Re-underwrite an asset for the case where its largest tenant leaves

For REITs & asset managers · also Owner-operators & property managers, Lenders & debt funds

What is the fair market rent for [size] SF of [use] space at [address]? Then underwrite this at [asking price] from the attached T-12 and rent roll with that tenant gone and the space re-let at that market rent after a vacancy period. What is the return and is that value right?

You give

The address; the tenant's size in SF and the use; the T-12; the rent roll; carrying value as the asking price

You get

Fair market rent, $/SF/year and per month, with the leases behind it, in the assistant

Then

Underwriting — ask for it in the same conversation once step 1 is done