Mixed-Use Building Appraisal Services
Our firm has vast experience in the appraisal of mixed-use properties.
In real estate, the term "mixed use" property can have a number of different connotations, but in our area it most commonly refers to fairly small buildings which are combined commercial and residential use, usually a ground floor commercial retail space with second floor residential apartments. Mixed use may also be used to describe a single-family residence containing professional office space.
Mixed use is not used to describe larger apartment buildings with six or more units that also have commercial business units on the ground floor; these buildings are simply called apartment buildings with ground floor commercial. Mixed use is a term reserved for smaller buildings with two to four stories and a limited number of commercial and residential spaces.
A professional certification as a Certified General Real Estate Appraiser in the State of Illinois is a requisite for any appraiser to be qualified to appraise a mixed-use property. All of our appraisers hold this certification.
Our experienced commercial real estate appraisers are well equipped with the knowledge and the insight to provide you an accurate and credible appraisal for your mixed-use property, whether for financing, purchase, sale, litigation, estate planning, divorce, partnership disputes or dissolution. Our professional appraisals are valued by financial institutions large and small, as well as attorneys, accountants, local, state and federal tax agencies and the Illinois State courts, as well as individual owners and investors.
During your initial consultation, you and your appraiser will go over the details of the property and discuss the potential use of the appraisal, so that your appraiser can tailor his or her service to your particular circumstance and ensure that your needs are met. Afterwards, the property inspection will be scheduled.
Before the appraisal, you will need to provide some basic information about the property to your appraiser, including copies of tenant leases, a current rent roll showing square footage for each commercial unit and either the square footage or room counts of each residential unit, income and expense reports for the past two years and any statements of expense reimbursements to the owner by the commercial tenants.
Sales values for mixed use properties can vary widely, largely because many business owners place a high value on being able to combine their business and residence. Therefore, appraisers typically use both the income capitalization as well as the sales comparison methods for valuating mixed-use buildings. The chief factor in determining which approach is more appropriate is whether or not the building is tenant or owner-occupied.
We can deliver our research and analysis results to you via several different formats, depending on your budget and desired use of the appraisal. Regardless of the format, all of our reports conform to the Uniform Standards of Professional Appraisal Practice (USPAP) and are of the highest professional quality, adhering to all applicable local, state and federal appraisal guidelines and regulations.
Contact us today for a free consultation, and one of our mixed use property appraisal experts will be happy to discuss your individual needs and concerns.
- Property Valuation
- Market Value Appraisals
- Retrospective Value Appraisals
- Prospective Value Analysis
- Portfolio Valuation
- Appraisal Review
- Partial or Fractional Interest Valuation
- Consulting & Market Research
- Market Analysis
- Economic Analysis
- Feasibility Analysis
- Marketability Studies
- Absorption Studies
- Highest and Best Use Analysis
- Cost Benefit Analysis
- Cash Flow Modeling
- Developer Consulting
- Due Diligence
- Market Rent Studies
- Leased Fee & Leasehold Analysis
- Litigation Support
- Eminent Domain
- Environmentally Impaired
- Easement Valuations
- Expert Witness Testimony
- Mediation / Arbitration Support