Chicago Commercial Real Estate Appraisers

appraisals for commercial real estate

Small-business owners who want an accurate assessment of commercial real estate may find the process vastly different from residential appraisers.

The main difference is that commercial real estate appraisals are more subjective, primarily based on the rental rates compared to the overall expenses paid.

The Process

The commercial real estate appraisal process is also often longer, requiring research regarding zoning and public ownership, lifestyle and demographic information, and compiling of rental, sales, and replacement costs.

Rick Hiton & Associates can provide an accurate and efficient appraisal for many different types of commercial properties.

Professional Industrial Building Appraisals

We offer professional appraisals for a variety of industrial properties including facilities for light assembly, flex or bulk warehouses, heavy manufacturing, and more. Certain industrial properties require more time for an appraisal than others.

For example, bulk warehouses are typically larger properties that consist of areas for truck access, while light assembly facilities are usually smaller.

Chicago, IL Office Buildings

Like industrial buildings, office buildings vary in type and size. The three main types of office buildings are categorized into classes A, B, and C. Class A buildings are considered superior in construction quality along with location, while Class C buildings are inferior in these respects.

Appraisals for these properties can vary largely based on whether a property is located in an urban, suburban, or rural location.

Apartment Buildings

Small and large apartment complexes can undergo commercial real estate appraisals, based on several different factors that are unique to these types of buildings. Owners are required to specify the rent for each individual unit and expenses, along with other items such as utilities, maintenance, and insurance.

Our commercial real estate consultants can help organize each of these aspects in an accurate appraisal.

Vacant Land

Commercial real estate appraisals are also completed on vacant spaces, including pastures and farms. In busy cities such as Chicago, these types of land appraisals are typically reserved for infill lots where tear down is frequent because of the increasing demand for construction.

buildings downtown chicago il

Mixed-Purpose Buildings

Certain commercial properties are used for more than one type of business. An example would be a building in downtown Chicago, Illinois that doubles as an apartment on the upper floors and a retail business on the first floor.

These types of buildings are common in these areas, and our appraisers can work with you to determine the final value of these properties based on the different purposes the building serves.

Commercial Real Estate

Other types of commercial real estate we offer appraisals for include special purpose buildings such as bowling alleys, religious institutions, car washes, theaters, and more.

We keep the appraisal process simple and painless, giving you an accurate value for your property within the time you need it.

For more information about our commercial real estate appraisals, call Rick Hiton& Associates at 1-847-897-9332 or contact us online today.