Grapevine CRE
(817) 559-1235
Service · Valuation

What is your property actually worth today?

A broker opinion of value is a written, defensible estimate of your property's current market value — built from income analysis, closed comps, and live buyer demand. Faster and cheaper than an appraisal, and honest enough to tell you when the answer is hold, not sell.

Definitions

BOV, BPO, appraisal, or listing pitch?

Four documents that look similar and do completely different jobs.

  1. 01

    Broker opinion of value

    Decision tool
    Prepared by a licensed broker. Reflects what buyers are paying and asking right now, including deals that never hit the open market. Used for planning, partner discussions, and pricing strategy. Not accepted by lenders.
  2. 02

    Broker price opinion (BPO)

    Same idea, different world
    BPO and BOV describe the same exercise, and people use the terms interchangeably. In practice, BPO usually means residential work ordered by a lender or servicer on a short-sale or REO file; BOV means commercial property analysis prepared for the owner. If you own commercial property in Grapevine, what you want is a BOV.
  3. 03

    Certified appraisal

    Lender requirement
    Prepared by a state-certified appraiser under USPAP. Costs $2,500–$8,000+ for commercial assets and takes weeks. Required for financing, some estate work, and litigation.
  4. 04

    Listing pitch

    Sales document
    A number designed to win the listing, often inflated, then walked back after 90 days of no offers. A BOV done properly gives you the range and the reasoning, including the downside case.
Method

Three approaches, one range.

  1. 01

    Income approach

    Primary for stabilized assets
    Normalize the rent roll to market rents, deduct real operating expenses, credit loss, and reserves to reach net operating income, then apply a cap rate supported by closed Tarrant County trades of comparable product, vintage, and tenancy. Sensitivity run at ±50 basis points.
  2. 02

    Sales comparison approach

    Primary for owner-user and land
    Recent closed sales adjusted for location, size, age, condition, parking, access, and lease structure — with a note on which comps involved a 1031 buyer paying a premium for timing.
  3. 03

    Cost approach

    Sanity check
    Land value plus depreciated replacement cost. Most useful for newer special-purpose buildings and for testing whether a price makes sense against build-new economics.
  4. 04

    Lease and credit review

    Weighted average lease term, rollover exposure by year, below-market leases, options, and tenant credit. Two identical buildings with different rollover schedules are not worth the same money.
Inputs

What to send.

The more of this you have, the tighter the range gets. Partial information is fine to start.

  1. 01

    Rent roll

    Tenant, suite, square footage, current rent, lease start and end, options, and any concessions still running.
  2. 02

    Operating statements

    Trailing 12 months plus the prior two years, and the current year budget if you have one.
  3. 03

    Leases or lease abstracts

    Full leases are ideal. Abstracts covering term, rent, escalations, expense structure, options, and exclusives are enough for a first pass.
  4. 04

    Capital history

    Roof, HVAC, parking lot, and structural work in the last ten years, with dates and costs.
  5. 05

    Property basics

    Survey or site plan, building size, land area, year built, parking count, and any environmental or ADA reports.
  6. 06

    Tax and insurance

    Current Tarrant County assessment, any pending protest, and the current insurance premium.
Deliverable

What you get back.

A written PDF with a value range rather than a single number, the cap rate and comps behind it, a normalized income statement, a rollover schedule, and a plain-English recommendation: sell now, fix and sell, refinance, or hold.

Turnaround is 5 to 10 business days from complete documents. You also get a 30-minute call to walk the numbers and stress-test the assumptions — bring your CPA or attorney.

Triggers

When owners order one.

  1. 01

    Considering a sale

    Establish a realistic price before you commit to a marketing timeline or sign a listing agreement.
  2. 02

    Refinance or new debt

    Know your likely loan-to-value before you pay for an appraisal and lock a rate.
  3. 03

    Partner buyout or dissolution

    A neutral, documented value range keeps a partnership conversation from becoming a dispute.
  4. 04

    Estate and gift planning

    Supporting material for your attorney and CPA, ahead of formal valuation work if that becomes necessary.
  5. 05

    1031 exchange timing

    Identification windows are unforgiving. Know your sale proceeds before you start the clock.
  6. 06

    Annual portfolio review

    Owners holding several assets in north Tarrant County use a yearly BOV cycle to decide where capital goes next.
FAQ

Frequently asked.

Common questions about this market and service. Don't see yours? Call (817) 559-1235.

What is a broker opinion of value (BOV)?
A broker opinion of value is a licensed broker's written estimate of what a commercial property would sell for today, supported by income analysis and comparable sales. It is a market opinion prepared by a broker — not a certified appraisal.
What is a BPO in real estate, and is it the same as a BOV?
A BPO — broker price opinion — is the same core idea, and the terms are often used interchangeably. In practice BPO usually refers to residential work ordered by lenders and servicers, while BOV refers to commercial property valuation prepared for an owner. Daniel prepares commercial BOVs.
How is a broker opinion of value different from an appraisal?
An appraisal is prepared by a state-certified appraiser under USPAP standards and is what a lender requires to close a loan. A BOV is faster, costs far less, and reflects live buyer demand and current broker conversations. Owners use a BOV to make a decision; lenders use an appraisal to fund one.
How much does a broker opinion of value cost?
Third-party commercial BOVs commonly run a few hundred to a few thousand dollars, versus $2,500–$8,000+ for a certified commercial appraisal. For owners in Grapevine, Keller, and Southlake, Daniel prepares a BOV at no cost when there is a realistic prospect of a future engagement — with no obligation to list.
How do you do a broker opinion of value on commercial property?
Normalize the rent roll to market rent, deduct real operating expenses, credit loss, and reserves to reach net operating income, then apply a cap rate supported by closed comparable sales. Cross-check against a sales comparison and, for newer or special-purpose buildings, a depreciated replacement cost figure. Report a range, not a single number.
How do I find out what my commercial property in Grapevine, TX is worth?
Send a rent roll, trailing 12-month operating statement, and lease abstracts to Daniel.weber@svn.com, or call (817) 559-1235. You get a written value range in 5 to 10 business days plus a call to walk through the assumptions.
How long does a BOV take?
Typically 5 to 10 business days from receiving your rent roll and operating statements. Complex multi-tenant or partially vacant assets take longer because the lease abstracting takes longer.
Will you push me to list the property?
No. Plenty of BOVs end with a recommendation to hold, refinance, or fix an occupancy issue before going to market. A number you cannot trust is worthless to both of us.
Related

Keep exploring.

Sales & disposition →Sell-side advisory and marketing.Acquisition advisory →Buy-side sourcing and 1031.Grapevine market data →Rents, vacancy, recent transactions.Glossary →Cap rate, NOI, 1031, and more.

Ready to talk?

Daniel personally runs every Keller, Grapevine, and Southlake assignment. Start with a 20-minute call.

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