Multifamily Property Appraisals
My Mission District apartment building has occupied units and a vacant storefront. Which income belongs in the appraisal?
Kevin O'Brien can appraise the income property or a defined ownership interest as of the agreed date. Separate apartment rents, storefront income, vacancies, and shared expenses. Signed apartment leases describe in-place rent at the agreed date. For the vacant storefront, comparable lease evidence informs a supported rental assumption, with lease-up costs and conditions stated separately. The assignment identifies the value question and intended use; it does not decide tenant rights or promise a financing or tax result.
Kevin O'Brien, MAI, SRA. California Certified General appraiser, license #3005065.
Define the property before comparing values
A rent roll should distinguish rent billed from rent collected. Identify concessions, arrears, vacancies, and owner-occupied space. If a Pacific Heights building has a proposed renovation, send the current condition and proposed work separately. A projected rent after construction is different from income under a signed lease today. Provide any restrictions or tenancy documents that affect the income assumptions rather than asking the appraiser to infer them from a neighborhood label.
If you have correspondence or records from the San Francisco Rent Board, include them with the leases and rent roll.
You do not need every document to start. Describe missing records at the first call.
| Bring or describe | How it helps |
|---|---|
| Block/lot, unit list, and ownership documents | Identify the parcel, occupied spaces, and the interest to be valued. |
| Dated rent roll, leases, and amendments | Separate apartment and commercial income, concessions, and vacant units. |
| Operating statements and capital-work records | Distinguish recurring costs, shared expenses, and completed or proposed work. |
| Access contacts and available floor plans | Arrange access to units and common areas and identify uninspected spaces. |
| Effective date, purpose, and intended recipient | Identify a current acquisition, historical estate date, or other assignment. |
Match the assessor block/lot on your notice to the parcel and provide relevant ownership documents separately. The San Francisco Office of the Assessor-Recorder has assessment and recorded-document information. SF Planning's Property Information Map helps locate planning records. A tax-roll value, recorded document, or map label does not establish the market value of the interest.
This page shows no market statistics. Commercial values depend on the specific property, its leases and its market segment on the valuation date.
From the first call to the report
- Describe the unit mix, property interest, and reason for the valuation to Kevin.
- Agree on the valuation date, users, records, inspection scope, fee, and delivery estimate in writing.
- Provide unit-level income records and coordinate tenant and common-area access.
- Kevin evaluates the property evidence and relevant income and sales information for the agreed date.
- Receive the report for the stated use and ask about any unit, lease, or expense discrepancies.
A building valuation does not allocate legal rights among tenants or establish that a proposed rent increase is permitted.