We have many clients requesting appraisals of residential apartment buildings. When an apartment building contains more than 5 unit, a commercial appraisal is required. Residential appraisers are not licensed to appraise 5+ apartments for federally insured loans. The vast majority of apartment appraisals include properties ranging from 5 to 50 units. However, we have appraised apartment buildings up to 250 units. These appraisals include form report and narrative reports. Building types include low-rise, mid-rise, high-rise, garden style. Within these properties types include low-income housing, subsidized housing, Section 8 housing. Apartment buildings are either master metered buildings, separately metered buildings. Historical and current operating income and expense data provided by the owner, or property manager ,is needed to determine the income stream, vacancy, as well as other income related data for an accurate appraisal.
