Which of the following properties is NOT likely to have intangibles affecting its appraisal?

The correct choice is the 40,000 square foot multi-tenant neighborhood shopping center, as it is less likely to have significant intangible assets affecting its appraisal. Intangible assets, such as brand reputation, operational efficiencies, and customer loyalty, tend to have a more pronounced impact in industries where the business operation fundamentally influences the property's value, such as in specialized facilities or businesses.

For example, the bar/restaurant and banquet facility and the operating hotel rely heavily on their operations, service quality, and branding, which are inherently tied to client experience and business performance. These factors can lead to a significant amount of goodwill being considered in the appraisal process. Similarly, the 700-acre operating horse ranch involves unique business operations that contribute to the value, such as breeding programs or public events, again emphasizing the importance of intangible factors.

In contrast, a multi-tenant shopping center generally has a more straightforward value determined by its physical attributes, such as location, size, and rental income, rather than complex intangible aspects. While it may still have some intangible value, it is typically minimal compared to that of the other property types considered, making it less susceptible to fluctuations based on intangible elements.