Granby commercial values

Granby carries a population of 69,025 and an estimated 1,900 commercial buildings, which works out to 27.5 commercial buildings for every thousand residents. Valulor classifies it as a tier 3 market, meaning it behaves as a tertiary market priced by local owner-operators rather than by fund mandates. That classification is not cosmetic: it decides which asset classes get a published Granby page at all, how wide the cap-rate band around a Granby valuation should be, and how much weight a single Granby transaction is allowed to carry when the band is next revised.

Because Granby trades at an average deal size of $1,600,000, its pricing is set by a bounded group of repeat buyers rather than by a broad auction. Valulor reflects that by publishing 2 bands specific to Granby and refusing to widen or narrow them to match a Quebec aggregate that includes markets with a different buyer profile.

A Granby valuation on Valulor always resolves to a range, never to a single number. With 2 bands live for this market, the tool applies the band that matches your asset class, then reports the low, mid and high value that your net operating income supports in Granby. Every point of cap rate is worth roughly $2,381 of value on a $1,600,000 Granby deal, which is the single best argument for arguing the band rather than accepting the midpoint.

Across the 2 asset classes Valulor publishes for Granby, multi-residential prices tightest at a mid of 6.45% inside a 5.75% to 7.29% band, and industrial prices widest at a mid of 6.99% inside 6.29% to 7.83%. The distance between those two midpoints is 54 basis points, and that number is the most useful single description of the Granby risk curve.

Read the 54 basis point gap as a liquidity charge. In Granby, industrial needs to clear at a mid of 6.99% precisely because the buyer pool for it is thinner than the pool bidding multi-residential at 6.45%, and a thinner pool shows up as a wider band before it ever shows up as a lower price.

Every Granby band carries its own provenance flag. A band marked modelled is a baseline derived from the Granby cap-rate seed and tier and is clearly labelled as such; it is not a claim about a transaction that happened. When a real Granby comparable is verified and promoted, it overwrites the modelled baseline for that asset class and the band is re-cut with the observation count attached. Valulor will not print a Granby yield without saying where it came from.

Cap rates value income; price per square foot values the building. In Granby, the published range runs from $173 per square foot for industrial to $225 per square foot for multi-residential. Anyone underwriting a Granby asset should test both views: a price that looks fair on yield and unfair on a per-square-foot basis usually means the rent roll is carrying risk the cap rate has not priced.

Marketing time is the second half of that picture. Industrial takes the longest to clear in Granby at 115 days on market, which is the practical reason a Granby seller who needs certainty of close accepts a number below the band mid.

Replacement cost is the boundary condition on all of this. When a Granby building trades meaningfully below what it costs to build the same envelope here, new supply stops and the existing stock of 1,900 buildings gains pricing power over the following cycle.

Valulor tracks 6 lenders active against Granby's 1,900 commercial buildings, producing a Lender Density Score of 32. Expressed differently, there is roughly one tracked Granby lender for every 317 commercial buildings in the market. Density is a valuation input, not a footnote: markets where the score is low price wider because a single lender withdrawing changes the clearing price.

A Granby density score of 32 means the financing market is quotable but not commoditised. With 6 lenders tracked here, the realistic outcome is three or four genuine quotes on a $1,600,000 deal, and the pricing difference between them is material enough to change the equity return.

The financing side also explains why Granby bands widen at the bottom of the market rather than at the top. When credit tightens, the Granby buyer who needed 65 percent leverage disappears before the buyer who needed 50 percent does, and the marginal bid that used to set the Granby price is the one that goes missing. That is why Valulor publishes a low, mid and high for every Granby asset class instead of a point estimate.

Valulor publishes 24 Quebec markets, and Granby should be read against them rather than in isolation. The nearest comparison set includes Montreal (tier 1), Quebec City (tier 1), Laval (tier 2), Gatineau (tier 2). Montreal is the largest Quebec market on the roster at 1,762,949 residents, and the yield distance between it and Granby is the clearest measure of what tier really costs a seller here.

Use the Quebec set as a discipline check. A Granby number that only makes sense when compared with the province's largest market, and not with the markets of similar size, is usually a number that has borrowed someone else's liquidity.

Tier discipline runs through this comparison. Tier 3 Quebec markets carry anchor asset classes only, because Valulor will not publish an office or hospitality page for a market that cannot support a defensible band. Granby is one of those markets: it publishes anchor classes and nothing more.

Start with net operating income, not with the asking price. Enter the Granby asset's stabilised NOI into the valuator, select the asset class, and read the three values the Granby band produces. The mid is the number to negotiate from; the low and high are the numbers to justify. On an average Granby deal of $1,600,000, the difference between the low and high value is the entire negotiation.

Next, normalise the NOI. A Granby rent roll that omits a reserve or carries a below-market management fee will produce a value that no Granby lender will fund, and the gap only appears at the appraisal stage when it is expensive.

Finally, carry the result forward. The valuation you build for a Granby asset travels with you across the network as a shared deal object, so the value, NOI, gross floor area, asset class and the granby-qc market tag are already filled in on the next tool you open. Nothing is stored and no account is created — the Granby deal lives in the link.

Not advice — Valulor is a data publisher. Every figure here is an indicated value produced by published capitalisation math from inputs you supply — not an AACI, MAI or otherwise accredited opinion of value, not an appraisal, and not advice. Lenders, courts and tax authorities require an appraisal from a licensed appraiser; confirm any number here before you rely on it. About Valulor