More often than not, people outside the commercial real estate industry are not familiar with differences between a commercial and residential appraisal. Typically a residential appraisal is completed on a standardized form whereas most commercial appraisals are narrative style reports and are unique to the individual property. In addition, the turn around time of commercial appraisal is much longer than that of a single-family dwelling. Although it varies from appraisal to appraisal, most commercial appraisals can take anywhere from two weeks to four weeks to complete. Commercial appraisal reports feature detailed site and building improvements, diagrams & sketches, sales history & ownership, zoning information, regional and market area descriptions, economic life analysis, market analysis, broker interviews, detailed highest & best use as vacant and improved, detailed valuation analysis, rent and sale comparables, expense comparables, cap rate comparables, adjustment grids and more.
The costs of commercial appraisal reports also vary greatly from those of one-to-four family dwellings. A standard commercial appraisal can range anywhere from $1,000 to $5,000 dependent on a wide variety of variables. such as the complexity of the assignment, availability of data, scope of work, etc.
We at Sunrise Appraisal Group take great pride in the aesthetics of our reports, fair pricing, quick turn-times, but most of all we feel we separate ourselves from others with our extensive research process which ensures our client that they are getting a report which the most up-to-date and accurate data available!