7.7.11 Project Location, Amenities, and Other Factors

A. Consider the subject location relative to distance from shopping, recreational, social, medical and employment centers, neighborhood desirability, transportation, special hazards, and nuisances.

1. “Other” items that may be considered include, but are not limited to, the following:

   • Livability – reflect good or poor unit design and configuration, including room sizes, layout, adequacy of closets, lighting, elevators, and laundry facilities, etc.

• Condition of improvements – reflect lack of maintenance, soundproofing, etc.

• Parking – reflect parking rates, adequacy of parking for visitors, proximity of parking to the units, inclusion/exclusion of parking space with unit rental, etc.

• Project density – consider open space or crowding of units, if the degree of either is such that it would affect the level of attainable rental.

• Unit location – reflect features of location of a unit within the project, such as view, proximity to swimming pool, tennis, or other recreational facility, and/or other similar factors.

2. Generally, only high-rise elevator comparables are to be compared with a subject elevator high-rise proposal. Mid-floor level rents of the comparables are compared with the mid-floor level of the subject project. Rent adjustments for heights of the comparables above and below the mid-floor level of the subject also must be made, as indicated by the market.