Basis of Value and Lease Evaluation in Sacramento, CA

[Paul Post]

Greetings, We are inheriting partial interest in a commercial property in east Sacramento. I do not have any experience with commercial real estate. I assume we need to establish a basis of value. Should we seek a brokers opinion of the property, similar to residential properties, or do we need to have it appraised? Are commercial appraisers very expensive? The property is currently leased to an old landmark type of tavern, and to a small take out place that sells hot pocket sandwiches (pasties). Both leases run through 2018, and we feel the rent collected is low for this location. What is a good way to get the leases evaluated? All comments are welcome and appreciated. Very Best, Paul