Appraisal Cost

[Irfan Raza]

Just trying to get a read on how much an appraisal typically costs for a construction multifamily unit. I am finalizing a construction loan on a 6 unit building in Philly which appraised for $420,000.  Initially, I sent in a check for $1,500 for appraisal thinking that was the ceiling as the bank would not want to be out of pocket.  However when I recently received the appraisal I saw that it was invoiced at $2,250!!  I was wondering if this is typical as I do not recall any appraisals being more than $1,000 even for a 5 unit a year back.  Also I was wondering if anyone had any strategies on reducing the costs of appraisals.