Appraising a commercial property takes between 2-4 weeks, depending on several factors. During that time, we conduct research on the property by reviewing deeds, flood plain information, the town assessor’s records, surveys, and other legal documents. One of our licensed appraisers visits the property to take exterior and interior photographs and sometimes measures the property. We also conduct research into comparable sales and prepare a report about the local property market.
We will ask you to submit information about the property being appraised, such as:
- Purchase & Sale Agreement
- Rent Roll
- Information about recent repairs
- We set up a mutually-convenient time to visit the property.
- At that time, our state licensed staff appraiser takes interior and exterior photos and asks a lot of questions.
- The current property owner or agent of that owner should be present at the site visit.
Research & Comparables
Based on the information we gain during the site visit,
- We also look up all the legal documents related to the property.
- We create a map of the subject site to determine land area and a sketch of the building toi determine GBA.
- We identify comparable properties that have sold in the recent past in the general vicinity of the property being appraised.
- We analyze the rent roll and any other information about income generated by the property.
- We conduct a rental survey which shows prevailing rents and terms in the area.
- We analyze national and regional data to arrive at an appraised value
Depending upon your needs or the needs of the lender (for a purchase or refinance appraisal), we complete and submit the appraisal report.
- Full Narrative Report: the most comprehensive report with detailed Sales Comparison and Income Approaches. About 75-100 pages.
- Restricted Use: used for internal business decisions, not for use by a conventional lender. About 45 pages.
- Retrospective Restricted Use: used for tax purposes when an owner has died and the value at the date of death is required. About 45 pages.
71B: Form report for small apartment complexes. About 25 pages.
COMMERCIAL APPRAISAL SERVICES
At Daly Appraisal Services, we appraise different types of commercial properties for a variety of purposes in Massachusetts. Our expert team has widespread experience appraising properties of all sizes and is prepared to provide you with the true value of your commercial property.
What We Appraise:
● Apartment complexes
● Mixed-use buildings
● Office buildings
● Industrial warehouses, factories, and distribution centers
● Retail plazas
● Recreational buildings
● Residential and commercial land
● Condominium complexes
● Residential subdivisions
● Special purpose buildings
Various appraisal purposes include:
● Financing / refinancing
● Property tax assessment review and appeals
● Litigation support
● Arbitration / mediation
● Sale price determination
● Financial reporting
● Buy / sell agreements
● Loss in value estimate
● Foreclosure asset evaluation
Our goal is to provide you with the highest quality commercial appraisals in a timely manner. Our commercial clients include banks and private lenders, investors, municipalities and government agencies, developers and property owners, accounting firms, attorneys and realtors.
Our service area covers all of Massachusetts including but not limited to the Boston, Worcester, Springfield regions. Contact our team to discuss your needs and get a quote.