From an Appraisal standpoint, they would consist of most property types that are very difficult to sell or lease for a different purpose, although there are always exceptions. Churches and Religious Facilities are the most common (although they can often be configured for private school uses). A lovely old church in my area has been converted to an upscale multi-tenant office building!!! Anyway, some other examples would be casinos, cemetaries, marinas, prisons, police & fire stations, schools & libraries, large recycling centers, wineries & vineyards, etc. We also consider many "Sports & Entertainment" properties to be Special Purpose - Many theaters & concert halls, arenas, golf courses, race tracks (horse, dog, or auto), baseball & football stadiums - to name a few. Basically, anything rare enough that it would be nearly impossible to find other examples to use as sale comparables.
Aug 28, 2010