The Deal Lab.
Hypothetical commercial transactions, modeled from the investment thesis through cash flow, financing, downside risk and exit.
Adaptive-reuse feasibility investment analysis
A conversion thesis needs a feasible new use, complete delivered cost, funded transition, supportable income, and an exit that compensates for execution risk.
Read the guideApartment refinance after a tax and insurance increase
A multifamily refinance must resize debt against higher recurring costs and reconcile the owner cash call with existing opportunity equity and future returns.
Read the guideCommercial refinance shortfall and negotiated exit
A refinance gap requires a forward comparison of new cash, existing net sale equity, loan repayment, operating risk, and an executable negotiated or sale alternative.
Read the guideCourtyard-building operating turnaround
A courtyard-building turnaround should improve collectible revenue and controllable operations without hiding maintenance, legal obligations, or capital behind a higher NOI target.
Read the guideHotel renovation and stabilization investment analysis
A hotel renovation must translate rooms and rates into property cash after operating costs, management obligations, reserves, renovation disruption, and debt.
Read the guideIndustrial property with an environmental diligence issue
A hypothetical industrial acquisition makes environmental uncertainty a priced condition, a funding and timing stress, and a lender/exit question rather than a generic contingency.
Read the guideMedical-office property with tenant concentration
A hypothetical medical-office acquisition tests a major tenant’s credit and specialized space against vacancy, reuse capital, financing maturity, and a five-year exit.
Read the guideMixed-use property with a vacant commercial floor
A hypothetical mixed-use acquisition shows why occupied apartments cannot justify inserting vacant-floor market rent into current NOI without delivery capital, downtime, and financing.
Read the guideMultifamily hold-versus-sell investment decision
A hold-versus-sell decision compares future cash from current net liquidation equity and new capital, rather than anchoring on historical purchase price or gross value.
Read the guideNeighborhood shopping-center acquisition with CAM leakage
A hypothetical shopping-center acquisition shows how lease exclusions, capped recoveries, leasing capital, and debt service change the price an investor can justify.
Read the guideOffice acquisition with tenant improvements and leasing commissions
A hypothetical office acquisition exposes the cash cost of a major expiration: downtime, improvements, commissions, payment timing, and lower refinance capacity.
Read the guideOwner-user industrial purchase comparing financing structures
An owner-user purchase must reconcile the real estate entity and operating business without counting internal rent twice, while preserving capital for both.
Read the guideRestaurant property requiring substantial landlord improvements
A hypothetical restaurant-property acquisition separates landlord systems, tenant delivery funding, opening delays, and the credit risk behind an attractive rent.
Read the guideRetail center exposed to an anchor co-tenancy clause
A hypothetical anchor departure reduces both direct rent and other tenants’ contractual payments, creating a correlated retail downside and a reserve funding test.
Read the guideSelf-storage expansion investment analysis
An existing self-storage property's expansion earns its return only after all-in construction costs, leasing friction, operating expenses, and transition liquidity reconcile.
Read the guideSingle-tenant NNN property with a near-term lease expiration
A hypothetical net-lease acquisition shows how a near-term expiry changes leasing capital, reserve consumption, loan maturity, and five-year equity returns.
Read the guideSix-flat acquisition with deferred maintenance
A six-flat acquisition should fund existing defects and operating transition before evaluating recurring cash yield and a fully costed sale.
Read the guideSmall-bay industrial acquisition and lease-up
A hypothetical small-bay industrial acquisition connects divisible space, tenant demand, utility delivery, leasing costs, and the cash needed during incremental occupancy.
Read the guideStorefront-plus-apartments acquisition
A hypothetical six-apartment and storefront acquisition separates commercial and residential collections, shared expenses, capital, financing, and the full equity return.
Read the guideWarehouse with obsolete loading and clear height
A hypothetical older warehouse shows why a low price per square foot must be tested against tenant function, noncurable limitations, improvement cost, and exit liquidity.
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