Hiring a CRE Appraiser for single tenant NNN property

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Hiring a CRE Appraiser for single tenant NNN property

Jean H.
Chicago · Member since 2017 · 44 posts · 9 votes

Hello, I am looking to hire a CRE appraiser for a couple single tenant NNN properties for estate planning purposes.

Couple of questions:

  1. How much does this typically cost?
  2. Is it better to hire a national firm like a CBRE or a local firm?
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  • William WhitleyBusiness Member
    Accountant · TN · Member since 2025 · 144 posts · 91 votes
    1y

    Good morning, Gene,

    Appraisal fees vary depending on the market and complexity of the assignment. Most commercial appraisal firms who provide appraisal services for single unit NNN properties would be willing to provide you a fee quote if you reach out to them, and provide property information, and explain what you are looking for.

    You can find qualified commercial appraisers by going to The Appraisal Institute website and looking up appraisers.

    https://www.appraisalinstitute.org/

    You don't necessarily need a national firm, though they are usually well qualified to provide appraisal services for single unit NNN properties. However, there are qualified commercial appraisers who own and operate smaller firms as well. Many of these commercial appraisers hold the MAI designation from the Appraisal Institute.

    I hope that helps. 

    Accountable Balance Bookkeeping, LLC
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  • Ronald RohdePro Member
    Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
    1y
    Quote from @Jean H.:

    Hello, I am looking to hire a CRE appraiser for a couple single tenant NNN properties for estate planning purposes.

    Couple of questions:

    1. How much does this typically cost?
    2. Is it better to hire a national firm like a CBRE or a local firm?

     Are you looking for an appraisal or  broker opinion of value? Two different things.

    If BOV, can be free or sub $1k, if appraisal can be $2-5k depending on the size of the asset.

    What is range of value? Type of lease? Do you have the age and model of all equipment, roof, plumbing, etc?

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