Definition: Real estate designed for a particular specialized use, often with a limited market or limited adaptability to other uses.
Example
A purpose-built worship facility has a layout and improvements that may require substantial alteration for another use.
Keep the distinction clear
Special purpose describes the property's use and design, not an automatic tax exemption or a single required appraisal method.
Related terms
Highest and Best Use · Market Value · Cost-Depreciation Approach
Keep studying
References: California DRE: appraisal and valuation
Comments
0 comments
Article is closed for comments.