What aspect of properties is usually affected by going-concern value?

Going-concern value refers to the value of a property as a functioning business, rather than just its physical assets or land. This concept takes into account the income-generating potential of the property, which includes personal property and goodwill. Goodwill reflects the value of a business's reputation, customer base, and operational efficiencies that contribute to its profitability.

In the context of real estate, when evaluating going-concern value, it’s essential to consider how personal property (such as equipment, furniture, and fixtures) and goodwill together contribute to a business's overall value. This is particularly relevant for commercial properties, hospitality businesses, or any property that operates as a business entity. The ongoing operations and the established customer base create additional value beyond the mere bricks and mortar involved.

The other options, while related to property value considerations, do not capture the essence of going-concern value, which specifically focuses on how business operations enhance the property's value.