Request for Proposals - Appraisal of IBM Complex

***Please see attached PDF for entire RFP Information Packet***

Professional Services Required

The Town of Poughkeepsie requires professional appraisal services to determine the current market value of two large industrial properties. The purpose of these appraisals is to obtain an independent, well-supported opinion of market value for assessment purposes.

The subject parcels are:

1. 6060-04-840280-0000 - 2455 South Road
2. 6060-02-820506-0000 -  477-708 Innovation Way

1. The appraisal should include:

• Property Identification and Inspection
• Full on-site inspection of both industrial properties, including interior and exterior review of all improvements, site characteristics, and functional utility.
• Verification of property details such as square footage, lot size building configuration, age, condition, and any recent capital improvements.

2. Market Analysis

• Research and analysis of the Poughkeepsie and broader Hudson Valley industrial real estate market, including supply and demand conditions, rental rates, vacancy levels, absorption trends, and capitalization rates.
• Identification and analysis of comparable industrial sales and leases to support valuation.

3. Valuation Approaches

• Application of the Sales Comparison Approach using recent comparable transactions.
• Application of the Income Capitalization Approach with market-supported rent, expense, and capitalization rates.
• Application of the Cost Approach, where appropriate, with consideration of land value and depreciation.

4. Reporting

• Preparation of a comprehensive appraisal report for each property compliant with the Uniform Standards of Professional Appraisal Practice (USPAP).
• Reports should provide a clear and defensible conclusion of market value for each property, supported by data, analysis, and professional judgement.

The final deliverables will consist of two independent appraisal reports, each presenting the market value of the subject property as of July 1, 2025. (Valuation date for May 1, 2026, Tentative Assessment.)