Skip to main content

How can I find the commercial value of a property that is currently used as residential?

Lawrence, NY |

I would like to sell a property that is on a commercially zoned street. The property has been used as residential for over 60 years, but is much more valuable as commercial property now.

Attorney Answers 7


  1. Best answer

    The easiest way to determine the value of your property is to commission a commercial real estate appraiser. They go through a detailed process that determines the value of the property. Note that a large number of the appraisers derive value by estimating the rents that the property would collect if it was currently used for commercial purposes.

    Appraisers are bound by a strict code of ethics that requires him/her to provide an unbiased opinion. However if you are seriously contemplating selling the property you should contact an attorney before you put it on the market. They will work with Title Insurance Agencies, real estate brokers, and appraisers to determine the right course of action for you. Furthermore they will insure that your best interests are always looked after. Hiring an attorney early, in real estate transactions, saves a lot of money and heartache in the long run.

    Good Luck and please let me know if I can be of further help.

    This answer is general information only. No legal advice is given in this answer. No attorney-client relationship is established based on this answer. To receive accurate legal advice, please follow up with an attorney.


  2. It might be worth your while to pay for an appraisal. Absent that, perhaps you can get a broker's price opinion from a local broker.


  3. Hire an appraiser or consult with a commercial real estate broker.

    This e-mail may contain confidential or privileged information. If you are not the intended recipient, please notify the sender immediately by return e-mail and delete this e-mail and all copies and attachments. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. IRS Circular 230 Notice: Unless specifically stated otherwise, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Unless specifically stated otherwise, this communication shall not be deemed to be legal or tax advice, and no attorney-client relationship shall be deemed to have been created.


  4. You could get some idea by finding comparable properties on the same or neighboring streets and see if they recently sold and what they sold for. This would give you a ball park figure. Otherwise go to a broker and find out what they feel they could sell the property for. You could also poll your friends and family in the town. You'd be suprised what information people know in a small town like Lawrence.

    You could pay for an appraiser, which would give you an idea of what a lender might give as a maximum mortgage against the property.

    Good luck.

    Note: This response is for general informational purposes only. No attorney-client relationship is created. No responsiblity shall be taken by the submitting attorney for any individuals acting pursuant to any information contained herein.


  5. You can pay for a written appraisal from a licensed appraiser or you can ask a local broker what it is worth.

    If this answer is helpful, then please mark the helpful button. If this is the best answer, then please indicate it. Thanks. For further information you should see an attorney and discuss the matter completely. If you are in the New York City area, then you can reach me during normal business hours at 718 329 9500 or www.mynewyorkcitylawyer.com.


  6. I have a good idea that nobody has said yet. Hire an appraiser.
    :)

    My answer is for general purposes only and is not not intended to establish an attorney-client relationship, nor is it advice upon which you should act or rely. But, if you really want me to tell you something upon which you can actually rely: don't eat yellow snow.


  7. Yes, you can get a formal appraisal from a licensed appraiser, but for the purposes you describe, I would suggest you go to at least 3 local real estate brokers and ask their opinions. They will generally give you their opinion for free because they want to get a listing on the property. Ask them about their experience in marketing similar properties and ask about comparable properties that have sold in your area in the recent past.

    Don't finagle the truth when you're talking to the brokers. Honesty is the best policy.

    My answer to your question is for general purposes only and does not establish an attorney-client relationship,

Real estate topics

Top tips from attorneys

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics