PRICING
Feasibility study cost and timeline (2026).
Published price bands by asset class and capital source. No "request a quote" gatekeeping. Most engagements close within the bands below; complex multi-program scope and rush turnaround carry quoted premiums.
THE FULL MATRIX
Price band and turnaround by asset class and capital source.
Each cell shows the typical fee band (USD) and turnaround in business days (BD). Bands are typical, not minimums. A specific fixed quote is provided after a 30-minute scoping call.
| Asset Class | SBA 7(a) | SBA 504 | USDA B&I | Conventional | CMBS | Life-Co | Agency / HUD |
|---|---|---|---|---|---|---|---|
| Hotel (limited-service) | $5,500–$8,500 10–15 BD | $7,000–$10,500 12–18 BD | — | $8,000–$15,000 12–20 BD | $12,000–$22,000 15–25 BD | $10,000–$18,000 15–22 BD | — |
| Hotel (full-service, resort) | — | — | — | $12,000–$18,000 18–28 BD | $15,000–$25,000 20–30 BD | $14,000–$22,000 18–28 BD | — |
| Multifamily (market-rate) | — | — | — | $8,000–$14,000 15–22 BD | $12,000–$18,000 18–25 BD | $10,000–$16,000 15–22 BD | $10,000–$15,000 15–22 BD |
| Multifamily (LIHTC, workforce) | — | — | — | $14,000–$22,000 25–35 BD | — | — | $15,000–$28,000 30–45 BD |
| Self-Storage | $5,500–$7,500 10–15 BD | $6,500–$9,000 12–18 BD | — | $7,500–$12,000 12–18 BD | $10,000–$16,000 15–22 BD | — | — |
| Senior Housing | — | $9,000–$14,000 18–25 BD | $13,000–$18,000 25–35 BD | $14,000–$22,000 25–35 BD | — | $14,000–$22,000 25–35 BD | $15,000–$28,000 30–45 BD |
| Industrial | — | $8,000–$12,000 15–22 BD | — | $9,000–$14,000 15–22 BD | $11,000–$18,000 18–25 BD | $10,000–$16,000 15–22 BD | — |
| Medical Office and ASC | $7,000–$10,000 12–18 BD | $8,000–$12,000 15–22 BD | — | $9,000–$14,000 15–22 BD | — | $10,000–$15,000 18–25 BD | — |
| RV Park, Glamping | $6,000–$9,000 12–18 BD | $7,500–$11,000 15–22 BD | $11,000–$16,000 25–35 BD | $8,000–$13,000 15–22 BD | — | — | — |
| Gas Station, Car Wash, QSR | $5,500–$8,500 10–15 BD | $6,500–$9,500 12–18 BD | $11,000–$15,000 25–35 BD | $7,000–$11,000 12–18 BD | — | — | — |
| Data Center | — | — | — | $18,000–$30,000 30–50 BD | $22,000–$40,000+ 35–55 BD | $20,000–$35,000 30–50 BD | — |
| Daycare, Brewery, Wedding Venue | $5,500–$8,500 10–15 BD | $6,500–$9,500 12–18 BD | $11,000–$15,000 25–35 BD | $7,000–$11,000 12–18 BD | — | — | — |
| Mixed-Use | — | — | — | $10,000–$16,000 18–25 BD | $13,000–$22,000 20–30 BD | $11,000–$18,000 18–25 BD | $11,000–$16,000 18–25 BD |
COST DRIVERS
What moves a feasibility study fee within its band.
Five variables explain almost all the variance between a low-band and high-band quote within the same asset class and capital source.
Project complexity
Number of buildings, phasing, multi-asset portfolios, and unusual structural elements all expand scope. A single-asset Hampton Inn falls in the band. A four-asset mixed-use phased over three years sits at the top.
Market data availability
Markets with thin third-party data (rural, tertiary, niche asset classes) require primary research. Markets with deep coverage (top-50 MSAs, mainstream asset classes) move faster.
Multi-program scope
A study scoped for one capital source costs less than one scoped for two or three. Cross-program studies (SBA + conventional + CMBS) sit at the top of the band but cost less than commissioning three separate studies.
Rush turnaround
Standard turnaround is built into the band. Rush requests under 10 business days typically carry a 25–40% premium. Truly accelerated work under 5 business days is quoted case by case.
Operator and management review depth
Healthcare programs (HUD 232 LEAN, USDA B&I AL/CCRC, ACS deals) require operator track-record review, regulatory history scan, and management capability scoring. This adds 15–25% to the base scope.
POSITIONING
Why our pricing sits below institutional firms but above template shops.
Two-paragraph answer to a question every sponsor asks once they've quoted three consultants.
Institutional names like HVS, CBRE Hotels, and Novogradac price feasibility work at $25,000 to $80,000 for hospitality and senior housing engagements. The brand premium is real, the analytical depth is real, and for trophy assets, single-asset CMBS deals over $100M, or institutional LP-driven projects, that price is justified by what the deliverable does for the deal.
Template shops at $2,500 to $4,500 produce reports that get rejected at credit committee, get the lender's questions deflected to the sponsor, and force a second engagement at the higher price band anyway. The middle band, where our pricing sits, is the band where regulatory citations, lender-specific scope, and defensible methodology are present without the institutional brand premium. That is the band most owner-operators, mid-market sponsors, and SBA/USDA/conventional borrowers actually need.
Template shops ($2,500–$4,500)
Boilerplate methodology, generic comparable sets, no regulatory citations. Frequently rejected at credit committee. Forces a second engagement.
Our pricing band ($5,500–$28,000)
Lender-specific scope, regulatory citations (SOP 50 10 8, 7 CFR 5001, MAP Guide, KBRA), defensible comparable sets. Underwriter-ready.
Institutional firms ($25,000–$80,000+)
HVS, CBRE Hotels, Novogradac. Brand premium for trophy assets, single-asset CMBS over $100M, institutional LP-driven projects. Justified at the top of the deal-size curve.
SCOPE COMPARISON
Feasibility study versus appraisal versus market study.
These three deliverables are not interchangeable. Lenders ask for them by name. Cost differs because scope differs.
| Attribute | Feasibility Study | Appraisal | Market Study |
|---|---|---|---|
| What it answers | “Will this project work as financed?” | “What is the property worth today?” | “Is there demand for this asset in this market?” |
| Primary user | Sponsor, lender credit committee | Lender (collateral test) | Sponsor, lender, equity partner |
| Regulatory citation | SOP 50 10 8, 7 CFR 5001, MAP Guide | USPAP, FIRREA | NCHMA, MAP Chapter 7 |
| Includes financial projections? | Yes — five-year forward pro forma | Yes — but income approach only | No |
| Includes capital stack analysis? | Yes | No | No |
| Includes regulatory pathway? | Yes | No | Limited |
| Typical fee band | $5,500–$28,000 | $4,000–$15,000 | $3,500–$12,000 |
| Typical turnaround | 10–45 BD | 15–30 BD | 15–25 BD |
| Required for SBA? | Yes (special-use, change of use, ground-up) | Yes (always) | No |
| Required for HUD MAP? | No (market study required) | Yes | Yes |
| Required for CMBS conduit? | Often (hospitality, transitional) | Yes (always) | Sometimes |
TIMELINE
Turnaround commitments by capital source.
Turnaround is set in the engagement letter and tracked weekly. Bands below are typical; rush options are available at premium.
Standard turnaround
10–25 business days for SBA, conventional, and self-storage scope. 18–30 business days for hospitality, multifamily, and industrial. 25–45 business days for HUD, USDA, senior housing, and data center.
Rush turnaround
7–10 business days for SBA 7(a), self-storage, gas station, car wash. 10–15 business days for hospitality limited-service and multifamily market-rate. Premium typically 25–40% over standard band.
Accelerated (under 5 BD)
Quoted case-by-case. Available only for asset classes with strong third-party data coverage and single-program scope. Premium typically 50–75%.
ENGAGEMENT
How a typical engagement is structured.
Five steps from scoping call to final delivery. Pricing locked in step 2; no scope creep.
Scoping call (no charge)
30 minutes. Asset class, capital sources, lender mix, regulatory framework, turnaround, and fee band confirmed.
Engagement letter
Fixed fee, fixed scope, fixed delivery date. 50% retainer due to begin work.
Research and analysis
Site review, market research, comparable-set construction, financial modeling. Two to six weeks depending on asset class and capital source.
Draft and revisions
Draft delivered for sponsor review. One revision pass included. Lender pre-review available on request.
Final delivery
Final report, exhibit appendix, sources, certification. Delivered in PDF and editable format. Final 50% due on delivery.
SCOPE TRANSPARENCY
What's included in the fee, and what's quoted separately.
Most engagements need only the included scope. The "extras" list exists because every sponsor asks at some point.
- Site review and regulatory pathway
Zoning, entitlement status, traffic counts, environmental constraint scan, regulatory compliance pathway for the relevant capital source.
- Market and competitive analysis
Submarket vacancy, absorption, comparable supply inventory, demand drivers, demographic catchment.
- Comparable-set construction
STR-grade, NCHMA-aligned, KBRA-aligned, or Radius Study depending on asset class and capital source.
- Five-year pro forma
Revenue build, operating expenses, NOI, capex reserves, debt service. DSCR, debt yield, LTV sensitivity.
- One revision pass
Sponsor review, comments incorporated, final draft. Additional revisions quoted at hourly rate.
- Final deliverable in PDF and editable format
Complete report with exhibit appendix, sources, and analyst certification. Delivered to sponsor and lender contact list.
- Phase I or Phase II environmental
We don't perform ESAs. Standard practice is to engage a separate environmental firm in parallel.
- Appraisal
We don't perform appraisals. Lender or sponsor commissions separately through MAI-credentialed appraiser.
- Lender pre-review beyond first round
First lender pre-review pass included. Subsequent revisions driven by lender questions quoted at hourly rate.
- Site visit travel
Domestic site visits for projects requiring on-site verification quoted at cost. Most engagements do not require travel.
- Multi-language deliverables
Standard delivery in English. Spanish, Mandarin, or other language deliverables quoted as add-on.
- Expert testimony or deposition support
Quoted hourly at the time of request. Rare but available for litigation-adjacent engagements.
FAQ
Frequently asked questions about cost and timeline.
Ready for a fixed-fee proposal?
30-minute scoping call, fixed-fee engagement letter within 24 hours, no obligation.