Section 23A

Citation: Section 23A
Parent Document: BLT Burger DC, LLC v. Norvin 1301 CT, LLC, 86 A.3d 1139 (2014)
Jurisdiction: DC (municipal)
Effective Date: 2014-03-13
Original Source: https://www.courtlistener.com/opinion/2656505/blt-burger-dc-llc-v-norvin-1301-ct-llc/ ↗

Full Text

1,212 chars

32
           THE APPRAISAL OF REAL ESTATE (13th ed. 2008) at 453.
      33
           To illustrate, we shall correct only one part of Livingston‟s faulty
calculation by changing his “first year‟s net rent” from $299,000 to the correct
figure, $192,000. When that amount is capitalized by dividing it by 5.25%, the
value achieved is approximately $3.7 million. See supra note 26. If we then say,
hypothetically, that this figure also was derived from an expert‟s determination of
“stabilized net annual income” from the 1317 portion of the package sold, then the
selling price should have been approximately $30.7 million, leaving a diminished
value of $3.7 million, not $5.7 million. We do not at all intend to say that these
hypothetical calculations bear any resemblance to what an expert valuation,
properly conducted, would yield. We merely wish to show that even according to
Livingston‟s own “net” income premise (adjusted to omit taxes and insurance), his
result was faulty. These comments, moreover, should not obscure the fundamental
defect: that Livingston‟s analysis accorded no value whatsoever to the 1317
component of the two properties sold together.
                                         27

Other Sections in This Document (499)

Full Text