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recreational conveniences of the house. He is equally <br /> concerned with the location and neighborhood, including the <br /> proximity to and the quality of schools, public <br /> transportation, and recreational and shopping facilities. <br /> In addition to the residential amenities, the buyer of <br /> agricultural property is also interested in the <br /> productive capacity of the land, the accessibility to the <br /> market place, and the condition and utility value of the <br /> farm buildings and structures on the land. <br /> The typical buyer of commercial property including <br /> warehousing and certain light industrial plants, is <br /> primarily concerned with its capacity to produce rent. He <br /> will be especially interested in the age, design and <br /> structural quality and condition of the improvements, the <br /> parking facilities, and the location relative to <br /> transportation, labor markets, material source, material <br /> market and trade centers. <br /> In applying the market data approach to <br /> commercial/industrial property, the appraiser will generally <br /> find it difficult to locate a sufficient number of <br /> comparable sales, especially of properties which are truly <br /> comparable in their entirety. He will, therefore, generally <br /> find it necessary to select smaller units of comparison such <br /> as price per square foot, per unit, per room, etc. In doing <br /> so he must exercise great care in selecting a unit of <br /> comparison that represents a logical common denominator for <br /> the properties being compared. A unit of comparison which <br /> is commonly used and proven to be fairly effective is the <br /> Gross Rent Multiplier, generally referred to as G.R.M. , <br /> which is derived by dividing the gross annual income into <br /> the sales price. Using such units of comparison enables the <br /> appraiser to compare two properties which are similar in use <br /> and structural features, but differ significantly in size <br /> and other characteristics. <br /> Having selected the major factors of comparison, it remains <br /> for the appraiser to adjust each of the factors to the <br /> subject property. In comparing the site he must make <br /> adjustments for significant variations in size, shape, <br /> topography and land improvements. In comparing the <br /> structures, he must make similar adjustment of size, <br /> quality, design, condition, and significant structural and <br /> mechanical components. The adjusted selling prices of the <br />