Special-Purpose Property Law and Legal Definition
Special purpose property refers to property that is appropriate for one type of use or limited use. This type of property has unique design or layout, uses special construction materials, or other features that limit the property's utility for purposes other than the one for which it was built. It can be a building with limited uses and marketability, such as a church, theater, school, or public utility. As the property is of a specialized nature, the market for the property may also be quite limited. This is also known as limited-market property or special-design property.