Religious Property Valuation, Ltd.
Religious Property Valuation, Ltd. (RPV) specializes in the appraisal of religious facilities and institutional properties focusing primarily on churches, synagogues, mosques, schools and not-for-profit institutional real estate.Appraisals may be required for church or not-for-profit refinancing, the potential sale of the property, to assess post expansion values, bond financing, litigation, property acquisition and other management decisions.
Churches, religious facilities, schools and institutional properties represent difficult property classes to appraise. The income characteristics of the real estate do not typically drive value. There are often few if any comparables, and when they do exist, they may not closely correlate with the subject property's characteristics. A substantial amount of appraiser judgment is required. The potential for over or under valuation is significant. Specialized appraiser knowledge and experience is critical in obtaining credible church or institutional appraisal results.
There are no local surveys of church/ religious facilities for the Chicago area. According to 2000 data from The Association of Religious Data Archives (The ARDA) there were more than six million adherents in 3,637 active congregations in the greater Chicago area, including the counties of Cook, DuPage, Kane, Lake, McHenry and Will. CoStar's database includes some 375 religious facilities in the region, which total 5.1 million square-feet. The average religious facility size is about 13,720 square-feet. CoStar currently lists 31 religious facilities having 473,406 square-feet for sale. The average asking price is about $78 per square-foot. The average age of the properties listed is about 76 years-old.
Religious Property Valuation, Ltd., has two appraisers who hold the Appraisal Institute's MAI designation as well as a large group of Certified and licensed appraisers. All of our appraisals conform to the Uniform Standards of Professional Appraisal Practice as established by the Appraisal Standards Board of the Appraisal Foundation, state real estate appraisal regulations and Federal regulatory agency requirements as applicable.
