Broker Opinion of Value · Retail

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

A retail 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 retail property.

See all free retail templates →

What makes a retail BOV different

Retail is a portfolio of small businesses sharing a parking lot. Buyers study tenant mix and credit, anchor dependence, co-tenancy and exclusives, traffic counts and tenant sales, so the document foregrounds the tenant mix and the lease clauses that move income.

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

• How did you treat my anchor and any co-tenancy clauses?
• Are my tenants' sales strong enough to support their rents?
• Which centers did you compare mine with?

The metrics owners look for

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

• Price per SF
• In-place cap rate
• Occupancy
• WALT
• Anchor / national tenant share
• Traffic count

The property-data table beside them covers: gross leasable area (sf), anchor tenants and pad sites, year built / renovated, parking ratio, daily traffic counts (road, source, year), co-tenancy or exclusive clauses (yes / no).

The retail-specific pages

Tenant Mix and Rent Roll

Columns: Tenant, Category, SF, Rent per SF, Reported sales per SF, Occupancy cost, Lease end. State the as-of date and where the figures come from.

Co-Tenancy, Exclusives and Percentage Rent

Columns: Tenant, Co-tenancy clause, Exclusive use, Percentage rent, Kick-out right, Notes. Cite documents, not memory.

Comparables

Sale comps use these columns: GLA (SF), Year built, Sale price, Price per SF, Cap rate, Occupancy at sale, Anchor. Rent or rate comps use: Property, Space size, Asking rent per SF, Expense basis, Anchor, Traffic count.

How a retail BOV is supported

Income approach built tenant by tenant, adjusted for credit, anchor dependence and co-tenancy exposure; cross-checked with price per SF for centers of the same format and tenant quality.

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

Leases

• Leases with co-tenancy, exclusive-use and radius clauses: These clauses can reduce rent if an anchor leaves
• Estoppels and SNDAs: Confirms terms

Operations

• Tenant sales reports for percentage-rent and health-ratio tenants: Sales per SF and occupancy cost show tenant durability
• CAM reconciliations: Tests recoveries
• Traffic count source and year: Buyers check the data behind the claim

Legal

• Reciprocal easement agreement and CC&Rs: Controls shared parking and use

Physical

• Parking lot, roof and signage condition and permits: Visibility and parking drive leasing

Leasing

• Letters of intent and pending lease drafts: Shows near-term leasing

Common retail mistakes

• Quoting a traffic count with no source or year
• Hiding anchor dependence or co-tenancy clauses
• Using asking rent when in-place rent is lower
• Ignoring tenant credit and category mix

Market data

The market page has rows for: retail vacancy, average asking nnn rent per sf, population within 1, 3 and 5 miles, average household income, daily traffic count, competing centers nearby. 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 retail 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 Retail Broker Opinion of Value (Retail BOV).

Draft the Retail 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 SF: [ ]
   - In-place cap rate: [ ]
   - Occupancy: [ ]
   - WALT: [ ]
   - Anchor / national tenant share: [ ]
   - Traffic count: [ ]
2. Property Overview and Photos
   - Gross leasable area (SF): [ ]
   - Anchor tenants and pad sites: [ ]
   - Year built / renovated: [ ]
   - Parking ratio: [ ]
   - Daily traffic counts (road, source, year): [ ]
   - Co-tenancy or exclusive clauses (yes / no): [ ]
3. Tenant Mix and Rent Roll
   - Tenant: [ ]
   - Category: [ ]
   - SF: [ ]
   - Rent per SF: [ ]
   - Reported sales per SF: [ ]
   - Occupancy cost: [ ]
   - Lease end: [ ]
4. Sale Comps Summary and Detailed
   - Columns: GLA (SF), Year built, Sale price, Price per SF, Cap rate, Occupancy at sale, Anchor
5. Rent Comps Summary
   - Columns: Property, Space size, Asking rent per SF, Expense basis, Anchor, Traffic count
6. Income and Expenses
   - Current and proforma: [source and period]
7. Valuation Approach and Reconciliation
   - Method: Income approach built tenant by tenant, adjusted for credit, anchor dependence and co-tenancy exposure; cross-checked with price per SF for centers of the same format and tenant quality.
   - Weights and range: [ ]
8. Market Overview
   - Retail vacancy: [Value; source and date]
   - Average asking NNN rent per SF: [Value; source and date]
   - Population within 1, 3 and 5 miles: [Value; source and date]
   - Average household income: [Value; source and date]
   - Daily traffic count: [Value; source and date]
   - Competing centers nearby: [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 retail mistake: quoting a traffic count with no source or year.
- Avoid this retail mistake: hiding anchor dependence or co-tenancy clauses.
- Avoid this retail mistake: using asking rent when in-place rent is lower.
- Avoid this retail mistake: ignoring tenant credit and category mix.
- 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 Retail 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

Related templates

• All free Retail templates
• Retail Offering Memorandum template
• Broker Opinion of Value template for any property type

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