Property Valuations


Providing comprehensive real estate valuation and consulting services to both the public and private sectors.

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Research & Analysis


In addition to valuations, we also offer a variety of services aimed at property research and real estate analysis.

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Property Types


Our assignments include property types ranging from residential subdivisions to complex/trophy properties.

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ABOUT US


Lipman Frizzell & Mitchell serves the Washington and Baltimore metropolitan region with a staff of 14 professionals plus six support persons. Six of the professionals hold the MAI designation from the Appraisal Institute and one holds the AICP designation from the American Planning Association. Since our formation in 1977, we have focused on complex appraisal assignments, provided expert witness testimony in litigation matters involving some of the areas’ major cases, (several of which have set precedent) and have provided consulting expertise to our clients to assist in important decision-making involving major real estate projects throughout the region.

We continue to tackle basic to complex valuation problems. The combined experience of our principals and the sophistication and technical expertise of our staff coalesce to provide our clients the finest appraisal and consulting services available in the region.

Being the largest regional organization of its kind, our database is second to none and, given our 40 year history, we maintain files on a large portion of the region's standing inventory of major real estate properties.

Please contact us to discuss how Lipman Frizzell & Mitchell llc can assist with your real estate valuation and feasibility study needs.

Our Clients

Our client list speaks for itself and includes insurance companies, financial institutions, developers, investors, educational, health and charitable institutions, city, state and federal governments and the attorneys and accountants who serve them.

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Our Team

Principals


M. Ronald Lipman, MAI

rlipman@LFMvalue.com
410-423-2300 • 410-423-2328
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M. Ronald Lipman, MAI

rlipman@LFMvalue.com
410-423-2300 • 410-423-2328

About M. Ronald Lipman, MAI


M. Ronald Lipman is a founding partner of Lipman, Frizzell & Mitchell LLC. Ron has over 50 years of experience as a real estate appraiser and, over the past 30 years, has provided extensive real estate counseling services to property owners, developers, banking and investment clients and their legal representatives, with a specialty in real property tax appeals and fractional/minority interest valuations in the context of estate planning and estate administration.

Ron has considerable experience in complex appraisal assignments and litigation matters, having participated in some of the state’s most important court cases, several of which have set legal precedent. Ron’s personal experiences as a developer, investor, joint partner, and previously as a trustee of Mid Atlantic Realty Trust (NYSE) add significantly to his ability to provide effective, pragmatic consulting advice to his clients.

Ron holds the MAI designation of the Appraisal Institute and is licensed as a Certified General Appraiser in Maryland, Virginia and Washington DC. He earned a Bachelor of Arts degree from Duke University and a Masters of Business Administration in Real Estate from American University.

George P. Frizzell, MAI

gfrizzell@LFMvalue.com 
410-423-2300
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George P. Frizzell, MAI

gfrizzell@LFMvalue.com 
410-423-2300

About George P. Frizzell, MAI


George P. Frizzell is one of the three original partners who founded the firm in March 1977. George has over 40 years of experience in the field of real estate appraisal and consulting. A graduate of the University of Maryland with a degree in business, George's initial employment was in the field of Urban Planning, which provided a natural basis for working in the private real estate market. A former instructor in real estate appraising at Towson State University, George has also lectured on a wide variety of valuation issues.

George’s specialties include litigation counseling, expert testimony, valuation analysis and industrial and commercial property appraising. George holds the MAI designation of the Appraisal Institute and is licensed as a Certified General Appraiser in the State of Maryland.

Ryland L. Mitchell III, MAI

rmitchell@LFMvalue.com
410-423-2300
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Ryland L. Mitchell III, MAI

rmitchell@LFMvalue.com
410-423-2300

About Ryland L. Mitchell III, MAI


Ryland L. Mitchell III is one of the three original partners who founded the firm in March 1977. For approximately six years prior to that time, he was an appraiser with McCurdy Lipman & Associates in Towson. He holds the MAI designation of the Appraisal Institute. Ryland is a licensed Certified General Appraiser in Maryland, Virginia, and Washington D.C. Ryland graduated from the business school of the University of Richmond in 1965 and did graduate work in the field of real estate at the University of Florida.

Ryland has appraised real estate throughout the Mid-Atlantic States with his primary focus in the Washington D.C. metropolitan area in real estate tax assessment analysis and condemnation and litigation support. He has testified as an expert witness for U.S. Bankruptcy Court, U.S District Court of Maryland, Superior Court of the District of Columbia, Maryland Tax Court, and circuit courts in various counties in Maryland.

Calvin V. Thomas, MAI

cthomas@LFMvalue.com
410-423-2300 • 410-423-2336
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Calvin V. Thomas, MAI

cthomas@LFMvalue.com
410-423-2300 • 410-423-2336

About Calvin V. Thomas, MAI


With over 40 years of appraisal and consulting experience, Calvin has been with Lipman Frizzell & Mitchell LLC since 1996 and became a partner in 1998. Prior to LFM, he was Senior Vice President of a regional appraisal firm in Baltimore. He has also served as an appraiser and mortgage loan officer for various local and regional banks. Calvin is a licensed Certified General Appraiser in Maryland, Virginia, Washington DC, and Delaware. He holds the MAI designation of the Appraisal Institute and is a licensed real estate broker in Maryland. He earned his Bachelor of Science degree in Economics from the University of Maryland.

Calvin has analyzed and appraised real estate projects throughout the Mid-Atlantic States and has worked nationwide on portfolio valuations. He has testified as an expert witness for U.S. Bankruptcy Court, Maryland Tax Court, Circuit Court of Prince George’s County, and the Circuit Court of Baltimore. His primarily areas of expertise are income producing properties, vacant land, rights-of-way, religious buildings, schools and other special purpose real estate.

Senior Associates


Sheldon A. Stern, MAI

sstern@LFMvalue.com
410-423-2300
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Sheldon A. Stern, MAI

sstern@LFMvalue.com
410-423-2300

About Sheldon A. Stern, MAI


Sheldon has been within LFM for 30 years and holds the MAI designation of the Appraisal Institute. He is a licensed real estate broker in Maryland and a Certified Property Manager (CPM) from the Institute of Real Estate Management. Sheldon received a bachelor’s degree from University of Maryland and master’s degrees from University of Baltimore and American University. His master’s from American University is in real estate and urban development. Sheldon sits on the Board of Directors of CHAI, Comprehensive Housing Assistance, a non-profit housing agency.

He has qualified as an expert witness for Federal Bankruptcy Court, and testified before the Property Tax Assessment Appeals Board (PTAAB) and MICPEL Trial Advocacy Program. His valuation experience focuses on apartment buildings; retail, office, and industrial properties, and residential subdivisions. Assignments have included tax credit valuations, Fannie Mae and Freddie Mac reports, HUD MAP valuations and HUD rent comparability studies.

F. Ford Dennis, Jr.

fdennis@LFMvalue.com
410-423-2344
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F. Ford Dennis, Jr.

fdennis@LFMvalue.com
410-423-2344
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About F. Ford Dennis, Jr.


Ford Dennis is a Senior Associate with nearly 20 years of experience at Lipman Frizzell & Mitchell LLC. He holds certified general appraiser licenses in the State of Maryland, Commonwealth of Virginia, and the District of Columbia. Ford graduated with a Bachelor of Arts degree in Economics from the University of Maryland, College Park and a Master’s of Business Administration from the Robert H. Smith School of Business at the University of Maryland.

Ford has been a guest lecturer at the Colvin Institute of Real Estate Development – School of Architecture, Planning & Preservation at the University of Maryland, College Park. His valuation and consulting assignments primarily include: industrial, retail, and office buildings, mixed-use properties; schools; churches; net-leased assets; and vacant industrial, commercial, and residential land. Ford’s primary focus is on institutional-grade assets and new and proposed development in the Washington and Baltimore metropolitan areas.

James E. Caminis, MAI

jcaminis@LFMvalue.com
410-423-2320
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James E. Caminis, MAI

jcaminis@LFMvalue.com
410-423-2320
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About James E. Caminis, MAI


James Caminis is a Senior Associate with over 12 years of experience at Lipman Frizzell & Mitchell LLC. He is a commercial real estate appraiser with licenses in the State of Maryland, Delaware, Commonwealth of Virginia and the District of Columbia. James holds the MAI designation of the Appraisal Institute and is also on the board of the Maryland Chapter of the Appraisal Institute. James graduated with a Bachelor of Science degree from the Weatherhead School of Management at Case Western Reserve University in Cleveland, Ohio.

He has testified as an expert witness for Maryland Tax Court and the Property Tax Assessment Appeals Board (PTAAB). His valuation, consulting, and litigation expertise focuses on industrial, office, and retail buildings; shopping centers; net-leased assets; mixed-use and complex properties; portfolio/estate valuation; and vacant industrial, commercial, and residential land. His assignments are largely concentrated in the Baltimore/Washington Metropolitan Areas, Delaware, and Northern Virginia.

Stacy A. Harman

sharman@LFMvalue.com
410-423-2322
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Stacy A. Harman

sharman@LFMvalue.com
410-423-2322
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About Stacy A. Harman


Stacy is a Senior Associate at LFM and has been with the firm for nearly 30 years. She joined the firm in 1988 as an administrative assistant and has since become a Certified General Appraiser in the State of Maryland, Delaware and Pennsylvania. Stacy is a member of Commercial Real Estate Women – Baltimore and the Maryland Chapter of the Appraisal Institute.

Her valuation assignments have included retail buildings and shopping centers; office buildings; industrial buildings; special purpose properties; automobile dealerships, country clubs and golf courses, marinas, partial takings, conservation easements, planned developments, residential subdivisions; and unimproved land. Her assignments have been concentrated in Baltimore/Washington metropolitan area, Maryland’s Eastern Shore, Southern and Western Maryland, Delaware and Pennsylvania.

Kevin L. Kagen

kkagen@LFMvalue.com
410-423-2378
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Kevin L. Kagen

kkagen@LFMvalue.com
410-423-2378
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About Kevin L. Kagen


Kevin is a Senior Associate at LFM and has been with the firm since 2010. Kevin began at LFM as a summer intern and is currently a licensed Certified General Appraiser in the State of Maryland, Commonwealth of Virginia, and the District of Columbia. Kevin earned a Bachelor of Science degree from the University of South Carolina and a Masters of Real Estate (MSRE) degree from Johns Hopkins University.

Kevin has valuation experience with a variety of property types including office, retail, industrial, and mixed-use properties; apartment buildings; and vacant land and residential subdivisions in the Baltimore and Washington D.C. metropolitan areas, including Northern Virginia.

Associates


Thomas Dimitroff

tdimitroff@LFMvalue.com
410-423-2357
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Thomas Dimitroff

tdimitroff@LFMvalue.com
410-423-2357

About Thomas Dimitroff


Tom has been with Lipman Frizzell & Mitchell LLC since 2012. He began his career at LFM as a summer intern, after which he became a full-time Analyst; followed by a promotion to Associate. He is currently a licensed Appraiser Trainee working toward obtaining a Certified General Appraiser license in the State of Maryland. Tom graduated with a real estate and economic development degree from the University of Baltimore.

He has valuation experience with apartment buildings; retail buildings and shopping centers; office buildings; industrial buildings; special purpose properties including residential subdivisions and vacant industrial, commercial and residential land in the Baltimore and Washington D.C. metropolitan areas, including Northern Virginia.

Eileen T. Thomas

ethomas@LFMvalue.com
410-423-2351
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Eileen T. Thomas

ethomas@LFMvalue.com
410-423-2351
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About Eileen T. Thomas


Eileen has been with the LFM for over 30 years. She has been a Certified General Appraiser in the State of Maryland since 2003. Her primary focus is with properties in the Washington D.C. metropolitan area and a few counties in the Baltimore area. Her specific focus is typically in Montgomery, Prince George’s, Anne Arundel, Charles, St. Mary’s, Frederick, and Howard Counties in Maryland.

Her assignments typically include improved residential estates, apartments, condominiums, freestanding retail, shopping centers, hotels/motels, office and industrial buildings; special purposes properties such as schools, golf courses and golf course land; and land assignments to include residential subdivisions, conservation, preservation, condemnation, industrial, and commercial land.

Lolita Justice-Watkins

lwatkins@LFMvalue.com
410-423-2300
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Lolita Justice-Watkins

lwatkins@LFMvalue.com
410-423-2300
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About Lolita Justice-Watkins


Lolita began her career with Lipman Frizzell & Mitchell LLC in 1988. Since 2005, she has been a market analyst providing support to LFM’s economic feasibility and planning group. Her focus is market and financial feasibility studies in support of land acquisition and marketing for commercial and residential development, tax-motivated and conventional financing for single family and multifamily residential projects; and TIF (TAX Increment Financing) bond financed developments.

Operations Director


Debbie Ryba

dryba@LFMvalue.com
410-423-2300

Recent News

Testimonial: Gill Wylie, Johns Hopkins Medical Management Corporation


“Over the past 20 years, Johns Hopkins Medical Management Corporation has used the valuation, appraisal and financial analysis services of Lipman, Frizzell & Mitchell and been very pleased with the quality of their work. They are very client oriented and provide the quick response and analysis services which are necessary in today’s fast moving environment. We have found them to be creative and their advice is well documented, resulting in the well-grounded and sound business decisions.”

-Gill Wylie, President, Johns Hopkins Medical Management Corporation

Join Us

Lipman Frizzell & Mitchell LLC (LFM) has a relaxed, collaborative culture that supports a work-life balance. Every employee plays a vital role in providing reliable and sophisticated real estate services to our clients. The firm’s success is directly linked to a dedicated and self-driven staff.

Employment with LFM means you pride yourself on delivering “boutique” and professional service. Employees receive hands-on training and mentorship with industry-leading professionals. Lipman Frizzell & Mitchell LLC is an equal opportunity employer and is committed to, and prides itself on, being an inclusive and diverse workplace.