Level 2: Sales and Income BOV, Direct Cap

Service Description

A two-approach opinion for income property, and for owner-user buildings an investor could buy. Scope - Sales comparison: closed comps and active competition, indicated value per SF - In-place income: rent roll and T-12 review, when supplied - Lease comps: closed leases from the subject's submarket - Market rent conclusion, and mark-to-market against in-place rents - Stabilized pro forma: market rent, vacancy, effective gross income, real estate taxes reassessed at sale, insurance, management, reserves and NOI - Direct capitalization: market cap rate evidence and indicated value - Reconciliation, value opinion, recommended list price and expected closing price - Buyer pool and marketing time - Due diligence flags: zoning, title, environmental, leases, insurance and condition Reassessed taxes A long-held asset is taxed on a capped assessment, and a sale resets it. The pro forma runs the county tax estimator at the value opinion and underwrites the buyer's tax bill, since the seller's bill overstates NOI. Fits Single-tenant and multi-tenant leased assets, investment sales, and hold-versus-sell decisions on owner-user buildings. Send Address, rent roll, leases, T-12 and the current insurance premium, if available.