Valbridge Property Advisors | Pittsburgh is proud to have recently completed the appraisal of the historic YWCA facility in Wheeling, West Virginia ahead of its renovation.
Our team was introduced to the leadership of the Wheeling YWCA by their capital advisor, for whom we had provided services on redevelopments in the past. The Wheeling YWCA, which provides a variety of services to women in need from their 100+ year-old facility, required an appraisal to support their application for New Market Tax Credits in order to complete a much-needed renovation.
The nature of the program resulted in a broad appraisal scope to include; a value of the underlying land, a value of the building as is, an estimate of the market rental rate upon completion, and a value by the income approach and the sales comparison approach.
While Downtown Wheeling is in the process of rebirth, there were few meaningful land sales, also, much of the commercial space in the market is older and/or owner-occupied. Additionally, the nature of the services provided within the facility made uncovering comparable rental data very challenging. Through our team’s experience working in Downtown Wheeling, the help of local professionals, and our broader experience in West Virginia, we were able to uncover sufficient data to support an estimate of market rent as well as the value of the underlying land.
Wheeling YWCA serves over 7,000 participants through various programs, including a recovery program for substance abuse, housing for the homeless, domestic abuse victims, human trafficking victims, and more. The renovations will allow the organization to expand its important service offerings and continue to serve the region from its existing facility. Being able to lend our experience to, and to be a part of, this important redevelopment brought a satisfaction that will resonate for years to come.