Focus on CRE Appraisals: Part II – Nuts & Bolts: The Approaches to Value in a CRE Appraisal, Including Cap Rates

Fundamental principles and features of CRE appraisals are covered, as well as the primary analytical techniques, such as net operating income (NOI) for basic, income-producing properties.


  • Types of appraisals by format (self-contained, summary and restricted use)
  • What to look for within the assumptions and limiting conditions
  • Ownership interests clarified (fee simple, leased fee, etc.)
  • Highest and best use
  • Approaches to value
    • How the cost approach works and key information you can use in the underwriting process
    • Net operating income (NOI) concepts and understanding key variables:  vacancy, management fees and replacement reserves
    • Capitalization (cap) rates explained from two approaches
    • Direct sales comparison and how you must move beyond the residential mindset
    • Reconciliation of values and value conclusion


CRE lenders, commercial lenders, credit analysts, mortgage lenders, private bankers, small business lenders, loan review specialists, special assets officers, lending managers, credit officers and CRE support personnel.


Richard Hamm has been training bankers for more than 19 years, specializing in all phases of commercial lending and credit, including portfolio and risk management, commercial real estate and appraisals, plus selling and negotiating skills. He has also been involved in director training, loan policy formation, bank formation and strategic planning. He owns/operates Advantage Consulting &Training after a 22-year banking career including senior positions in lending and credit. 

Credit Information

Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 hrs./session CRCM/CLBB 


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