Broker Opinion of Value for Apartment Buildings

A serious apartment building BOV should explain the logic behind value. Owners should see the income approach, sales comparison, current buyer appetite, and the risks buyers are likely to price into the offer.

• Rent roll and loss-to-lease review.
• Operating expense and NOI review.
• Cap rate, GRM, price per unit, and price per square foot context.
• Comparable closed sales and active buyer demand.
• Property-specific issues that may affect pricing or timing.

An appraisal is a formal valuation used for lending or other specific purposes. A BOV is a broker's market opinion based on current buyer behavior and recent transactions. It is not a substitute for an appraisal, legal advice, tax advice, or accounting advice.

Owners request BOVs before deciding whether to sell, refinance, exchange, settle an estate, resolve a partnership question, or simply understand current equity. The best time to get one is before timing pressure forces a rushed decision.