Sheet 1: CHAP Summary

	
	
	
	
	
	
	

		
Baltimore City Summary of Significant Conclusions
		


		


	
	

		
Summary of Significant Conclusions - CHAP Narrative Valuation Report
		


		


	
	

		


		


		


		


		


		


		


	
	

		
Property Name:
		
 
		


		


	
	

		
Street Address:
		
 
		
 
		


	
	

		
City, State, Zip:
		
 
		


		


	
	

		
CHAP Application Number:
		
 
		


		


	
	

		
Property Type:
		
 
		


		


	
	

		
Property Interest(s) Appraised:
		
 
		


		


	
	

		
Appraisal Type:
		
 
		


		


	
	

		
Report Type: 
		
 
		


		


	
	

		
Production Appraiser:
		
 
		


		


	
	

		
Contract Appraiser Phone No. & e-mail:
		
 
		


		


		


	
	

		
Contract Appraiser Address:
		
 
		


		


	
	

		
Highest and Best Use as if vacant:
		
 
		


		


	
	

		
Highest and Best Use as improved:
		
 
		


		


	
	

		
Review Appraiser:
		
 
		


		


	
	

		
Date of Review(s): (use #s)  Initial Review:
		
 
		
Final Review:
		
 
		


		


	
	

		
Building /Site Data
		


		


	
	

		
Usable Area (sf):
		
 
		


		
 
		


		


	
	

		
Gross Building Area (sf):
		
 
		
Mkt Rentable Area (sf):
		
 
		


		


	
	

		
Mkt Bldg. Class (A,B,C,D)
		
 
		
# Stories
		
 
		


		


	
	

		
# of Existing Tenants:
		
 
		
Year Built:
		
 
		


		


	
	

		
Current Occupancy:
		
 
		
Condition:
		
 
		


		


	
	

		
Yr. of Recent Renovation/Expansion:
		
 
		
Other Features:
		
 
		


		


	
	

		
Land Area (sf) (including excess land): 
		
 
		
Excess Land (sf):
		
 
		


		


	
	

		
 
		
 
		
 
		


		


		


	
	

		
Appraisal Report Findings
		


		


	
	

		
Analysis reflects following scenario:
		
"As Is"
		
"Other"
		


		


	
	

		


		


		
"As if Completed" 
		
 " Upon Completion and Stabilization"
		


		


	
	

		
Effective Date of Values
		
 
		
 
		
 
		


		


	
	

		
Cost Approach
		


		


	
	

		
Effective Age (years)
		
 
		
 
		
 
		


		


	
	

		
Total Economic Life (years)
		
 
		
 
		
 
		


		


	
	

		
Cost New
		
 
		
 
		
 
		


		


	
	

		
Depreciated Cost
		
 
		
 
		
 
		


		


	
	

		
Land Value
		
 
		
 
		
 
		


		


	
	

		
Value Indication
		
 
		
 
		
 
		


		


	
	

		
Sales Comparison Approach
		


		


	
	

		
Price Per -SF/Unit/Lot
		
 
		
 
		
 
		


		


	
	

		
Income Multiplier (GIM/PGIM/NIM)
		
 
		
 
		
 
		


		


	
	

		
Value Indication
		
 
		
 
		
 
		


		


	
	

		
Income Capitalization Approach
		


		


	
	

		
Market Rent
		
 
		
 
		
 
		


		


	
	

		
Overall Capitalization Rate
		
 
		
 
		
 
		


		


	
	

		
Terminal Overall Rate
		
 
		
 
		
 
		


		


	
	

		
Discount Rate (IRR)
		
 
		
 
		
 
		


		


	
	

		
Annual Revenue Growth Assumptions (%)
		
 
		
 
		
 
		


		


	
	

		
Annual Expense Growth Assumptions (%)
		
 
		
 
		
 
		


		


	
	

		
Expense Ratio (%)
		
 
		
 
		
 
		


		


	
	

		
Analysis Period Years/Months/etc.
		
 
		
 
		
 
		


		


	
	

		
Value Indication
		
 
		
 
		
 
		


		


	
	

		
 
		


		


	
	

		
Final Value 
		
 
		
 
		
 
		


		


	
	

		
$/Unit of Comparison
		
 
		
 
		
 
		


		


	
	

		
Other Value (Specify): (Disposition, Bulk, Going Concern, Excess Land, etc. )
		


		


	
	

		


		


		


		


		


		


	
	

		
Are the data, appraisal methods, analyses, and conclusions used adequate?
		
 
		


		


	
	

		
Recommend appraiser for future assignments?
		


		
 
		


		


	
	

		


		


		


	
	

		
Reviewer's Comments: