BRAVE Fields for Multifamily

Multifamily and the BRAVE Standard

Multifamily properties — from garden-style apartments to high-rise residential towers — are the most commonly appraised income-producing property type in commercial real estate. They are also the property type best served by the BRAVE standard, because multifamily valuation relies heavily on structured, quantifiable data: unit counts, rent rolls, expense ratios, and cap rates.

A well-populated BRAVE file for a multifamily appraisal gives lenders everything they need to underwrite the loan without manually re-keying data from the PDF report. This guide covers every BRAVE field category that matters for multifamily properties.

Property Identification Fields

Start with the basics. BRAVE organizes its 99 fields into 6 official categories (Job, Property, Income, Value, Appraiser). For multifamily properties, pay special attention to:

Property.Type: Set to "Multifamily" or the appropriate classification.
Property.Subtype: Further classify the property (e.g., garden apartment, mid-rise, high-rise, student housing, senior living).
Property.UnitsCount: This must match your report exactly. Discrepancies between the BRAVE file and the PDF narrative are a common cause of submission issues for multifamily appraisals.

Building and Site Fields

Multifamily-specific fields in the Property category include:

Property.UnitsCount: Total unit count (Int32).
Property.GrossBuildingArea: Total square footage including common areas (Decimal).
Property.NetRentableArea: Residential square footage only, excluding common areas (Decimal).
Property.BuildingsCount: Number of buildings in the complex (Int32).
Property.FloorsCount: Number of floors/stories (Int32).
Property.YearBuilt and Property.YearRenovated: Construction and renovation dates.

Income Approach Fields

The income approach is the primary valuation method for multifamily properties. BRAVE's 16 Income fields capture it in detail:

Income.RentalIncome: Total rental income.
Income.OtherIncome: Laundry, parking, pet fees, storage, and other ancillary revenue. Multifamily properties often derive 5-10% of gross income from these sources.
Income.PotentialGrossIncome: PGI at full occupancy.
Income.VacancyLoss: Vacancy and collection loss amount. Lenders compare your vacancy assumption against market data.
Income.EffectiveGrossIncome: PGI minus vacancy loss.
Income.OperatingExpenses: Total operating expenses (BRAVE captures this as a single total, not line items).
Income.Reserves: Replacement reserves amount.
Income.NetOperatingIncome: EGI minus total operating expenses.

For a deep dive into income field best practices, see our BRAVE Income & NOI Fields guide.

Cap Rate and Valuation Fields

Value.CapRate: The rate applied to NOI to derive value via direct capitalization. The official validator enforces a 0-20% range.
Value.IncomeApproach: The income approach value conclusion.
Value.ReconciledFinal: The final reconciled value.
The Value section supports two value columns (As-Is and Prospective Upon Completion) for properties in lease-up or undergoing renovation. See our BRAVE Valuation Fields Guide for details.

Common Multifamily BRAVE Errors

Unit count inconsistencies between Property.UnitsCount in the BRAVE file and the PDF narrative are a frequent error. Always cross-check before exporting.

Missing other income is the second most common issue. If the property has any ancillary revenue, Income.OtherIncome must be populated.

Expense ratio outliers trigger lender flags. Multifamily operating expense ratios typically range from 35% to 55% of EGI. If your ratio falls outside this range, include supporting commentary.