Term-Rental Mixed Use • Tenant-Leased Short-Term-Rental Mixed Use • AirBnb or Similar Short-Term-Rental Mixed or Sole-Use

AirBnb or Similar Short-Term Rentals (STR's), Mixed or Sole-Use

Short-Term Rentals (STR’s) -AirBnb or Similar Short-Term Rental, Mixed or Sole-Use properties have multiple components of value to include the Land, the depreciated value of the Real Estate, the depreciated value of the guest room FF&E, some FF&E utilized by the short-term hospitality business as this FF&E is owned, and the Business Enterprise Value, also known as BEV. This said, most financial institutions only lend on the Real Estate portion of small to medium-sized mixed-use properties utilized as STR's. If all components of value are included in an appraised value, this is referred to as a Going Concern, similar to a hotel. Hotel valuation is discussed further down the page in the Going Concern section. 

Industrial Real Estate Appraisals

Several industrial types exist, including Light Industrial Buildings, Manufacturing Buildings, Truck Terminals, Distribution Buildings, Storage Yards, Warehouses, Flex Buildings, Showroom Buildings, Business Parks, Cold Storage Buildings, and R&D buildings. Hardin Appraisals provides appraisal services for almost all industrial property types. Some industrial property types recently appraised are listed below: 

Industrial (Heavy (Manufacturing) • Industrial (Small Office Warehouse / Mfg.) • Industrial Light (Distribution, Storage) • Food Processing • Research and Development Lab / Hi-Tech / Bioengineering • Telecommunication Facility • Truck Terminal / Hub / Transit Facility • Industrial Light (Cold/Frozen, Storage) • Last-Mile Facility • Self-Storage Facility • 

Multi-Family Residential Real Estate Appraisals

Multi-family properties can range from smaller apartment buildings with just a few units to more extensive, high-rise apartment complexes with hundreds of units. Multi-family properties with more than four units are typically considered commercial properties, and a multi-family property with five or more units generally requires a commercial loan. Hardin Appraisals provides appraisal services for almost all multi-family property types. Some multi-family property types recently appraised are listed below: 

Multi-Family (2-4 units) • Small-Scale Multi-Family (5-50 units) • Medium-Scale Multi-Family (5-100 units) • Larger-Scale Multi-Family (100-200+ units) • Existing and Proposed Condominium & Multi-Family Projects (Apartment, Townhouse, Condo, etc.) • Low Income and Affordable Housing • Senior Living Apartment Complex • Mixed Use (Residential / Commercial) • Unique Property 

Land Appraisals

Land value is determined by the economic principle of the highest and best use of land. Some factors affecting land value include Location, Size and Shape, Environmental Conditions, Infrastructure, Supply and Demand, Market Trends, and Zoning/Government Regulations. Hardin Appraisals provides appraisal services for almost all types of land. 

Acreage (Mixed Use) • Acreage (Non-Residential) • Acreage (Residential) • Acreage (Agricultural) • Acreage (Wetlands) • Acreage (Highway Frontage/Eminent Domain) • Lakefront • Land, Transitional • Land, Urban • Open Space / Public Park • Subdivision (Commercial, Industrial, etc.) • Subdivision (Residential) • Ground Leased Development Land • Ground Leased Parking Lot • Parking Lot (Fee Simple Estate) • Parking Lot (Leased-Fee Interest) • Industrial Outdoor Storage (Fee Simple Estate) • Industrial Outdoor Storage (Leased-Fee Interest) 

Special Purpose, Public Use, & Recreational Use Commercial Real Estate Appraisals

Special purpose properties are not easily converted to other uses. Some examples of special-purpose properties include churches, schools, public buildings, ice rinks, and theaters. Golf courses and car washes are special-purpose properties with non-real estate components typically valued as going concerns. Some special-purpose property types recently appraised are listed below: 

Data Center • Greenhouse / Nursery • Historical Property • Farmette (Lifestyle farm, Hobby farm) • Outdoor Sign • Tower (Antenna, etc.) • Fire Department • Religious Facility • Lower Schools • Middle Schools• Upper Schools • State-Of-The-Art Modern Private Upper Schools • Colleges • Marina / Yacht Club • Private Club • Practice Horse Racing Facilities • Assisted Living / Skilled Care Facility / Nursing Home • Funeral Home / Mortuary Mausoleum / Cemetery • Large-Scale Overflow Crematory • Movie Theatre • Public Swimming Pool

Going Concern Commercial Real Estate Appraisals

Generally, going concern appraisals determine the market value of a property, including real estate, operating business, and machinery and equipment. The appraisal assumes that the business will continue to operate into the future, meaning the concern keeps going. As with most commercial real estate appraisals, the value conclusions can be the current market value (As Is) or a prospective market value (As Complete and/or As Stabilized). 

Retail (Convenience Stores or C-Stores)

Several real estate terms describe a gas station, including Retail-Fuel Property, Convenience Store, Service Station, and C-Store. In addition, some retail convenience stores have car washes, self-storage units, or ancillary income or non-income producing components or buildings. Hardin Appraisals provides appraisal services for almost all convenience store property types. 

For these retail convenience stores, the Going-Concern Value includes the value of the Land, the depreciated value of the Real Estate, the depreciated value of the In-Store FF&E, the depreciated value of the Fuel Equipment FF&E utilized by the convenience store business, and the Business Enterprise Value, also known as BEV. The value conclusion of a going concern convenience store appraisal is typically presented as Real Estate Only, Real Estate & Included FF&E, and Real Estate, FF&E, & BEV (the entire going concern).

Retail (Car Washes)

Several car wash types exist, including Tunnel Car Washes, In-Bay Car Washes, Self-Service Car Washes, Full-Service Car Washes, and Flex-Serve Car Washes. Car washes can also be described by their features: Manual, Automatic, Friction, and Touchless. In addition, car wash types can overlap, such as manual, in-bay, touchless car washes and automatic, in-bay, and friction-based car washes. The express exterior model is the most popular style for new car washes in the United States. In this model, a conveyor carries the vehicle and its occupants through a long building called a tunnel. Automated equipment does the washing. Hardin Appraisals provides appraisal services for almost all car wash property types. 

For these retail car washes, the Going-Concern Value includes the value of the Land, the depreciated value of the Real Estate, the depreciated value of the Car Wash FF&E utilized by the car wash business, and the Business Enterprise Value, also known as BEV. The value conclusion of a going concern Car Wash appraisal is typically presented as Real Estate Only, Real Estate & Included Car Wash FF&E, and Real Estate, FF&E, & BEV (the entire going concern). 

Hospitality (Hotels, Motels, and Campgrounds)

Hospitality properties vary widely. Hardin Appraisals provides appraisal services for Hotels, Motels, and Campgrounds, now considered part of the outdoor hospitality industry. 

For these hotel and hospitality properties, the Going-Concern Value includes the value of the Land, the depreciated value of the Real Estate, the depreciated value of the guest room FF&E, some FF&E utilized by the hospitality business as this FF&E is owned, and the Business Enterprise Value, also known as BEV. The value conclusion of a going concern hotel or hospitality property appraisal is typically presented as Real Estate Only, Real Estate & Included FF&E, and Real Estate, FF&E, & BEV (the entire going concern).