Appraisal

Glossary

An appraisal estimates a multifamily property's market value using income, expenses, market data, and comparable properties.

Definition

An appraisal is an estimate of a multifamily property's market value prepared by a qualified appraiser. It typically considers the property's income, expenses, market conditions, and comparable properties. For affordable housing, the appraisal may also evaluate restrictions, competing affordable supply, occupancy trends, transit access, and similar affordable-property comparables.

Example

Before refinancing a 250-unit community, the operations team reviews the rent roll, occupancy, concessions, operating expenses, and nearby comparable properties so the appraiser has accurate inputs for the valuation.

Why It Matters?

Appraisals influence financing, acquisitions, dispositions, and asset strategy because they connect day-to-day operating performance to property value. Clean operating data helps reduce valuation surprises and gives leaders a clearer view of how rents, expenses, occupancy, and market conditions affect the asset.

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