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The Leased Fee Estate
The Leasehold Estate
The Sandwich Lease Position
7 other sections not shown
acre air rights applicable discount applied Appraisal Institute Assume below-market calculated as follows capitalization rate cash flow analysis comparable sales conservation easement contract rental rate direct capitalization discount rate division of real estimate the value estimated as follows example excess rent fee simple feet of office Figure forecast fractional interests future value illiquidity income approach indicators of value interest rate investors joint tenancy land value lease agreement lease term leased fee estate leasehold estate leasehold position lender lessee lessor limited partnership loan market research reveals minority interest multitenant Net operating income occupancy office building operating income original tenant owner ownership parcel of real parking partial interests payment Price Real Estate Appraisal real property REIT Remainderman remaining term repayment rights associated risk sales comparison approach sandwich lease position sandwich position share square foot subdivision subtenant TDRs timber timeshare tract tree farming triple vacancy factor valuation vertical interests yield rate