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HomeLife/Cimerman Real Estate Ltd., Brokerage Kam Ghatan, courtier Industriel · Commercial · Investissement

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Comparables

Comparables de vente et de location côte à côte, avec ajustement du prix au pied carré.

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Guide

Using Comparables well

Collects sale and lease comparables side by side and summarises them: count, average and median price (or rent) per square foot, and the range. It is how you check whether a price or rent is in line with the market.

Mode d’emploi

  1. Add three to six recent, genuinely similar transactions: same submarket, similar size (within ±30%), similar clear height and age.
  2. Describe the subject (area, clear height, year built), then give each comp an Adjust % for how it differs: + when the subject is better, − when the comp is better. The tool turns the adjusted $/SF into an indicated value.
  3. Record the details that drive value in the Notes column: site coverage, loading, outside storage, tenancy.
  4. Use Sales for purchase decisions and Leases for rent; export to CSV for your files or your lender.

Lire le résultat

  • The median is often more reliable than the average when one comp is unusual.
  • Raw $/SF is a starting point. Adjust each comp for what makes it better or worse than your subject, then re-average.
  • If the range is wider than about 15%, your comps are probably not comparable enough.

Études de cas

01

Pricing a 52,000 SF building in Concord

Subject: 52,000 SF, 28′ clear, built 1999. Four sales: Vaughan A (48,500 SF, $16.25M, 32′, 2016), Vaughan B (61,000 SF, $18.9M, 24′, 1988), Concord C (55,000 SF, $18.15M, 28′, 2001) and Woodbridge D (45,000 SF, $15.525M, 30′, 2009).

  1. Raw prices: $335.05, $309.84, $330.00 and $345.00 per SF. Average $329.97, median $332.53.
  2. Adjust for differences from the subject: A is newer and taller (−6%), B is older and lower (+7%), C matches (0%), D is newer and slightly taller (−3%).
  3. Adjusted: $314.95, $331.52, $330.00 and $334.65 per SF — a tighter range around $327.78.
  4. Indicated value: about $17.04M, with a range of $16.38M–$17.40M.

La leçonAdjustments narrowed the spread from 11% to 6%. Write down why you adjusted each comp; your lender and appraiser will ask.

02

Setting rent on a 24,000 SF unit

Four recent leases in the same park: $17.25, $18.50, $17.75 and $19.00 net per SF.

  1. Average and median: $18.13.
  2. Check terms behind each number: a $19.00 deal with six months free is not better than $18.25 with none. Compare net effective rent, not face rent.

La leçonIn leasing, the inducements (free rent, landlord work, allowances) are part of the price. Record them in the Notes.

Erreurs fréquentes

  • Using listings (asking prices) as comps
  • Mixing freestanding and multi-tenant, or very different sizes
  • Ignoring date: a 2022 sale may not reflect today's cap rates
  • Comparing face rents without inducements

Case studies are illustrative. Properties and figures are composites built to show the method; they are not offers or appraisals. Talk to Kam before relying on any number for a transaction.

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