Data Dictionary - LightBox Fundamentals

Category

Display Name

Data Type

Definition

Metadata

Document Title

String

A unique key provided for context for the user and root entity for Excel Data Type functionality. EX (25-100-300-44) 1234 Charming, Charming City, CA

Metadata

Document Type

String

The type of document from which the data was extracted, i.e. Appraisal, Phase 1, Rent Roll, etc.

Metadata

Document Image

image

The cover image of the document, to better provide context.

Report

Report Date

Date

The date on which the report is transmitted to the client. Generally obtained from the transmittal letter.

Report

Intended Users

String

The client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser based on communication with the client at the time of the assignment.

Report

Job Number

String

The Client's unique Job or Project Number, not the Vendor's internal file or invoice number.

Report

Appraisal Firm

String

The Appraisal Company or Firm Name

Report

Appraiser Name

String

Primary Appraiser Name on Report

Subject

Property Name

String

Name of the subject Property, or general description of the project.

Subject

Address

String

Street address of subject property

Subject

City

String

Municipality of subject property

Subject

County

String

County of subject property

Subject

State

String

State of subject property

Subject

Zip

String

Zip code of subject property

Subject

Usable Acres

Decimal

The minimum land area required per development which is suitable for OSS. This area includes satisfactory soil conditions, vertical separation and horizontal separation(s).

Subject

Usable Land SF

Decimal

The minimum land area required per development which is suitable for OSS. This area includes satisfactory soil conditions, vertical separation and horizontal separation(s).

Subject

Excess Acres

Decimal

Unusable: Land not beneficial to residential use due to location or character such as drainage ditches, steep slopes, dense woods, sidewalks and utility strips when their presence renders the land unusable for residential use.Excess: Land that is not needed to serve or support the existing use. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land has the potential to be sold separately and is valued separately. Surplus: Land that is not currently needed to support the existing use but cannot be separated from the property and sold off for another use. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel.

Subject

Excess Land SF

Decimal

Land that is not currently needed to support the existing use but cannot be separated from the property and sold off for another use. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel.

Subject

Total Acres

Decimal

Total Land Area of the Site in Acres.

Subject

Total Land SF

Decimal

Total Land Area of the Site in Square Feet.

Subject

Number of Parcels

Integer

The number of parcels that are included in the Site Envelope. Usually defined by same ownership.

Subject

Job Property Type

String

The intended user's general categorization of a property's type and use.

Subject

Job Property Sub Type

String

The intended user's more detailed classification of a property's use and type.

Subject

Report Property Type

String

Overall general categorization of a property's type and use.

Subject

Report Property Sub Type

String

A more detailed classification of a property's use and type.

Subject

APN

String

Assessor's Parcel Number or Tax ID. A numeric or alphanumeric label that uniquely identifies a parcel. Government property assessors use various systems, many with common features including geocoding. The government survey system is often used as a basis for parcel identification.

Subject

Zoning Code

String

Public regulation of the use of private land through application of police power; accomplished by establishing districts or areas with uniform requirements requirements relating to lot coverage, setbacks, type of improvement, permitted activities, signage, structure height, minimum lot area, density, landscaping, and other aspects of land use and development. Zoning regulations are established by enactment of a local (city, town, or county) zoning ordinance.

Subject

Flood Zone

String

(FEMA Flood Insurance Rate Map Classification) The flat surfaces along the courses of rivers, streams, and other bodies of water that are subject to flooding.

Subject

Gross Building Area

Decimal

Total floor area of a building, excluding unenclosed areas, measured from the exterior of the walls of the abovegrade area. This includes mezzanines and basements if and when typically included in the market area of the type of property involved.

Subject

Net Rentable Area

Decimal

For office or retail buildings, the tenant’s pro rata portion of the entire office floor, excluding elements of the building that penetrate through the floor to the areas below. The rentable area of a floor is computed by measuring to the inside finished surface of the dominant portion of the permanent building walls, excluding any major vertical penetrations of the floor. Alternatively, the amount of space on which the rent is based; calculated according to local practice.

Subject

Number of Units

Integer

Total number of units on the property.

Subject

Year(s) Built

String

The year the primary improvements were completed; also referred to as year of construction.

Subject

Year(s) Renovated

String

The process in which older structures or historic buildings are modernized, remodeled, or restored. Generally, the objective of renovation is to maintain or restore the basic plan and style of a building rather than to modify the original design by accretions or alterations, though new construction often accompanies restoration. Renovation is closely associated with urban renewal and may encompass the development of facilities to serve the community.

Subject

Number of Buildings

Decimal

The number of buildings/structures on the improved site.

Subject

Number of Stories

Integer

Number of above grade stories. If more than one building, state the max number of stories.

Subject

Number of Tenants

Integer

One who holds or possesses the leasehold interest real estate by any kind of right or title; commonly a person who occupies and uses the property of another under a lease.

Subject

Occupancy

Decimal

1. The relationship or ratio between the potential income from the currently rented units in a property and the income that would be received if all the units were occupied (i.e., economic occupancy). 2. The ratio of occupied space to total rentable space in a building (i.e., physical occupancy).

Subject

Construction Class

String

Class A, Class B, Class C, Class D, Class S. https://www.corelogic.com/intelligence/a-report-card-for-commercial-building-construction/

Subject

Real Estate Remaining Economic Life

Decimal

The estimated period over which existing improvements are expected to contribute economically to a property; an estimate of the number of years remaining in the economic life of a structure or structural components as of the effective date of the appraisal; used in the economic age-life method of estimating depreciation.

Subject

Building Class

String

For the purposes of comparison, office space is grouped into three classes: Class A, B, and C. These classes represent a subjective quality rating of buildings, which indicates the competitive ability of each building to attract similar types of tenants. Combinations of factors such as rent, building finishes, system standards and efficiency, building amenities, location or accessibility, and market perception are used as relative measures.

Geocode

Country

String

A nation with its own government, occupying a particular territory.

Geocode

Longitude

Decimal

The angular distance of a place east or west of the meridian at Greenwich, England, or west of the standard meridian of a celestial object, usually expressed in degrees and minutes.

Geocode

Latitude

Decimal

The angular distance of a place north or south of the earth's equator, or of a celestial object north or south of the celestial equator, usually expressed in degrees and minutes.

Valuation

Valuation Type

String

Valuation premise qualifier for valuation scenario - Ex: Market Value, Going Concern, etc. Ex: As Stabilized.

Valuation

Effective Date of Value

Date

Date when concluded valuation is in effect.

Valuation

Value Interest

String

Interest appraised for valuation scenario: An enforceable, legal claim to title of or interest in property. Ex: Leased Fee.

Valuation

Value Conclusion

Decimal

A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the value definition that is identified by the appraiser as applicable in an appraisal.

Valuation

Exposure Time

String

Assumed exposure time (in months). An opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.

Valuation

Marketing Time

String

Assumed marketing time (in months). An opinion of the amount of time to sell a property interest at the concluded market value or at a benchmark price during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which precedes the effective date of an appraisal.

Valuation

Sales Approach Value

Decimal

The process of deriving a value indication for the subject property by comparing sales of similar properties to the property being appraised, identifying appropriate units of comparison, and making adjustments to the sale prices (or unit prices, as appropriate) of the comparable properties based on relevant, market-derived elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant when an adequate supply of comparable sales is available.

Valuation

Income Approach Value

Decimal

Concluded valuation via the Income Approach, which may factor in DCF and/or Direct Capitalization Method Values.

Valuation

Cost Approach Value

Decimal

A set of procedures through which a value indication is derived for the fee simple estate by estimating the cost new as of the effective date of the appraisal to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive; deducting depreciation from the total cost; and adding the estimated land value. The contributory value of any site improvements that have not already been considered in the total cost can be added on a depreciated-cost basis. Adjustments may then be made to the indicated value of the fee simple estate in the subject property to reflect the value of the property rights being appraised.

Valuation

Replacement Cost Value

Decimal

The estimated cost to construct, at current prices as of a specific date, a substitute for a building or other improvements, using modern materials and current standards, design, and layout.

Valuation

Primary Land Value

Decimal

Concluded contributory value of primary land only.

Valuation

Excess Land Value

Decimal

Concluded contributory value of excess land.

Valuation

Rental Income

Decimal

Total amount of revenue from leased spaces or units.

Valuation

Other Income

Decimal

All income generated in the operation of the property that is not derived directly from space rental.

Valuation

Potential Gross Income

Decimal

The total income attributable to property at full occupancy before vacancy and operating expenses are deducted.

Valuation

Vacancy and Collection Loss

Decimal

A deduction from potential gross income (PGI) made to reflect income reductions due to vacancies, tenant turnover, and nonpayment of rent.

Valuation

Effective Gross Income

Decimal

Gross Rental Revenue plus other income items, less vacancy and collection loss

Valuation

Operating Expenses

Decimal

The sum of all fixed and variable operating expenses and the replacement allowance cited in the appraiser’s operating expense estimate.

Valuation

Net Operating Income

Decimal

Net operating income: EGI value - OpEx value.

Valuation

Direct Capitalization Cap Rate

Decimal

Cap rate (OAR, overall rate) applied to NOI projection to arrive at value under Direct Cap Method.

Valuation

Direct Capitalization Value

Decimal

A method used to convert an estimate of a single year’s income expectancy into an indication of value in one direct step, either by dividing the net income estimate by an appropriate capitalization rate or by multiplying the income estimate by an appropriate factor. Direct capitalization employs capitalization rates and multipliers extracted or developed from market data. Only one year’s income is used. Yield and value changes are implied, but not explicitly identified.

Valuation

Internal Rate of Return/Discount Rate

Decimal

Discount rate applied to projected cash flows under the DCF Method.

Valuation

Terminal Cap Rate

Decimal

Terminal cap rate applied to terminal cash flow projection under the DCF Method.

Valuation

Discounted Cash Flow Value

Decimal

The procedure in which a discount rate is applied to a set of projected income streams and a reversion. The analyst specifies the quantity, variability, timing, and duration of the income streams and the quantity and timing of the reversion, and discounts each to its present value at a specified yield rate.