Companion files · Real Estate Appraisal
Real Estate Appraisal: Appraisal by the Numbers: The Three Approaches, Reconciliation, and Why the Appraised Value Differs from the Price, With the Models Supplied.
These are the companion files of the book. A 72-unit apartment property is appraised for the buyer's lender by the three approaches: sales comparison $12,150,000, income $12,050,000, cost $12,500,000, reconciled at $12,100,000 as is. The contract signed three weeks earlier says $12,850,000. The workbooks take the $750,000 gap apart component by component until $45,906 remains, and carry the residential case alongside. Four workbooks reproduce every figure the book prints. No sign-up, no email is asked for, nothing is locked. Yellow cells with blue type are inputs; grey cells are formulas.
The archive holds the eight files below, with 00_START_HERE.md at its root. No macros, no circular references, no external links in any workbook. They recalculate in Excel, LibreOffice or Google Sheets.
Chapters 4 to 8, 18 and 19
The owner's statement rebuilt on the appraiser's basis (NOI $744,846 against $702,822), the cap rate extracted from five sales (5.75 percent), by band of investment (6.46 percent) and by the coverage method (5.45 percent), direct capitalization as stabilized and as is, the ten-year DCF, the loan sizing where coverage binds, the construction loan and the five review errors. Every computed figure is a live formula, checked on the Checks sheet.
Download the workbook87 KBChapters 3, 9, 10 and 11
Five sales from $138,000 to $192,000 a unit adjusted into a range of $168,819 to $172,318, the three paired sales that priced the adjustments, the land sales, cost new of $14,569,808, three kinds of depreciation and the two market extractions, the highest and best use tests.
Download the workbook52 KBChapters 12 to 17 and 21
Three indications reconciled at $12,100,000; the price $12,850,000; the eight components of the gap and the residual of $45,906; the assumed loan's cash equivalency, the exchange tax of $1,274,600, the buyer's investment value of $12,943,503, the partial interest and the hotel split.
Download the workbook48 KBChapter 20
A house under contract at $412,000, three comparables, the grid, an opinion of $402,000, the appraisal gap, the loan on the lesser of the two, and the revised opinion of $404,000 after the reconsideration comparable.
Download the workbook27 KBChapter 19 and Appendix B
About sixty items in nine groups, from the premise and the date to the price against the value, with a Yes, No or NA cell for each and a count of the items answered.
Download the workbook9 KBChapters 5, 7, 9, 11 and 16
An operating statement with direct capitalization, a five-comparable adjustment grid, a cost approach and a value-to-price bridge. Every input is empty and every output a live formula.
Download the workbook17 KBThe whole book
A separate case of 40 units with its own rent roll, expenses and sales. Start a timer, build the fifteen answers, then open the Score sheet and the Answer Key.
Download the workbook14 KBRead first
What each file is, which chapters it serves, the order to read them in and the conventions.
Download the read-me4 KB| One cap rate | Five sales report a mean cap rate of 6.03 percent on the brokers' NOI; restated with reserves and a market management fee, the mean is 5.80 percent, and the appraiser concludes 5.75 percent |
| One value | NOI of $702,822 at 5.75 percent gives $12,222,983 as stabilized; less the roofs and half a year of loss to lease, $12,050,000 as is |
| One gap | Price $12,850,000 less value $12,100,000 is $750,000; the eight components explain $704,094 of it, and the appraiser's own share (the date lag and the residual) is $102,623, 0.85 percent of value |
The files are provided as they are, without warranty of any kind. The models are illustrative: the property, the city, the parties and every comparable sale are fictional, and the figures are the book's assumptions, not market statistics or forecasts. Nothing here is appraisal, investment, legal or tax advice, and none of it is an appraisal of any property.