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I guess the easiest answer would be: "it depends on what the units are leased for!" If they are leased at full market value, for one year, that would be a "bird in hand" rather than "bird in the bush" valuation, wouldn't it?I am not an appraiser, but I do supply BPO's (Broker Price Opinion) for banks quite a lot, and if I were looking at value of rental property vacant vs. leased, I would definitely give higher value to a leased property. Or, another way of looking at it is "comparable value": an unleased rental property (subject) should only be compared to unleased rental property for comparables--and sales on leased properties are always going to be higher.Hope this helps!
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