What Is My Apartment Building Worth?

If you own an apartment building, multifamily property, or rental complex and want to know what it’s worth today, a broker opinion of value (BOV) gives you a professional, market-based answer without the cost or timeline of a formal appraisal. A BOV is prepared by a licensed commercial real estate broker using your property’s income, current comparable sales, and current market cap rates, and typically delivers in 2 to 3 business days.

For owners considering a sale, a BOV is typically provided at no charge as part of the broker relationship. For estate planning, partnership buyouts, refinancing support, or other non-sale purposes, a modest fee may apply. You will always be told the cost before any work begins.

 

 

How a Multifamily Property Gets Valued

Multifamily valuation relies primarily on the income approach because buyers of apartment buildings are acquiring cash flow, not just bricks. The core calculation divides the property’s net operating income (NOI) by the cap rate buyers are currently applying to that type of asset in that market. The sales comparison approach serves as a critical reality check, measuring your property against recent comparable sales adjusted for unit count, unit mix, condition, and location.

The key factors a broker evaluates for a multifamily property include:

• Unit count and unit mix (studios, one-bedrooms, two-bedrooms, three-bedrooms)
• Current rent roll versus market rents and the gap between them
• Net operating income after vacancy, property taxes, insurance, maintenance, and management
• Occupancy rate and recent leasing velocity
• Regulatory status where applicable: free market, rent-stabilized, or rent-controlled units
• Building age, condition, and any deferred capital expenditures buyers will underwrite
• Submarket location, proximity to employment, transit, and amenities
• Lease expiration profile and the likelihood of turnover creating rent upside

A BOV prepared by a broker with active multifamily deal flow will apply the cap rate buyers are actually using in your market today, not a national average that may have nothing to do with your specific asset and submarket.

When Multifamily Owners Request a BOV

Most requests come from owners in one of these situations, and understanding which one applies determines what the BOV needs to document and what comes next.

• Preparing to sell and need a realistic pricing range before selecting a broker or setting partner expectations
• Estate planning or probate requiring documented current market value of an apartment building
• 1031 exchange planning where knowing your current value determines what replacement property makes sense
• Refinancing and need supporting value documentation for a lender or debt restructure
• Partnership dispute or buyout where an independent valuation is needed by both parties
• Property tax appeal challenging an assessed value that doesn’t reflect current market conditions
• Distressed situation: matured debt, rising expenses, or inherited property requiring a decision

A BOV is not a certified appraisal and is not suitable for SBA lending, institutional financing, or legal proceedings requiring USPAP compliance. For those situations, a certified MAI appraisal is required. A knowledgeable broker will tell you which document you actually need before you spend time or money on the wrong one.

BOV vs. Certified Appraisal for Multifamily Property

Here is how the two valuation tools compare for a multifamily property owner:

	Broker Opinion of Value	Certified Appraisal
Prepared by	Licensed CRE broker	Certified MAI appraiser
Turnaround	2 to 3 business days	2 to 4 weeks
Cost	Lower, often free for sale prep	$3,000 to $10,000+
Accepted for	Sale prep, estate, 1031 planning, partnership buyout	Lending, IRS, court
USPAP compliant	No	Yes

For most multifamily owners evaluating a sale, handling an estate, planning a 1031 exchange, or responding to a property tax assessment, a BOV is the faster and more practical starting point. A certified appraisal becomes necessary when a lender, the IRS, or a court requires USPAP-compliant documentation.

 

The Multifamily Market Right Now

U.S. multifamily entered 2026 moving toward balance after a period of outsized supply and demand shifts, according to Newmark’s 2026 North American Market Survey. Cap rates for multifamily nationally are running between 4.5% and 6.0%, with core assets in primary markets such as New York, Los Angeles, and Miami compressing 75 to 150 basis points tighter than secondary and tertiary markets. Cap rates in 2026 are projected to compress modestly across most asset classes as transaction volume increases, lending conditions improve, and institutional capital allocations grow.

The single most consequential variable in multifamily valuation right now is the gap between in-place rents and current market rents. Apartment buildings carrying below-market rents on expiring leases carry a meaningful value premium over stabilized assets because buyers underwrite the upside from future lease-ups. Conversely, properties in markets with meaningful new supply coming online face cap rate pressure as buyers price in near-term competition. Knowing exactly where your property sits in this divided landscape requires a current BOV grounded in recent comparable sales, not a number from your last refinance.

Online valuation tools built for single-family homes miss multifamily values by 20% or more because they rely on comparable sales algorithms rather than income-based valuation. Apartment buildings require NOI analysis divided by a current market cap rate. A broker with active multifamily deal flow produces a BOV that reflects how buyers are actually underwriting assets like yours in today’s market.

What to Expect When You Request a BOV for Your Apartment Building

The process is straightforward. After you submit your property address and basic details, a licensed broker with active multifamily deal flow will review your request and follow up to confirm the information needed and discuss your situation.

To prepare a BOV for a multifamily property, the broker will typically need:

• Property address and total unit count
• Unit mix: number of studios, one-bedrooms, two-bedrooms, and three-bedrooms
• Current rent roll showing monthly rents for each unit
• Occupancy rate at time of request
• Annual operating expenses: property taxes, insurance, maintenance, and management
• Regulatory status if applicable (free market, rent-stabilized, or mixed)
• Any known capital improvements made in the last five years
• Current mortgage or debt if relevant to the transaction being considered

A site visit is not typically required for standard multifamily buildings. For larger properties or those with significant deferred maintenance affecting value, a walkthrough may be recommended. Most multifamily BOVs are completed within 2 to 3 business days after property details are confirmed.

Markets We Cover for Multifamily BOV

We provide broker opinions of value for multifamily properties in markets across the country. Pages with detailed local market data are available for the following markets:

• NYC Multifamily Property Value — free market and rent-stabilized apartment buildings in Manhattan, Brooklyn, Queens, and the Bronx

Don’t see your market listed? Submit your property details and a broker will follow up promptly regardless of location.

Request a BOV for Your Apartment Building

Getting started is free for owners considering a sale. Submit your property address and basic details and a licensed multifamily broker will review your request and follow up promptly.

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Frequently Asked Questions

What is a broker opinion of value for an apartment building?

A broker opinion of value (BOV) is a written estimate of your apartment building’s current market value prepared by a licensed commercial real estate broker. For multifamily properties, the BOV is based on the building’s income, unit mix, current rent roll, recent comparable sales in your submarket, and the cap rate buyers are currently applying to similar assets. It typically delivers in 2 to 3 business days and is appropriate for sale preparation, estate planning, 1031 exchange planning, partnership buyouts, and most advisory purposes.

How much does a BOV cost for a multifamily property?

For owners considering a sale, a BOV is typically provided at no charge as part of the broker relationship. For estate planning, a partnership buyout, a property tax appeal, or another non-sale purpose, a modest fee may apply. You will always be told the cost upfront before any work begins. To request a free consultation, contact Broker Opinion of Value at [email protected] or call (203) 712-9244.

Why can’t I use Zillow or an online tool to value my apartment building?

Online valuation tools are built for single-family homes and rely on comparable sales algorithms. Apartment buildings are valued using the income approach: net operating income divided by a market cap rate. Zillow and similar tools miss multifamily values by 20% or more because they don’t account for rent roll, operating expenses, regulatory status, or the cap rates buyers are actually applying in your market. A broker opinion of value uses the same methodology buyers use to underwrite your specific property.

How accurate is a BOV for a multifamily property?

A BOV prepared by a broker with active multifamily deal flow and access to current comparable sales is a reliable indicator of what your building would trade for in the current market. It is not a certified appraisal and should not be used where USPAP compliance is required. For pricing decisions, estate planning, 1031 planning, and most advisory purposes, a well-prepared BOV from a multifamily specialist gives you a data-grounded foundation for decision-making.

What information do I need to provide for a multifamily BOV?

The most important details are the property address, total unit count, unit mix, current rent roll, occupancy rate, and annual operating expenses. Regulatory status (free market, rent-stabilized, or mixed) is important where applicable. A broker will follow up to confirm any additional details needed for your specific situation.