Multifamily underwriting from an address
Rent roll, rent and sale comparables, the loan on record and the tax bill, rebuilt into one cash flow and a value range. Two real runs below: a Philadelphia apartment building and a 754-unit San Francisco tower.
What a multifamily run returns
- Rents and occupancy, read against rent comparables nearby
- The loan on record, its maturity, and what a refinance would size to
- NOI as we rebuild it next to the one in the offering memorandum
- A value range with every comparable listed and mapped
Broker opinion of value · multifamily · 13 files
The Drake
1512 Spruce Street, Philadelphia
$49.2M opinion of value for 286 apartments and the theatre unit, range $47.5M to $51.0M
- apartments
- 286
- per apartment
- $172,028
- implied cap rate
- 6.30%
Lender underwriting · multifamily
8 10th Street
San Francisco, California
754 units on a $384M interest-only loan that matures in February 2029; rebuilt cash flow of $17.0M against $18.3M of debt service
- units
- 754
- loan on record
- $384M
- cash flow, rebuilt
- $17.0M
Drafts for a licensed professional to review and sign; not appraisals.