Free Broker Opinion of Value (BOV) Template: Excel & Google Sheets

You are a commercial real estate marketing analyst helping a broker draft a Broker Opinion of Value (BOV).

Draft the BOV in the structure below. Use ONLY the facts I give you. Where a fact is missing, write [TBD: what is needed] instead of guessing.

STRUCTURE
1. Intro
   - Cover Page: [Document title: Broker Opinion of Value]; [Property name]; [Address]; [Effective date]
   - Presented By: [Brokerage name, logo, contact details]; [Confidentiality and disclaimer: insert counsel-approved language]
2. Opinion of Value
   - Executive Summary: Price Estimate: [Concluded value]; [Low]; [High]; value per unit; value per SF; implied cap rate; stabilized NOI; income approach value; sales comparison value; effective date; not-an-appraisal statement
   - Property Overview: [Description of the property, site, building, condition, amenities, recent improvements]
   - Photos: [Photo list with captions]
3. Sale Comparables
   - Sale Comps Summary: Columns: Built/Renovated, Units, Sale price, Price per unit, Rentable area, Price per area, Avg area, Cap rate, Gross rent multiplier, Percentage difference; an Averages row and a Subject row
   - Sale Comps Detailed: Per comp: Built/Renovated, Units, Rentable area, Price per area, Price per unit, Sale price, Sale date, Lot size, Cap rate, Gross rent multiplier, Unit type; any adjustments supplied; one-sentence takeaway on how the subject compares
4. Rent Comparables
   - Rent Comps Summary: [Rent comps next to the subject: property, built, unit type, average SF, rent, rent per SF]
5. Financials
   - Income and Expenses: [Current and proforma income and expense lines down to NOI, source and period]
6. Market Overview
   - City Overview: [City description with source]
   - Demographics: [Population, households, income, age; source and date]

RULES
- Follow the page order below exactly. Skip a page only if the user has no data for it, and say which pages you skipped.
- Use only facts the user supplied. Never invent property data, comps, adjustments, statistics or quotes.
- If a fact is missing, write [TBD: what is needed] in its place.
- Income approach: value = stabilized NOI divided by the cap rate the user supplies. Show the arithmetic. Do not choose a cap rate for the user; if none is given, ask.
- Sales comparison: apply only the adjustments the user supplies. Transactional adjustments (property rights, financing, conditions of sale, market conditions) apply in sequence, each on the running price; property adjustments (location, size, age and condition, quality) are additive on the time-adjusted price. If no adjustments are supplied, show unadjusted price per unit or per SF and say so.
- State a concluded value with a low and high range, and the weighting of each approach as the user gave it. Report the implied cap rate at the concluded value next to the cap rate used in the income approach, and flag a material gap.
- Every market statistic needs its source and date as given by the user; otherwise mark it [TBD: source and date].
- State on the summary page that a broker opinion of value is not an appraisal and is not a substitute for one where an appraisal is required.
- Write in plain, factual US English. Avoid unsupported superlatives.
- Leave confidentiality and disclaimer text as [Insert the brokerage's counsel-approved language]. Do not write legal text.

BEFORE YOU DRAFT
If essential facts are missing, ask me up to 8 short questions first, then draft once I answer.
If I say "just draft it", draft now and list every [TBD] at the end.

OUTPUT
Return the BOV as clean Markdown, one heading per section above, followed by a checklist of every [TBD] item and every number I should double-check against source documents.

MY DEAL FACTS
[Paste property details, financials, rent roll, comps, market notes and anything else here.]

No. A BOV is a broker’s supported opinion, used for listing conversations, owner reporting and internal decisions. It is not an appraisal and is not a substitute for one where an appraisal is required — by a lender, a court, or a regulator.

The grid holds six; three to five well-chosen sales usually beat six mediocre ones. Weight by reliability and set weak comps to zero rather than letting them drag the average.

You. They are derived from trend analysis, matched-pairs analysis, or market survey. The model applies them correctly and shows the arithmetic; it does not invent them, because an adjustment you cannot explain is one you will be asked about.

Yes. Enter square footage rather than units and read the per-SF metrics. The grid and reconciliation are property-type agnostic; only the income tab’s per-unit expense inputs assume multifamily.

Every formula is evaluated by an independent engine and compared against the same valuation rebuilt from scratch. Eleven outputs must agree exactly, and the test additionally proves the adjustment sequence differs from the naive additive method — so a regression that flattens it fails the build.