# Multifamily Broker Opinion of Value Template (Markdown)

Free Multifamily Broker Opinion of Value structure from IntellCRE (intellcre.com/models/multifamily-broker-opinion-of-value-template/). Anything in [square brackets] is a placeholder to replace with your own facts. Nothing here is real property data.

How to use: paste this into Claude, ChatGPT, Gemini or any assistant together with your deal facts, or fill it in by hand and paste it into your own document.

Skip the typing: IntellCRE builds this from your deal documents. Try it, free to start: https://app.intellcre.com/register

---

## 1. Executive Summary: Price Estimate

- **Concluded value, low, high, effective date:** [ ]
- **Price per unit:** [ ]
- **In-place cap rate:** [ ]
- **Proforma cap rate:** [ ]
- **Occupancy:** [ ]
- **Average in-place rent:** [ ]
- **Loss-to-lease:** [ ]

## 2. Property Overview and Photos

- **Unit count:** [ ]
- **Year built / renovated:** [ ]
- **Net rentable SF:** [ ]
- **Average unit size:** [ ]
- **Parking ratio:** [ ]
- **Utilities (RUBS / master-metered):** [ ]

## 3. Unit Mix and Rent Roll

- **Unit type:** [ ]
- **Beds / baths:** [ ]
- **Count:** [ ]
- **Avg SF:** [ ]
- **In-place rent:** [ ]
- **Market rent:** [ ]
- **Occupied:** [ ]

## 4. Sale Comps Summary and Detailed

- **Columns:** Units, Year built, Sale price, Price per unit, Price per SF, Cap rate, GRM

## 5. Rent Comps Summary

- **Columns:** Property, Unit type, Avg SF, Rent, Rent per SF, Concessions

## 6. Income and Expenses

- **Current and proforma:** [source and period]

## 7. Valuation Approach and Reconciliation

- **Method:** Income approach on stabilized NOI with a market cap rate, cross-checked with price per unit and gross rent multiplier from sale comps; support market rent with rent comps.
- **Weights and range:** [ ]

## 8. Market Overview

- **Submarket occupancy:** [Value; source and date]
- **Average asking rent:** [Value; source and date]
- **Rent growth (12 mo):** [Value; source and date]
- **Units under construction:** [Value; source and date]
- **Renter share of households:** [Value; source and date]
- **Median household income:** [Value; source and date]

---

## Drafting rules

- Use only facts the user supplied. Never invent property data, tenants, statistics, comps or quotes.
- If a fact is missing, write [TBD: what is needed] in its place.
- Every market statistic needs its source and date as given by the user; otherwise mark it [TBD: source and date].
- Show arithmetic for any figure you derive and flag it as calculated.
- Write in plain, factual US English. Avoid unsupported superlatives.
- Avoid this multifamily mistake: mixing in-place and proforma rents in one column.
- Avoid this multifamily mistake: showing a renovation premium without cost and timing.
- Avoid this multifamily mistake: using language that describes or prefers a type of resident (fair housing).
- Avoid this multifamily mistake: leaving utility recovery (rubs) unexplained.
- Apply only the adjustments and cap rates the user supplies; if none are given, ask.
- State that a BOV is not an appraisal and is not a substitute for one where an appraisal is required.
- Leave confidentiality and disclaimer text as [Insert the brokerage's counsel-approved language].