RFQ Commercial Property Appraisal
Rural Development through award of Firm-fixed contract, in accordance with RD Instruction 1942.3, requires an appraisal prepared by a qualified independent appraiser. In the subject instance, the qualified independent appraiser should be a certified general real estate appraiser, licensed in the state of Kentucky, having experience in appraisal of hospital facilities or similar type properties. The qualified appraiser should be engaged for the purpose of estimating the "as-is" market value of a property identified as:
New Horizon Health Facility
830 Roland Avenue
Owenton, Kentucky 40359
The subject is a former hospital facility currently leased and operated as a medical clinic. The lease is not expected to renew, the property is in Chapter 11 bankruptcy, with court permission to pursue sale on the open market. Rural Development requires an estimate of "market value" and "liquidation value" for the improved parcel, a separate estimate of "market value" and "liquidation value" for the vacant paved lots across the street currently utilized as parking, and a combined "market value" and "liquidation value" of the four parcels of real estate combined. Rural Development may elect to market the properties together or separately. An extensive Highest and Best Use analysis with discussion is requested and should include analysis of alternative uses for the subject site and or improvements.
The improved property is a former hospital building of approximately 24,000 square feet, located on Lot 1, with no equipment/inventory. The equipment/inventory has reportedly been sold separate from the real estate and is not included as part of this valuation request. The appraiser should confirm with the owner and any furniture, fixtures, or equipment that remain with the building will require separate valuation, and should be included within the appraisal report. The vacant, paved lots across the street are identified as Lots 2, 3, and 4.
(NOTE: The contracted appraiser should confirm the above supplied information and note any differences within the appraisal report submitted to Rural Development.)
If required, the Appraiser shall defend the appraisal in court or in the USDA appeals process, if testimony is required within five (5) years of the appraisal date. Any additional expense incurred for such subsequent services should be negotiated separately between the appraiser and their client at the time the service is required or requested.
Marshall G. Ritchey, Contract Program Manager, Phone 27082144303380, Email marshall.ritchey@ky.usda.gov
