A commercial appraisal typically takes 1 to 4 weeks, depending on the property type, size, and complexity of the appraisal. Here’s a simple breakdown:
| Factor | Typical Timeframe | Notes |
|---|---|---|
| Small commercial property (e.g., retail strip, small office) | 1–2 weeks | Less data and fewer comparable sales needed |
| Medium commercial property (e.g., mid-size office, industrial) | 2–3 weeks | More analysis required; may include income approach |
| Large or complex property (e.g., multi-tenant, mixed-use, special purpose) | 3–4+ weeks | Extensive data collection, tenant income verification, and detailed reporting |
Other things that can affect timing:
- Availability of property and financial records
- Appraiser workload
- Local market complexity
For simpler commercial properties, some appraisers can use a fast-track approach to complete an appraisal in about 5–7 days. Here’s how it usually works:
| Step | Fast-Track Approach | Typical Timeframe |
|---|---|---|
| Initial consultation & data gathering | Collect property details, lease info, and financials upfront | 1 day |
| Site visit | Quick inspection focusing on key features | 0.5–1 day |
| Market research & comparables | Use readily available comps; rely on recent sales | 1–2 days |
| Income/expense analysis (if applicable) | Use provided financials; skip extensive verification | 1 day |
| Drafting report | Streamlined report format | 1–2 days |
| Review & delivery | Final review and submission | 0.5 day |
Tips to speed up the process:
- Provide complete property records and financial statements upfront.
- Ensure access to the property for inspection without delays.
- Communicate clearly about deadlines with the appraiser.
- Limit complex valuation methods unless required by lenders or investors.
This fast-track approach works best for small to medium commercial properties. Large or complex properties usually still need the standard 3–4 weeks.
Related
Who pays for commercial appraisals?