The sales comparison approach looks straightforward on its face — find similar sales, adjust for differences, arrive at a value. The credibility of that value conclusion, however, rests entirely on how well the appraiser supports each adjustment applied.

When a property is subject to a lease, 'value' can mean different things depending on whose interest is being valued. Understanding the distinction between the leased fee and leasehold interests is essential to interpreting an appraisal correctly.

A building with ground-floor retail and upper-floor office or residential space doesn't fit neatly into a single property-type analysis. Mixed-use appraisals require appraisers to analyze each component on its own terms before arriving at a unified value conclusion.

A credible commercial appraisal follows a defined sequence designed to produce a supportable, USPAP-compliant opinion of value.