Broker Opinion of Value · Multifamily

Free Multifamily Broker Opinion of Value (BOV) Template: PowerPoint, Google Slides & AI

A multifamily broker opinion of value laid out for the owner: price estimate first, then the comps and income that support it, using the method that fits multifamily property.

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What makes a multifamily BOV different

Multifamily is underwritten per unit and per month. Buyers read the rent roll first, then loss-to-lease and the renovation story, so the document is organized around unit mix, in-place versus market rent, and a costed value-add plan.

That is why this template does not reuse a generic deck. The questions owners ask first about multifamily property are specific, and the document should answer them without being asked:

• What is my building worth today, and what would it be worth after renovating units?
• Which comps did you use, and why those?
• How much do my loss-to-lease and delinquency change the number?

The metrics owners look for

The summary page of this multifamily BOV is built around six numbers. Show only the ones you can support with a source or a calculation.

• Price per unit
• In-place cap rate
• Proforma cap rate
• Occupancy
• Average in-place rent
• Loss-to-lease

The property-data table beside them covers: unit count, year built / renovated, net rentable sf, average unit size, parking ratio, utilities (rubs / master-metered).

The multifamily-specific pages

Unit Mix and Rent Roll

Columns: Unit type, Beds / baths, Count, Avg SF, In-place rent, Market rent, Occupied. State the as-of date and where the figures come from.

Value-Add and Renovation Plan

Columns: Scope item, Units, Cost per unit, Rent premium, Return on cost, Timing. Cite documents, not memory.

Comparables

Sale comps use these columns: Units, Year built, Sale price, Price per unit, Price per SF, Cap rate, GRM. Rent or rate comps use: Property, Unit type, Avg SF, Rent, Rent per SF, Concessions.

How a multifamily BOV is supported

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.

A broker opinion of value is not an appraisal and is not a substitute for one where an appraisal is required. The template says so on the summary page.

Back it up: documents to have ready

A multifamily BOV is only as credible as the documents behind it. Collect these before you publish figures.

Operations

• Rent roll with lease start and end dates: Verifies in-place income and loss-to-lease
• Trailing 12-month operating statement and 24 months of monthly detail: Shows trend and seasonality
• Resident ledger and delinquency report: Tests collections and credit loss
• Utility bills and RUBS billing history: Confirms recovery and expense basis

Physical

• Unit turn and renovation records: Supports the value-add budget
• Property condition report and roof, HVAC and plumbing history: Sizes deferred maintenance

Compliance

• Fair housing complaints, notices of violation and code citations: Surfaces legal exposure
• Rent control or affordability restrictions and regulatory agreements: Limits rent growth and exit

Common multifamily mistakes

• Mixing in-place and proforma rents in one column
• Showing a renovation premium without cost and timing
• Using language that describes or prefers a type of resident (fair housing)
• Leaving utility recovery (RUBS) unexplained

Market data

The market page has rows for: submarket occupancy, average asking rent, rent growth (12 mo), units under construction, renter share of households, median household income. Put the source and the date next to each one.

Use it with AI: Claude, ChatGPT, Gemini

Paste your deal facts and get a draft multifamily BOV in this structure. The prompt uses only the facts you give it and marks gaps as [TBD].

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

Draft the Multifamily 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. 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]

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].

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 Multifamily 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.]

Fill it from a real deal

With the IntellCRE MCP connector, your assistant can pull the property, its unit mix and rents, and its selected comps from IntellCRE before it drafts. Or let IntellCRE build the document from your deal files: try IntellCRE, free to start.

Frequently asked questions

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