What is The Value of Your building?
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In commercial real estate (CRE), a Broker Opinion of Value (BOV) - often referred to as a Broker Price Opinion (BPO)—is used to estimate the value of a specific commercial property or a portfolio of assets. CRE brokers gather a bevy of information about the property and the market in which it is located. The market analysis will usually include a market lease and cap rate analysis, land cost comparisons, market trends, vacancy rate comparisons, municipality zoning, the functionality of the premises, and more. BOVs/BPOs are used by many CRE professionals, including investors, property owners, lenders, CPAs and real estate attorneys. For example, property owners seeking to determine a fair market rental price for a lease arrangement often rely on a broker's opinion of value to determine a reasonable rental rate. Owners or prospective purchasers lean on a broker’s opinion of value to decide a suggested listing or purchase price.
Opinions are not appraisals. A BOV/BPO cannot be used to obtain a loan for the purpose of purchasing a property nor should they be used on a loan to finance an existing property.
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