Attempt to accurately target the market. Within zoning restrictions, what use is most in demand? What do people need? What is the probable tenant profile? What will that tenant expect? If multifamily, what unit types are in greatest demand? If a mixed-use project, what should that mix be? What germane characteristics should be targeted? We can feed that research to your architect and, working with you and your architect, general alternative scenarios in the effort to accurately target market demand, while maximizing functional and economic efficiency. Aesthetics? Simplicity is the essence of good design.
Occasionally an income-producing property may not be maximizing its potential but the reason is not immediately evident, at least not to a prospective investor. Under these circumstances a study focusing on the subject property’s characteristics and market interaction would be appropriate.
Use your imagination but, before you decide, let us check the fit. You may have a good idea — but how many other people have the same idea? What is the market depth? We might be able to enhance your profit potential while saving you from a dreaded learning experience. Because the appraiser is the one who estimates value (and in the process, relative project feasibility), to maximize value and feasibility potential, involve the appraiser from the beginning. Don’t wait until the end to see where your concept hits the market target.