The easiest way to determine the value of your property is to commission a commercial real estate appraiser. They go through a detailed process that determines the value of the property. Note that a large number of the appraisers derive value by estimating the rents that the property would collect if it was currently used for commercial purposes.
Appraisers are bound by a strict code of ethics that requires him/her to provide an unbiased opinion. However if you are seriously contemplating selling the property you should contact an attorney before you put it on the market. They will work with Title Insurance Agencies, real estate brokers, and appraisers to determine the right course of action for you. Furthermore they will insure that your best interests are always looked after. Hiring an attorney early, in real estate transactions, saves a lot of money and heartache in the long run.
Good Luck and please let me know if I can be of further help.
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Hire an appraiser or consult with a commercial real estate broker.
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You could get some idea by finding comparable properties on the same or neighboring streets and see if they recently sold and what they sold for. This would give you a ball park figure. Otherwise go to a broker and find out what they feel they could sell the property for. You could also poll your friends and family in the town. You'd be suprised what information people know in a small town like Lawrence.
You could pay for an appraiser, which would give you an idea of what a lender might give as a maximum mortgage against the property.
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You can pay for a written appraisal from a licensed appraiser or you can ask a local broker what it is worth.
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I have a good idea that nobody has said yet. Hire an appraiser.
My answer is for general purposes only and is not not intended to establish an attorney-client relationship, nor is it advice upon which you should act or rely. But, if you really want me to tell you something upon which you can actually rely: don't eat yellow snow.
Yes, you can get a formal appraisal from a licensed appraiser, but for the purposes you describe, I would suggest you go to at least 3 local real estate brokers and ask their opinions. They will generally give you their opinion for free because they want to get a listing on the property. Ask them about their experience in marketing similar properties and ask about comparable properties that have sold in your area in the recent past.
Don't finagle the truth when you're talking to the brokers. Honesty is the best policy.
My answer to your question is for general purposes only and does not establish an attorney-client relationship,