Cost of Appraisal for 5-Unit Rental Property

[Jerah Yassine]

I inherited a 5-unit property from my dad who passed away in January. I need to get the property appraised for the estate using the IRS value as of date of death. I received a quote for the appraisal for $2,000. Does this seem reasonable? The property is located in South Lake Tahoe, CA, since I know costs for these kinds of things can vary by market. I'm having a bit of sticker shock, and this is all new to me, so I don't know what's the "expected" price.

Thanks! ~Jerah

[Jeff Copeland]

That sounds about right. Commercial appraisals are much more expensive than residential.