Restaurant / Fast Food Property Appraisals
Chicago Commercial Appraisal Group routinely performs a wide variety of Restaurant Real Estate Appraisals. We appraise restaurants, banquet facilities, bars and fast food facilities all over the Chicago metropolitan area. The Restaurant Appraisals may be needed for bank financing, property tax appeals or even estate planning. The National Restaurant Association survey taken six months into the pandemic reported 1 in 6 restaurants had closed on a permanent or long-term basis and another report published on March 31, 2021 cited Datassential research found 10% of U.S. restaurants closed permanently since the start of the pandemic.
Fast Food Restaurant industry revenue is expected to increase at an annualized rate of 3.1% to $325.3 billion over the five years to 2026 Association. The same source reports a 2012 restaurant store count of 616,098 in the United States. They reported Illinois Restaurant sales at $24,307,158 in 2016 and are projecting a 3.7% increase in 2017. The quick service and fast casual restaurant segments are expected to out perform the table serve restaurant segment. About 44.9% of all restaurants are chain restaurants with the balance being independents. According to Technomic Research, the top 500 restaurant chains increased 4.9% in 2015. The total number of locations for the top 500 chains increased 2.1% in 2015 to 223,000. The Fast Casual segment grew the fastest at an 11.4% clip in 2015.Chicago Fast Food Tax Appraisal
When completing a Restaurant or Fast Food Real Estate Property Tax Appraisal it is important to note that we are appraising the real estate, not the business or equipment value. For Restaurant Property Tax Appraisals
this is a critical distinction. The Assessor should not be valuing your restaurant business and you should only be paying real estate taxes on your real estate. Chicago Commercial Appraisal Groups Restaurant Tax Appraisers
are careful to distinguish between real estate, equipment and restaurant business value.Restaurant Real Estate Appraisers
Chicago Commercial Appraisal Group Restaurant and Fast Food Appraisers are all either Illinois Certified or Licensed professionals. Restaurant Appraisals completed by Chicago Commercial Appraisal Group are also reviewed by an MAI Designated Commercial Appraiser.
Our appraisals are written to conform to the Uniform Standards of Professional Appraisal Practice (USPAP).CONTACT US TODAY
Or call 773-763-6750 for a free no-obligation consultation.