What should I expect to pay for an appraisal on an 8 unit property?? The bank said it could be anywhere from $1500-$4000. Weird that the bank can't tell me how much it will be until it comes back but $4k seems super high. Thoughts??
A commercial appraisal will cost anywhere from $2,000 to $5,000 dollars. The fee is based on the scope of work, property type, location, and timing, and your region. Commercial appraisals are usually much larger reports running up to 50-100 pages. The report covers much more than a residential appraisal and involves much more research and analysis.
@Christopher Phillips Thank you for the reply, that makes sense. I didn't realize it was that much more involved than a normal residential appraisal.