The time it takes to complete a commercial real estate appraisal depends on the type and size of the property being appraised. A small office building can be appraised in a matter of days, while a large shopping center or industrial complex can take weeks or longer.

The cost of a commercial real estate appraisal depends on the type and size of the property being appraised, as well as the complexity of the assignment. A small office building can cost a few thousand dollars to appraise, while a large shopping center or industrial complex can cost tens of thousands of dollars.

The most common challenges associated with commercial real estate appraisals are when the appraised value comes in lower than the purchase price, when the appraiser is unable to find comparable properties to use in the valuation process, and when the appraiser is not familiar with the local market.

Source: Commercial Real Estate Appraisals: Common Challenges, How to Prepare, What to Expect

If you're planning on purchasing a commercial real estate property, it's crucial to prepare for the appraisal process. There are a few things that you can do to ensure that the appraisal goes smoothly and that you get the most accurate estimate of the property's value.

First, you must provide the appraiser with as much information about the property as possible. This includes the property's square footage, the number of bedrooms and bathrooms, the age of the property, and any recent renovations.

You’ll also have to provide the appraiser with information about the property's income and expenses. This includes the property's rent roll, operating expenses, and capital expenditures.

Finally, it's essential to provide the appraiser with comparable sales data. This includes information on similar properties that have recently sold in the area. The more information you can provide the appraiser, the more accurate the appraisal will be.

For more information on appraisals, you can check out this article.

When getting a commercial real estate appraisal, you should expect the appraiser to look at recent sales of similar properties to determine the market value of the property you're interested in. The appraised value of a property is not set in stone and you can try to negotiate with the appraiser if you think the appraised value is too low. Appraisals can take a few weeks to complete and can be expensive, costing a few hundred dollars. Appraisals are just one factor in the buying/selling process and lenders will also consider your current level of debt, capacity to take on more, collateral you have to offer, and your character.

Sources: Commercial Real Estate Appraisals: Common Challenges, How to Prepare, What to Expect

Appraisers consider a variety of factors when evaluating a commercial real estate property. These factors include the location of the property, the condition of the building, the quality of the construction, the size of the property, the zoning regulations, the potential for future development, the current market conditions, and the potential for rental income. Additionally, appraisers may also consider the potential for capital appreciation, the potential for capital depreciation, and the potential for capital gains.

For more information, please see What Do Appraisers Look for in Commercial Real Estate?.

To ensure that your commercial real estate appraisal is accurate, you should provide the appraiser with as much information about the property as possible. This includes the property's square footage, the number of bedrooms and bathrooms, the age of the property, and any recent renovations. You should also provide the appraiser with information about the property's income and expenses, such as the property's rent roll, operating expenses, and capital expenditures. Finally, you should provide the appraiser with comparable sales data, such as information on similar properties that have recently sold in the area. The more information you can provide the appraiser, the more accurate the appraisal will be.

Having a professional appraiser evaluate your commercial real estate property can provide valuable information about the property's condition, location, and potential for future development. It can also be used to establish the value of a property for loan collateral, investment, or tax assessment purposes. Appraisals can also be helpful in settling disputes, risk management, and estate planning.