The main purpose of a commercial appraisal is to estimate the market value of real estate. A commercial appraisal may be used for acquisition, disposition, internal decision making, mortgage underwriting, estate planning, estate taxes and eminent domain.
Banks may need a commercial appraisal to assist in the valuation of commercial real estate that will be the collateral for the mortgage loan. A developer, investor or an owner may want a commercial appraisal that will help with an educated and intelligent decision to complete the transaction. The goal of the commercial appraiser is to provide a commercial appraisal that is of high quality and supported with excellent data.
Commercial Appraisal Property Types
My experience in appraising property types is diverse as I specialized in eminent domain appraisal for several years. During that time I worked on road widening projects throughout the state of Florida. Property types include office (single user, multi-tenant); retail (single user, multi-tenant, big box, power centers, restaurant, gas station/convenience store/retail petroleum facilities); hotels; mobile home parks; daycare facilities; apartment; industrial (warehouse/distribution, flex, manufacturing, cold storage); churches and specialty property uses. Some of the specialty uses or properties include the appraisal of billboards, wetlands, land leases and easements.
Commercial Appraisal Coverage Area
The commercial appraisal area I cover is North Florida. This includes the entire Jacksonville MSA (Baker County, Clay County, Duval County, Nassau County and St. Johns County). Also includes surrounding counties (Putnam County, Palatka; Flagler County, Palm Coast and Alachua County, Gainesville), parts of South Georgia and west to Leon County (Tallahassee) and counties between. Please see coverage area page for more information. Contact commercial Florida property appraiser Nick Chop.
Commercial Appraisal Articles
Eminent domain is the government right to acquire property. There are limits of this power and is addressed within The Fifth Amendment. At the end of the last sentence, “…nor shall private property be taken for public use, without just compensation.” indicates it must be for a public use and the owner will be compensated. The power may be delegated to private corporations, such as public utilities, railroad and other companies that promote a valid public purpose. Eminent domain appraisal is considered a specialty area of appraising. See article for more.