documents requested by commercial appraisers

[Greg W.]

Hi, I will be refinancing my 7 unit building soon and would like to know, what documents do a commercial appraiser request to understand the financials? Would last year's tax return be enough? Or do they need rent rolls, leases etc.?

Thank you

[Eric Fegan]

Greg W.

Commercial appraising is my day job. Ideally I would like to have three years of operating data, 3 years of tax returns, current rent roll, list of any improvements or any recent Cap Ex.

If you use a standardized lease, a copy of any lease would be fine. If leases differ, then all leases would be needed.

Some appraisers will be more or less difficult but in general this is the max amount of info someone should need for a 7 unit