About Us
Since 1988, we have performed real estate market research and appraisals including market studies and inspections on all types of real estate for individuals, developers, banks, savings and loans, mortgage companies, attorneys, courts, accountants, builders, contractors, and state and federal government agencies. We are committed to quality work – delivered on time. We prepare reports in all sectors of the real estate industry; however, we specialize in health care facilities (assisted living, nursing care, independent living, CCRC), multifamily residential and affordable housing market studies and appraisals.
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Out Focus Areas
Multi-family
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Health-care, (Assisted Living)
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Independent Living, Nursing Care, CCRC)
Affordable Housing (LIHTC)
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Industrial, Industrial
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Retail
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Office
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Commercial
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ROW
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Land
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Estate Tax
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Estate Planning
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Acquisition/Disposition
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Underwriting
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Portfolio
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Litigation Support
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Market Studies
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Multifamily Accelerated Processing (HUD MAP)
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Rental comparable studies
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Capitalization Rate Studies (NationalCapRates.com)
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Clients include
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Lenders
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Individuals
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Legal and Accounting firms
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Local, State and Federal government agencies
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Contact Us
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480-497-1113
Market Ranking

Q3 2023 Average Cap Rate
Each month we add thousand of data points. For this past quarter, 4 markets had an average cap rate of below 5% while 5 markets were above 8%. Cap rates are in a ping-pong mode with swings affected by raising interest rates, tightening lending requirements and weaker demand. The average was 6.50% for Q3 23, up slightly from 6.32% for Q2 23. Metro-Phoenix ranked 17th out of 41 markets with an average cap rate of 6.0%.

Q3 2023 Commercial Sales/100k population
Some markets have strong cap rates but limited sales activity, suggesting perhaps strong funtmentals for credit tenants but more limited broader market demand. To get a snapshot view of market strength, we ranked the 41 market areas based upon a combination of the cap rates and sales activity. Metro-Phoenix ranked 2th on our active market scale.
Q3 2023 Combined Rankings
Some markets have strong cap rates but limited sales activity, suggesting perhaps strong fundamentals for credit tenants but more limited broader market demand. To get a snapshot view of market strength, we ranked the 41 market areas based upon a combination of the cap rates and sales activity. Phoenix came it at #2 on our combined rankings.
Additional Services
In addition to commercial appraisals, we provide the following services to our clients:
Due Diligence
Commercial Property Inspections
Highest and Best Use Studies
Audit Reasonability and Sensitivity Testing
Specialized Services

Market Studies
Types of Market Studies Preformed:
LIHTC rental housing - Market rate rental developments - Government subsidized rental housing developments (HUD and USDA Rural Development projects) - Integrated multi-family and senior (Mixed developments) - Assisted living - Student housing - Condominiums - Single Family/Owner-Occupied - Subdivisions - Senior Housing - Congregate-care - Continuum of care - Commercial (Retail & Industrial)

Rent Comparability Studies
A Rent Comparability Study (RCS) must be submitted with a Section 8 contract renewal. Because the RCS is submitted to HUD, it must meet specific requirements and guidelines. The Rent Comparability Studies are prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) and the supplemental standards of HUD Chapter 9. Market rents are defined and estimated in accordance with Section 9-7 through Section 9-13 of Chapter 9, and the reports are prepared in accordance with Section 9-14 through Section 9-16 of Chapter 9.

Expert Witness
The need for real estate appraisals has become increasingly common in litigation proceedings. Considering today’s legal climate, to win settlements or court decisions involves a need for highly skilled professionals. Schnepf Ellsworth Appraisal Group LLC’s staff has tremendous experience in litigation support and expert witness services. Clients who have used our expert testimony services include government agencies, tax entities, financial institutions, legal and accounting firms and many other businesses.

HUD MAP/Lean
We have been appraising HUD insured properties for the Phoenix HUD Office since 1988. The Multifamily Accelerated Processing (MAP) Guide, originally published May 17, 2000, was revised March 15, 2002. The MAP Guide is approved for use by MAP-approved Lenders and by HUD Multifamily Offices.
Lean Processing of Section 232 Projects
HUD developed its Lean process for Section 232 applications in 2008. Previously, loans were processed under Multifamily Accelerated Processing (MAP) or Traditional Application Processing (TAP) by the local HUD Field Office. It should be noted that non-Section 232 projects will continue to be processed under MAP or TAP.

LIHTC