How to Verify a Seller's Numbers on a Commercial Deal

Podcast: The Commercial Real Estate Investor Podcast · Tyler Cauble

Opublikowano: 2026-08-24

Key Takeaways OMs are sales documents, not truth documents – headline cap rates and “stabilized pro forma” are usually built on optimistic, not proven, assumptions. Sanity-check income – don’t underwrite rents that no one at that property has ever paid, especially if the space has been sitting vacant for months. Rebuild expenses – recalc property taxes at your purchase price, and target a realistic 30–35% expense ratio instead of trusting the OM. Add the “missing three” every time – baseline 5–7% vacancy, market-rate property management, and capital reserves (e.g., per SF per year). Price the path to stab...