Apartment appraisals is a category that includes the properties as small as a duplex up to a large apartment complex with an on-site management office and full-time maintenance staff. Because the most probable buyer of these properties being an investor looking to generate income, the Income Approach to value is developed and given significant consideration. The owner will typically provide a rent roll specifying the rent for each unit as well as expenses. These will include items like insurance, utilities, and maintenance. We have Certified General Appraisers that are well qualified to appraise all types of apartment buildings.
Industrial properties can include categories such as Heavy Manufacturing, Light Assembly, Flex Warehouse, Bulk Warehouse, etc. Heavy Manufacturing often includes customized machinery for the end user that would require substantial renovation to re-purpose for another tenant. Light Assembly are typically smaller and are more easily reconfigured with uses like product assembly and storage. Flex Warehouse is also easily converted and is typically comprised of industrial and office space. Bulk Warehouse are very large properties that are often used as regional distribution centers and require close proximity to highways and large truck access.
The Special Purpose category includes a variety of "other" types of real estate that is appraised by commercial appraisers. Some examples of properties that would fall into this category include religious properties, theme parks, bowling alleys, movie theaters, car washes, golf courses, etc.
This describes any property that has more than one use. For example, it could be a downtown Chicago commercial building with residential apartments or a Lincoln Park mid rise building with retail spaces on the ground floor and condos on floors 2-4. These are very common in the Chicago market and you can be assured that we have the experience and the expertise to produce a credible, well-supported appraisal report that you can rely on.
Office buildings are typically categorized into Class A, B, or C. While these classifications are relative, Class A would be considered to be superior in terms of quality of construction as well as location and Class C would be inferior. There are Central Business District type buildings like you would find downtown Chicago and there are suburban office buildings that include larger office parks that include several mid rise buildings that are set up in a campus-like setting.
Vacant land appraisals can be completed on underdeveloped land in the suburbs like farm or pastures. Due to the Chicago area having very little of this type of land, it is more common to have land appraisal completed on infill lots. These are lots in already established neighborhoods where there may be some tear down activity due to the rising demand for new construction.