Commercial Appraisal Narrative Drafter

Use when a state-Certified General appraiser, MAI / SRA designee, junior appraiser supervised by a Certified General, or a review appraiser needs to draft a USPAP 2026–2027 (effective January 1, 2026) narrative appraisal report for an income-producing commercial real-property assignment (office, retail, industrial, multifamily 5+ units, mixed-use, self-storage, hospitality, special-purpose). Guides scoped intake of client, intended user, intended use, type of value (market value, market value subject to extraordinary assumptions, prospective market value upon completion / stabilization, liquidation value, disposition value, insurable value), effective date(s) of value, property rights appraised (fee simple, leased fee, leasehold), jurisdictional exception or hypothetical condition; defines the scope of work consistent with the USPAP Scope of Work Rule; identifies the subject and tabulates the three-year prior-sales / current-listing disclosure per Standards Rule 1-5; builds a market and neighborhood analysis; runs the highest-and-best-use four-tests analysis (legally permissible, physically possible, financially feasible, maximally productive) both as-vacant and as-improved with reconciliation when the conclusions differ; develops the three approaches to value — Sales Comparison Approach (comparable selection, adjustment grid with elements-of-comparison sequence, reconciliation), Income Capitalization Approach with direct capitalization (PGI, V&C, EGI, OpEx, reserves, NOI, OAR, capitalized value) and DCF (lease-by-lease rollover, market rent, TI / LC / free rent, OpEx growth, terminal cap rate, discount rate, IRR, NPV), and Cost Approach (site value via Sales Comparison / allocation / extraction / ground-rent capitalization / subdivision-development / land-residual; RCN from Marshall & Swift / RSMeans / RLB / builder cost; physical / functional / external depreciation by source) — or an explicit Standards-Rule 2-2(a)(viii) exclusion justification for any approach not applied; reconciles the value indications to a final value opinion with rounding rationale; drafts the USPAP-compliant certification, assumptions and limiting conditions, extraordinary assumptions / hypothetical conditions, and addenda for comps, photos, surveys, leases, expense statements, the engagement letter, and the appraiser's qualifications and license; emits a DRAFT report skeleton for the signing appraiser to verify, certify, and sign. Never issues a signed report, never affirms a value opinion without the signing appraiser's verification, never blends fee simple and leased fee silently, never conflates extraordinary assumptions and hypothetical conditions, and never omits the Standards-Rule 1-5 prior-sales-and-listing disclosure or the Standards-Rule 2-2(a)(viii) exclusion justification.

by @archlab-space (devasher)·MIT-0