Michigan Apartment Markets and Valuation Issues

This seven hour seminar reviews the state of major Michigan apartment markets including historical vacancy levels, historical and forecast construction and recent sales.

Valuation issues including deferred maintenance atypical vacancy issues and functional obsolescence are explored. Valuation issues in the income approach including operating expense ratios, reserves for replacement and the development of capitalization rates are discussed.

Niche properties including student housing and fractured properties (condominiums) are illustrated.

A case study on an apartment property is discussed to demonstrate proper techniques.