Martens Appraisal Completes Multifamily Appraisal Work on Project in Wichita, Kansas
LeAnn Adams, MAI recently completed work on a multifamily appraisal project in Wichita, Kansas. The report was prepared for traditional lending purposes. Multifamily appraisals in Wichita, Kansas are more difficult than appraising a single-family home. Generally, Martens Appraisal uses the market approach when completing work on multifamily appraisals, we will look at sales of comparable properties in the market. However, using the income approach—determining the fair market rent of each unit based on comparable rents for other properties—often comes into consideration as well. This is especially true if there aren’t…
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