Before you sell: what a commercial broker opinion of value covers
By Francisco Williams, CCIM · CCIM · Executive Vice President, Williams Capital Advisors · CalDRE #01979442 · Updated
Short answer
A broker opinion of value (BOV) is a broker's market-based estimate of what a commercial property would sell for. It's typically built from income, comparable sales and current buyer demand. It isn't a licensed appraisal, but owners use it to decide whether to sell, refinance, lease up or hold.
What's inside
Property summary, rent roll and NOI review, comparable sales and listings, a pricing range, and the buyer pool likely to compete.
BOV vs. appraisal
An appraisal is a licensed, standards-bound opinion, often ordered by lenders. A BOV is faster and market-facing, built around how buyers will price the asset.
- Property address and parcel number
- Current rent roll with lease start/end dates
- Last 12 months of income and operating expenses
- Lease summaries or abstracts (NNN, gross, options)
- Recent capital work (roof, HVAC, parking)
- Known issues (vacancy, deferred maintenance, code items)
- Your goal: sell, refinance, lease up or hold
A BOV is not an appraisal.
Get one
WCA offers a complimentary property review. See a sample BOV first.
Frequently asked questions
Is a broker opinion of value free?
Many brokers offer them at no charge. WCA states its review is complimentary and carries no obligation.
Can I use a BOV for a loan?
Lenders generally require an appraisal. A BOV is for owner decisions.
What do I need for a BOV?
The address, rent roll, operating expenses and lease summaries, if available.
Sources
Reading a cap rate on a small commercial listing: adjust the NOI first
What a capitalization rate measures, how listing cap rates are built, and three questions to ask before trusting one.
Sale-leaseback for business owners: cash out and stay put
How a sale-leaseback works for an owner-occupied building, what buyers look at, and the trade-offs against a refinance.