Sample Appraisal Reports

Partnership Profiles' Sample Appraisal Reports are designed for practitioners to use when creating a new family limited partnership appraisal report or improving an existing report. The Sample Reports are designed to illustrate the use of both the Income and Market Approaches by incorporating strong supporting data into the valuation report. Each report is spiral bound and designed for instructional use. It is a useful tool to get up to speed quickly. Purchasers are more than welcome to cite sections of the Sample Report in their valuation reports. The cost of a Sample Report is $595. To order a Sample Appraisal Report, please click here.

The four reports that are currently available are listed below:

Report #11 – Income Producing Real Estate Report

This 57 page document is a complete report that values a noncontrolling, nonmarketable limited partnership interest in an income producing real estate partnership and a noncontrolling, nonmarketable interest in the general partner. The primary assets of the partnership are two office buildings. The report uses the Income and Market Approaches and demonstrates:

  • How to present the purpose of the appraisal, standard of value, sources of information, and disclaimers
  • How to present an overview of the appraisal, describe the operations, and calculate the NAV
  • How to present a financial analysis and economic industry review
  • How to explain which approaches to value were considered and used
  • How to explain the calculation of a discount rate using REIT and PPI data*
  • How to forecast income and expenses for an income producing real estate partnership
  • How to explain the selection and application of guideline publicly held partnership data**
  • How to explain the calculation and application of a discount for lack of marketability
  • How to value a 1% general partnership interest and a minority interest in an LLC that owns the GP


  • *The report incorporates data from the most recent Rate of Return Study in the text. A $295 value.
    **The report incorporates data from Partnership Guideline Reports in the text. A $295 value.

    Report #12 – Marketable Securities Report

    This 70 page document is a complete report that values a noncontrolling, nonmarketable limited partnership interest that owns cash, bonds and equities. The assets of the partnership include 2 money market accounts, 26 municipal bonds, 29 stocks and 2 equity mutual funds. The report uses the Income and Market Approaches and demonstrates:

  • How to present the purpose of the appraisal, standard of value, sources of information, and disclaimers
  • How to present an overview of the appraisal, describe the operations, and calculate the NAV
  • How to present a financial analysis and economic industry review
  • How to explain which approaches to value were considered and used
  • How to explain the calculation of a discount rate for a marketable securities partnership
  • How to forecast income, capital appreciation and operating expenses for a marketable securities FLP
  • How to explain the selection and application of guideline data from closed-end funds*
  • How to explain the calculation and application of a discount for lack of marketability

    *The report incorporates data from both of the Closed-End Fund Guideline Reports in the text. A $590 value.

  • Report #13 – Mixed Assets Report

    This 74 page document is a complete report that values a noncontrolling, nonmarketable limited partnership interest that owns cash, equities and real estate. The primary assets of the partnership include checking accounts, money market accounts, stocks, options, mutual funds and multiple real estate properties. The report uses the Income and Market Approaches and demonstrates:

  • How to present the purpose of the appraisal, standard of value, sources of information, and disclaimers
  • How to present an overview of the appraisal, describe the operations, and calculate the NAV
  • How to present a financial analysis and economic industry review
  • How to explain which approaches to value were considered and used
  • How to explain the calculation of a discount rate for a mixed asset partnership
  • How to forecast income and expenses for marketable securities and real estate assets
  • How to explain the selection and application of guideline data from closed-end funds*
  • How to explain the selection and application of guideline publicly held partnership data*
  • How to explain the calculation and application of a discount for lack of marketability

    * The report incorporates data from both of the Closed-End Fund Guideline Reports in the text. A $590 value. Also, the report incorporates data from Partnership Guideline Reports in the text. A $295 value.

  • Report #14 – Nonincome Producing Real Estate Report

    This 59 page document is a complete report that values a noncontrolling, nonmarketable limited partnership interest in an nonincome producing real estate partnership. The primary assets of the partnership are two rural properties consisting of undeveloped land. The methodology that is used in this report can also be applied to other types of low income or nonincome producing properties such as beach houses, condominiums and investment properties. The report uses the Income and Market Approaches and demonstrates:

  • How to present the purpose of the appraisal, standard of value, sources of information, and disclaimers
  • How to present an overview of the appraisal, describe the operations, and calculate the NAV
  • How to present a financial analysis and economic industry review
  • How to explain which approaches to value were considered and used
  • How to explain the calculation of a discount rate using REIT and PPI data*
  • How to forecast capital appreciation and expenses for an nonincome producing real estate partnership
  • How to explain the selection and application of guideline publicly held partnership data**
  • How to explain the calculation and application of a discount for lack of marketability

    *The report incorporates data from the most recent Rate of Return Study in the text. A $295 value.
    **The report incorporates data from Partnership Guideline Reports in the text. A $295 value.