Purchased by local investors and often leased to non-credit
tenants - "ma and pa" operators, neighborhood commercial properties
require the local expertise of full time experts in the marketplace.
Appraisals include 5-100 unit apartment buildings, storefronts
and mixed use buildings, retail stores, restaurants, small industrial
facilities, churches, gas stations and schools.
Know the Neighborhood
Several of our professional staff are dedicated to the valuation
of neighborhood level projects – properties whose values are driven
by the immediate surrounding area rather than a region or national
influence. The properties are most often purchased by local investors
for either owner occupancy or leased to non-credit tenants –
“ma and pa” operators. This level of real estate provides
unique challenges since the influences on value can vary from block
to block within a given community area. Knowing the neighborhood
critical to the analysis.
Property Types and Geographic Coverage
Projects typically include apartment buildings under 100 units,
mixed use buildings with storefronts on the first floor and dwelling
units above, single story retail buildings and small business industrial
facilities. A variety of special use properties fall into this mix
including churches, restaurants, car wash facilities and schools.
Unlike our institutional quality asset geographic coverage area
which is national in scope, for neighborhood properties we are focused
on the city of Chicago and the MSA at large.
We have extensive experience with multi-family projects proposed
for rehab where looking beyond past property operations is critical
to the analysis. Our geographic coverage includes the more modest
neighborhoods where Section 8 or Low Income Housing Tax Credit properties
are the norm as well as higher priced markets where virtually every
apartment building is being converted to condominium ownership.
Not only does Appraisal Research Counselors provide the higher end
consulting and appraisal services for large-scale condominium projects,
we also have extensive experience with neighborhood conversions
with as few as 3 to 6 dwelling units.
Turn around, Fee, Reporting Options
For smaller projects, we recognize that not only is an understanding
of the local markets a high priority, but these assignments must
be turned around quickly and in a cost effective manner. Our staffing
with geographic and property type specialization make this possible.
Reports vary based on client needs and can include either a summary
or self-contained format with many residential projects completed
on the 71A (8 page) and 71B (4 page) forms.