Reconstruct the subject's operating statement from its T-12

For Appraisers & valuation · also Lenders & debt funds

Underwrite this: [address] at [concluded value] from the attached T-12 and rent roll. Normalise the operating statement — pull out capital items and non-recurring expenses — and show the NOI and the cap rate that value implies.

You give

The address; the T-12; the rent roll; the concluded value (draft value)

You get

Returns, NOI, cap rate, DSCR, sensitivity and a verdict on the entry price, in the assistant Often also: memo (PDF)