1.5.1.3. Ground Leases. In those rare circumstances when the property being appraised is under a long-term ground lease, the appraiser must analyze the lease and determine whether it is appropriate to use a direct capitalization of the ground lease to develop an opinion of the market value of the land. The appraiser must be able to identify comparable properties in the area that are subject to similar ground leases in order to ensure that the ground lease is a market rent, as well as adequate market data to support the selection of a capitalization rate. This procedure should be used to support a conclusion of land value developed by the sales comparison approach rather than as the only method used to develop an opinion of market value.