Commercial Real Estate Appraisals
Expert commercial real estate appraisals for retail, office, industrial, multi-family, hospitality, and land properties throughout the Regional District Okanagan-Similkameen, backed by an AACI designation and over a decade of experience.
Bryce Witherspoon, AACI, P. App
Commercial Real Estate Appraiser
E: bryce@rdoscommercial.com
PH: (250) 490-5266
Located: Penticton
What We Offer
Every commercial property and client need is different. Whether you require an appraisal for mortgage financing, a purchase or sale decision, legal purposes, or investment analysis, we deliver thorough, AACI-credentialed valuation tailored to your specific requirements.
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A commercial real estate appraisal is an independent, professional opinion of a property's market value, prepared in accordance with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). As an AACI-designated appraiser with over a decade of experience, I deliver comprehensive, well-supported valuation reports that meet the rigorous requirements of lenders, legal professionals, government agencies, and private clients. Every appraisal I complete is thorough, accurate, and fully compliant — giving you the confidence to make informed decisions on your most important commercial real estate matters.
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I provide commercial real estate appraisals across the full spectrum of income-producing and investment property types, including:
Retail Properties — Shopping centers and malls, strip retail centers, standalone retail buildings, automotive dealerships, and mixed-use retail/residential properties.
Office Properties — Single-tenant and multi-tenant office buildings, medical office buildings, and mixed-use office/retail and office/residential properties.
Industrial Properties — Manufacturing buildings, warehouse buildings, self-storage facilities, industrial flex space, and strata warehouse units.
Multi-Family Properties — Apartment buildings, condominium complexes, mobile home parks, senior living facilities, and mixed-use residential/commercial properties.
Hospitality Properties — Hotels, motels, resorts, inns, and RV parks.
Land — Industrial, commercial, mixed-use, and multi-family development land, agricultural land, and partial takings and expropriation matters.
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I deliver commercial real estate appraisal services to a broad range of clients throughout the Regional District Okanagan-Similkameen, including:
Lending Professionals — Banks, credit unions, and financial institutions rely on my detailed, independent valuations to support sound lending decisions. My comprehensive reports analyze income potential, market conditions, rental rates, operating expenses, and capitalization rates to help lenders determine appropriate loan amounts, assess risk, and meet regulatory requirements.
Individual Purchasers & Sellers — Whether you're buying or selling commercial property, an accurate, independent valuation is essential to making informed decisions. My appraisals help buyers avoid overpayment and give sellers credible documentation to support their asking price, providing both parties with the confidence to move forward.
Government Agencies — I provide accurate, defensible valuations for eminent domain proceedings, right-of-way acquisitions, public infrastructure projects, and property tax assessments, with strict adherence to CUSPAP standards and the detailed documentation requirements of public sector clients.
Accountants — I support accounting professionals with property valuations for financial reporting, tax planning, balance sheets, depreciation schedules, estate tax returns, charitable contributions, and partnership dissolutions, delivering CUSPAP-compliant reports that meet rigorous audit and regulatory requirements.
Insurance Companies — My detailed property analyses help insurers determine appropriate replacement costs, establish proper coverage levels, and facilitate fair claim settlements, ensuring properties are neither over- nor under-insured.
Legal Professionals — I provide expert valuations and litigation support for property disputes, contract litigation, partnership dissolutions, bankruptcy proceedings, divorce settlements, estate litigation, and tax appeals, delivering credible, defensible reports that hold up to scrutiny in court and mediation settings.
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I provide commercial real estate appraisal services throughout the Regional District Okanagan-Similkameen (RDOS) in British Columbia, with deep local market knowledge across the following communities:
Penticton — As the largest city in the region and my home base, I have extensive experience appraising the full range of commercial property types throughout Penticton's diverse and active commercial real estate market.
Summerland — A growing community with a mix of retail, agricultural, and hospitality properties, I bring thorough local market knowledge to every appraisal assignment in Summerland and the surrounding area.
Osoyoos — Located at the southern tip of the Okanagan Valley, Osoyoos features a unique mix of hospitality, tourism, agricultural, and commercial properties that require specialized local market expertise.
Oliver — Known as the Wine Capital of Canada, Oliver's commercial real estate landscape includes a diverse range of agricultural, hospitality, retail, and mixed-use properties throughout the area.
Okanagan Falls — A smaller but growing community with a mix of commercial, industrial, and residential development, I provide thorough and accurate valuations for all property types in Okanagan Falls.
Princeton — Serving the western edge of the RDOS, I provide professional appraisal services across Princeton's commercial, industrial, and land sectors.
Keremeos — The agricultural heart of the Similkameen Valley, Keremeos features a unique mix of agricultural, retail, and commercial properties requiring in-depth local market knowledge.
Naramata — A boutique community known for its thriving wine and hospitality industry, I bring the specialized expertise needed to accurately value Naramata's distinctive commercial and agricultural properties.
Key Contact
FAQs
What is a commercial real estate appraisal?
A commercial real estate appraisal is an independent, professional opinion of a property's market value, prepared in accordance with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). Unlike a realtor's comparative market analysis, a formal appraisal is a comprehensive, defensible document prepared by a designated professional and relied upon by lenders, courts, government agencies, and investors for consequential financial and legal decisions.
What does an AACI designation mean, and why does it matter?
AACI stands for Accredited Appraiser Canadian Institute — the highest professional designation awarded by the Appraisal Institute of Canada (AIC). Earning it requires extensive academic training, thousands of hours of supervised field experience, and successful completion of rigorous national examinations. An AACI-designated appraiser is qualified to appraise all property types, including complex commercial, industrial, and investment properties. Most major lenders — including Schedule A banks and credit unions — require an AACI-designated appraiser for commercial mortgage financing. Bryce Witherspoon, AACI, P.App has held this designation since 2015 and is an active member of the AIC (Membership #908111).
Why would a lender require a commercial appraisal?
Banks and credit unions require an independent, AACI-designated appraisal to assess collateral value before approving commercial mortgage financing. The appraisal protects the lender's security interest and ensures the loan amount is justified by the property's market value. Lenders including Scotiabank, RBC, BMO, TD, First West Credit Union, Interior Savings, and others have engaged RDOS Appraisals & Consulting for this purpose throughout the Okanagan-Similkameen region.
Do I need an appraisal for estate planning or a corporate reorganization?
Yes, in many cases. A formal appraisal establishes the fair market value of real property for estate purposes, which is often required by the CRA for tax reporting following a death or property transfer. It may also be required for corporate reorganizations, shareholder disputes, or when gifting or transferring real estate to family members. An accountant or legal professional will typically advise you when an appraisal is required for these purposes.
What is the difference between a commercial appraisal and a residential appraisal?
Commercial appraisals address income-producing or investment properties and require specialized knowledge of income capitalization methods, lease analysis, highest and best use studies, and complex comparable sales data. They are typically more detailed and take longer to complete than residential appraisals. An AACI designation is required for commercial work, whereas residential appraisers typically hold a CRA (Canadian Residential Appraiser) designation.
What are the three main approaches used to value commercial property?
Commercial appraisers generally apply up to three valuation approaches, depending on the property type. The Sales Comparison Approach analyzes recent sales of comparable properties in the market. The Income Approach converts a property's actual or projected income stream into an indication of value using capitalization rates and discounted cash flow analysis — this is typically the primary method for income-producing properties. The Cost Approach estimates the current cost to construct the improvements, less depreciation, plus land value. The final opinion of value weighs and reconciles the results of each applicable approach.
When would a buyer or seller need a commercial appraisal?
An independent appraisal provides buyers with an objective opinion of value before committing to a purchase price, helping to avoid overpaying in a competitive market. For sellers, a pre-listing appraisal can support your asking price during negotiations and reduce the risk of a deal falling apart at the financing stage. In both cases, having an AACI-designated appraisal in hand adds credibility to the transaction and reduces uncertainty.
When is a commercial appraisal required for insurance?
Insurers and property owners use an Insurance Replacement Cost Appraisal to determine the appropriate amount of building coverage. This is different from a market value appraisal — it estimates what it would cost today to reconstruct the building to the same utility using current materials, labour rates, and building codes. Under-insuring a commercial property can result in significant out-of-pocket losses in the event of a major claim.
How long does a commercial appraisal take to complete?
Timelines vary depending on the property type, complexity, intended use, and the availability of market data. A straightforward commercial property may be completed within two to three weeks of the inspection, while a more complex assignment — such as a large multi-family building, a hospitality property, or a specialized industrial facility — may require additional time. Contact us directly for a timeline estimate specific to your property and deadline requirements.
What information will you need from me to complete the appraisal?
The documentation required varies by property type, but typically includes: the current rent roll and lease agreements (for income-producing properties), recent operating income and expense statements (typically two to three years), a copy of the title or legal description, any recent sale listings or offers, building plans or renovation records if available, and any environmental or zoning information relevant to the property. We will provide you with a specific document checklist once your assignment is confirmed.
Can a commercial appraisal be used for legal or court purposes?
Yes. AACI-designated appraisers are qualified to prepare appraisal reports for use in litigation, expropriation proceedings, divorce and matrimonial settlements, estate administration, bankruptcy and foreclosure matters, and other legal purposes. These reports must meet the evidentiary standards of CUSPAP and may require the appraiser to provide expert witness testimony. RDOS Appraisals & Consulting has prepared assignments for law firms, bankruptcy trustees, and government agencies throughout the region.
What types of commercial properties do you appraise in the Okanagan-Similkameen?
RDOS Appraisals & Consulting appraises the full spectrum of commercial and investment property types throughout the Regional District of Okanagan-Similkameen, including retail properties (strip centres, standalone retail, automotive dealerships, mixed-use retail/residential), office properties (single and multi-tenant, medical office, mixed-use), industrial properties (manufacturing, warehouse, self-storage, flex space, strata units), multi-family residential (apartment buildings, condominium complexes, mobile home parks, senior living facilities), hospitality properties (hotels, motels, resorts, inns, RV parks), and land (commercial, industrial, multi-family, mixed-use, and agricultural development land).
