Property Form For An Office Condo Appraisal?

[Greg Wasik]

I just received a request to do an appraisal of an office condo which is basically a office building where the individual suites have been sold out to the business owners. I know that one would appraise this exactly like if one was doing a residential condo. However, i can't figure out which form would be the proper one to use for this - if there even is one. Any help would be great. thanks!

 

[Mountain Man]

I don't use a "form" on commercial reports. It's easier and quicker for me to do a narrative and use spread sheets. But my residential software has some small commercial forms. Ya' might open 'em up, take a look, and see if they'll work for you.

 

[Greg Wasik]

yeah - i typically write mostly narrative reports, but some clients ask for forms sometimes. I'm not sure i could write a narrative appraisal for a property like this at a fee which would make the client happy.

 

[Steven Berg]

Hi

I use forms for small commercial stuff all the time. Are you familiar with the Uniform Commercial and Industrial Appraisal Report forms? If you came up through the residential ranks, you'll like them because you are already comfortable with checking off boxes and filling in blanks. There is a short form for simple/small properties and a long form for larger or complex properties. As for fee, I work in a pretty small area with ample comps; I can complete an office condo on a form in about 8 hours.

I guess you could use the FNMA condo form with a little additional narritive. The problem you'd have is that commercial condos sell on a per square foot basis and residential forms are set up to work off the actual sale price. The work-around might be to make whatever adjustment are appropriate, and then, in a narrative supplement, divide each sale's adjusted sale price by its SF to come up with the adjusted $/SF ... then reconcile from there.

Good luck

 

[Atlanta CG]

Small commercial form is the best and it can be tailored to fit the type of property you are appraising since it is designed to fit all manner of commercial types. However, if you do not have it in your software, (at least with ACI) you will have to purchase the module. A wise investment if you intend to continue with commercial properties.

 

[Walter Kirk]

Are there lots of very similar office condo units in the area? If there are you gan use a condo form with no problem. If there is a lack of such sales the only report format that I would use is a narrative.

 

[Greg Wasik]

thanks for the input guys.

My background is writing commercial narrative reports. But I do have Wintotal as well as some clients have requested a few reports specifically to be done on a form.

I was looking through all the available forms, and it seems to me that the UCIAR, as mentioned above, would be the best choice.

Walter - i did a comp search and there are sales of office condos in the area.

 

[Walter Kirk]

Greg,
Check out the comps thoroughly. If you don't find too many differences in use, fees, style and price the condo form will work.