Commercial Property Appraisal Cincinnati

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Commercial Property Appraisal Cincinnati

Cincinnati’s residential property market has been making quite a bit of headlines lately. As recently reported by both Re/Max and the Cincinnati Enquirer, Cincinnati ranks #2 for fastest home sales in the country; last year, they rose up to 11% to hit a record $290,000 median price.

Evidently, Cincinnati homes are selling like hotcakes, but how does the city’s commercial real estate market compare? Well, the future’s pretty bright in that realm as well: a report by the Cincinnati Regional Chamber projected almost 1.16 million new jobs to spring up before 2028.

That’s considerably more job growth than the previous decade, and considerable business growth is bound to follow suit. But if you’re a current or potential future business owner in the Cincinnati Metropolitan Area, how should you go about assessing this total value?

How can you perform an effective valuation of the commercial property or properties that make up your business? If you haven’t already, then keep reading to learn why you should arrange a thorough commercial property appraisal with an experienced, focused, and reputable appraiser.

Why Conduct A Commercial Property Appraisal?

There are a variety of reasons why a commercial property owner should consider having a commercial property valuation or appraisal, including (but not limited to):

  • Helping along with tax assessments, business dissolutions, and lease negotiations
  • Aiding in mergers, acquisitions, dissolutions, stock issuances, and book value revisions
  • Helping underwriters, client counsel, zoning boards, and development planners
  • Assessing damages or losses to your property
  • Assessing the possibility of renovations or expansions

To ensure the smoothest possible sailing, it helps to move through the clearest, least foggy skies possible. A commercial property valuation can lend an essential hand in wading through that fog, no matter what you’re planning for the future of your business. 

There are three “C” approaches you can take toward appraising a commercial property’s value:

  1. The Cost Approach: This approach equates the material cost of an existing commercial property’s value relative to what a new replica of that property would cost.
  2. The Comparison Approach: As the name implies, this type of appraisal involves comparing the existing property with similar properties. Important factors that’ll be taken into account when comparing include locations, floor plans, property condition, and the surrounding areas at large.
  3. The Capitalization Approach: Capitalization involves estimating the income that commercial property will generate over the course of its use. This estimation is made by accounting for pre-existing net income, budgeting, underlying costs, and other factors.

Regardless of which approach you take toward performing your appraisal, it’s essential to understand your property’s wholesale valuation, and it’s essential that you do so comprehensively. 

How Do You Conduct A Commercial Property Appraisal?

While we outlined three different approaches an appraiser might take, all of these approaches generally adhere to the same three simple steps:

  1. The appraiser will account for the characteristics, intended use, conditions, and potential problems (if there are any) associated with the property.
  2. The appraiser expands their scope to account for market data, property data, the surrounding area, and any other relevant information.
  3. Once all of these factors have been accounted for, the appraiser will then come to a final valuation and create a more detailed appraisal report.

Although this sounds very straightforward, this is an intricate, prolonged process that may take an appraiser several days or weeks to complete. The size and scope of your property will affect the size and scope of your appraisal process, and it may also affect the final fee you’ll have to pay your appraiser. 

Commercial property appraisals will usually run between $2,000-$5,000 on average, so you’ll want to make sure that you’re having it done by the best appraiser(s) money can buy. 

Get The Right Commercial Property Appraisal With Allstate Appraisal!

For over 60 years, our nationwide appraisers have had a long, storied history delivering reliable and timely valuation services across the country. We prioritize quality above all else, as well as your utmost satisfaction. 

Out of all of the active appraisal companies today, only 3% have successfully run as long as we have, and who can go wrong with results that have been tried and true over six decades?

Get in touch with us to learn more and place an appraisal order today!

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