VALUING AIRCRAFT HANGARS: A Textbook for Real Estate Appraisers Theory, Practice, and Case Studies

Aircraft hangars are one of the most misunderstood asset classes in real estate. They look like warehouses, but they trade on entirely different fundamentals: aircraft capacity, airport ground leases, FAA grant assurances, and remaining lease terms that can render a structure nearly worthless to a buyer. Appraisers who apply standard industrial methods to hangars routinely produce values divorced from market reality, and the professional literature has offered them almost no guidance. Until now.Valuing Aircraft Hangars is the first comprehensive textbook devoted to this specialized appraisal challenge. Across five parts, it builds from market fundamentals and the regulatory framework through the central puzzle of airport real estate: nearly every hangar sits on government-owned land under a ground lease, creating layered property rights that confuse buyers, lenders, assessors, and even seasoned appraisers. Readers will learn to abstract airport leases, distinguish leasehold from leased fee interests, and adapt the cost, sales comparison, and income approaches to a market where comparable data is scarce and use restrictions define value rather than limit it.Written for practicing appraisers, students, airport authorities, lenders, FBO operators, and attorneys, the book pairs rigorous theory with realistic case studies, problem sets, and discussion questions in every chapter. Whether you are setting fair market rent for a municipal airport, underwriting a leasehold loan, or defending a valuation in a tax appeal or condemnation proceeding, this is the reference the profession has been missing. Read more