Underwriting Summary
Go from raw documents to a clean NOI bridge and unit mix — separating the in-place deal from the stabilized business plan, with every line auditable to its source.
Sample analysis · illustrative figures
148-Unit Multifamily
Maple Grove Apartments
Garden-style · Sun Belt submarket · Built 2012
Verdict
Proceed with conditions
Underwrites at the comp band, not the pitch
Key metrics
$25.9M
Purchase price
$175K / unit
5.71%
In-place cap rate
On $1.48M NOI
6.26%
Stabilized cap rate
On $1.62M NOI
1.28x
Going-in DSCR
65% LTV @ 6.5%
Financials & Valuation
Valuation Scenarios
Pressure-test value across a range of exit cap rates instead of betting on a single number — so you underwrite to a defensible range and know your downside before you bid.
Applied to stabilized NOI of $1.62M (direct capitalization).
Comps Pulled Straight From the OM
Rent and sales comparables extracted from the offering memorandum and benchmarked against the subject — no separate data subscription required.
Rent Comparables
| Property | Dist. | $/SF | Avg Rent |
|---|---|---|---|
| The Maddox | 0.4 mi | $1.72 | $1,610 |
| Parkline Flats | 0.9 mi | $1.66 | $1,575 |
| Cedar & 7th | 1.3 mi | $1.58 | $1,498 |
| Subject (in-place) | — | $1.49 | $1,548 |
Subject in-place rent of $1,548 sits ~6% below the comp average — supporting upside.
Sales Comparables
| Property | Price | $/Unit | Cap | Date |
|---|---|---|---|---|
| Riverside Commons | $31.4M | $182K | 5.9% | Q4 2024 |
| Halcyon Apartments | $22.8M | $171K | 6.1% | Q3 2024 |
| Westgate 220 | $40.1M | $188K | 5.7% | Q2 2024 |
Going-in cap of 5.71% prices inside the 5.7%–6.1% submarket band.
The Benchmarked Verdict
What checks out
- In-place rents sit ~6% below the rent-comp set, supporting a credible loss-to-lease capture.
- Going-in cap rate (5.71%) is inside the submarket sales-comp band of 5.7%–6.1%.
- Unit mix skews to durable 2BR product (49% of units) with the deepest comp support.
What to question
- Seller pro forma assumes a 9% rent bump in year one — nearly double the comp-implied trend.
- Two months of the T-12 are annualized, not actuals; expense ratio may be understated.
- Exit cap of 5.75% is more aggressive than today's 6.25% market; value is cap-rate sensitive.
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