Is it beneficial to get commercial property appraised?

The piece of property is zoned GC1 but is currently used as residental. I have a trailer that sits on it. Therefore, I am not sure what the actual value of it is. I have heard of appraisals but not sure if they can be done on commercial properties and if it is worth it. Also, what is the cost of something like this? Thanks
In Selling Property - Asked by James C. - Nov 5, 2008
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Steven R.
Tallman, NY

Appraisals certainly can be done on commercial properties. They are generally more complex than residential work and are consequently more expensive. There is no standard pricing for commercial appraisals. It depends on a variety of factors including the property type, location, and size, as well as the scope of work, turnaround reporting format, and of conditions in the local appraisal industry. In our market, we would probably charge around $2,500 to $3,000 based on the information your have provided.

Nov 10, 2008
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Chris S.
Coeur D'alene, ID

Is it worth it? depends. What do you need to know the value for? Most appraisers will charge based on the complexity of the assignment and the intended use of the appraisal. If the appraisal is only needed for your own use (not for a loan, income tax, or property tax appeal), you should be able to find a qualified appraiser in the $1,500 range.
Another suggestion, try contacting a good local commercial broker. In most states, brokers can provide a BPO or broker price opinion. It will reflect their suggested list price. It's not the same as an appraisal, but it could be a good starting point.

Jan 16, 2009
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