[nemo44x]

Structures don’t necessarily depreciate in value over time if maintained. The costs of materials and labor increase allowing an existing structure to maintain value and appreciate. Have you seen how much a 2x4 costs today? $8! When my home was built that piece of wood cost 5 cents.

So the value of the structure is what it would cost in terms of parts and labor today minus existing wear-and-tear and needed repairs. Of course maintaining the structure probably eats up any potential profit over time on the structure itself while the land appreciates indefinitely.

However in many places the land is worth far more than the structure.

[hnnameblah365]

The other way I thought of that the building itself appreciates is if the craftsmanship style becomes antique or vintage down the line. Or the architect becomes notable, etc.