Case Study 6
We recently appraised a multi-tenant retail center located in Riverside. The center was 100% leased to eight tenants. The building was built in the 1950’s and city/county had no building records regarding square footage and etc. The owner provided us with a rent roll. For every commercial appraisal assignment, we measure the subject building improvements. The rent roll provided by the owner was over 2,500 SF larger than our own measurements. We could easily see see a scenario where another appraiser would of just used the rent roll provided for the square footage. If that were to be the case, the property could have been overvalued. It is extremely important that the appraiser measures the improvements.