Commercial underwriting - lease income by $/SF, NNN expense reimbursement, cap-rate valuation, 39-year depreciation. Change any yellow knob and every number recalculates. For the funding split (GP/LP syndication), use the separate Syndication model.
Pulls from our commercial listings (broker-marketed + county-verified).
Property
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Assumptions (yellow = editable)
Year-1 Pro Forma - three price scenarios
NNN lease: tenants reimburse recoverable expenses (tax, insurance, CAM). Taxes reset to the purchase price at sale, so cap rate moves with price. "Income value" is solved so NOI / price = your market cap.
Commercial depreciates over 39 years (residential 27.5). Cost-segregation reclassifies part of the basis to short-life property eligible for bonus depreciation year 1.
Example data: rent $/SF, reimbursement %, CAM and insurance are underwriting estimates - re-run any real deal on the actual leases and a trailing-12 operating statement. Not an appraisal or an offer.