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Commercial Property Appraisal Form

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Commercial Property Appraisal Form Powered By Docstoc
					This document sets forth the framework for an appraisal to be performed on commercial
property. An appraisal may be necessary for many reasons, such as: obtaining initial or
further financing for the property, ascertaining the market value of the property, or for
resale purposes or corporate valuation purposes. This form would best be used by a
qualified appraiser or a commercial property owner as a reference to begin the appraisal
process.
                                    Commercial Property Appraisal Form

                                           Summary of Important Facts
Valuation Date:
Property Location:
Property Legal Description:
Property Land Use Classification:
Land Area:
Building Size:

Estimate of Vacant Land Value:
Value by Cost Approach:
Value by Income Approach:
Value by Direct Sales Comparison Approach:
Final Valuation Estimate:
______________________________________________________________________________
Property Information
Property Location:
Property Legal Description:
Attach additional descriptors as addenda, check applicable:
___ Photographs of Property ___ Photographs of surrounding street/neighborhood
___ Map of Property                  ___ Plot plan or survey
___ Unit Floor Plan                  ___ Appraiser Qualifications
___ Certified Rent Roll              ___ Lease Analysis
___ Owner’s Income and Expense Statement
___ Other (please describe briefly____________________________________)
Permitted Uses:
Utilities Present:
Ingress and Egress:
Storm Sewer:
Gutters/Curbs:
Streets:
Topography:
Flood and Drainage Conditions:

Improvements Information
Description of Current Improvements:
Number of Buildings:
Size of Each:
Type of Building:
Elevator/Walk Up:
Structural System:
HVAC System:
Supplemental HVAC:
Other Heat Source, if any:
Insulation:


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Security Features:
Plumbing System:
Electrical System:
Supplemental Electrical System:
Finishes (describe overall quality, age):
Fixtures (describe overall quality, age)
Overall Building Appeal:
Any anticipated Repairs:
Other:

Fixtures Information:
Machinery (describe, include overall quality, age):
Equipment (describe, include overall quality, age):\
Landscaping:
Signs:
Exterior Lighting:
Parking Improvements:

Neighborhood Information
Neighborhood Location (urban, suburban, rural):
Level of Build Up (Percentage):
Present Land Use:
Likelihood of Change in Land Use:
Property Values (rising, falling, stable) Also state unusual market conditions that may affect
same):
Housing Supply/Demand (in balance, shortage, oversupply):
Occupancy (Owner Occupied, Vacant, Landlord/Tenant, Commercial Tenant):
Estimated Vacancy Percentage:
Typical Property Ownership Structure:
Typical Property Size:
Adequacy of Utility provision:
Adequacy of Emergency Services:
Accessibility (to Transportation (all modes), facilities):
Describe any incompatible land uses, overall neighborhood maintenance:
Other:
Describe potential for additional build up:

Comparable Data
[Comment: This section will need to be drafted based upon the type of commercial property
being appraised, as commercial rentals will necessarily have a different type of comparable
than, for instance, an appraisal for industrial sale purposes.]

Valuation by Cost Approach

Valuation by Income Approach



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Valuation by Direct Sales Comparison Approach

[Comment: The valuation methods will need to be drafted based upon the specific site and
improvements being appraised, as the neighborhood composition will be inherently
varied.]



PURPOSE OF THE APPRAISAL REPORT
The purpose of this appraisal report is to estimate the “Market Value” of the subject property, as
of the effective appraisal date.

EFFECTIVE DATE
The effective date of this appraisal report is _____ [Instruction: Insert appraisal date.].

DEFINITION OF MARKET VALUE
“Market Value” is defined as the estimated highest monetary price a subject property would be
expected to realize if offered for sale on the open market, allowing a reasonable time to find a
purchaser who buys with the full knowledge of all the uses to which it is adapted and for which it
is capable of being used.

PROPERTY RIGHTS APPRAISED
The property rights appraised in this report are in “fee simple”, which is defined as the greatest
interest an individual can own in a property and is subject only to the governmental powers of
taxation, expropriation, escheat, and police powers. Any other type of property rights are not
estimated herein.

CONTINGENT AND LIMITING CONDITIONS
The legal description as shown is assumed to be correct. No responsibility is assumed for matters
legal in nature, nor is an opinion rendered as to the title, which is assumed to be good.

Information furnished by others is believed to be reliable but cannot be guaranteed.

Any sketches in this report are included to assist the reader in visualizing the property. No
[survey/real property report] has been made of the
				
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Description: This document sets forth the framework for an appraisal to be performed on commercial property. An appraisal may be necessary for many reasons, such as: obtaining initial or further financing for the property, ascertaining the market value of the property, or for resale purposes or corporate valuation purposes. This form would best be used by a qualified appraiser or a commercial property owner as a reference to begin the appraisal process.