Hi, I need a help on assessing a commercial property value without comps. The property is in NY state, not rural area, but since there is no similar properties nearby, no comps available. Or I just don't know how to get the comps. Appraiser is asking me for 3 comps. :)
Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
5y
"The property is in NY state, not rural area, but since there is no similar properties nearby, no comps available. Or I just don't know how to get the comps. Appraiser is asking me for 3 comps. :)"
The appraiser is asking you for comps? That's unusual.
Real Estate Broker · Los Angeles, CA · Member since 2020 · 46 posts · 18 votes
5y
@Lina Choi asset type would be helpful, but use some different methods - define the competitive set / ie what are similar properties listed for. What is the income, or would it be if leased / apply a market cap rate. If this is MF, what is the price per door?
I usually use 2 or 3 methodologies. The appraiser is going to need the comps though... call local brokers, see what you can dig up.