Topic
Cap Rates
Guides and real deal teardowns on cap rates.
How I actually read a deal
Why a cap rate alone lies, and the five things I actually adjust for before I trust a number.
Read it →Hold or sell? The question nobody owns.
The yield-on-equity framework I walk owners through: what pushes toward a sale, and the honest reasons to hold.
Read it →Why one month can cost you 25 basis points
How value quietly bleeds as lease term burns off, and why it accelerates the closer you get to expiration.
Read it →Cap rate, explained — and how to actually use it on retail property
What a capitalization rate is, how to apply it to retail investment property, what it hides, how to use it as a strength, and the best- and worst-case ways it plays out.
Read it →Net operating income (NOI): the number your whole deal rests on
What net operating income is, how to apply it to retail investment property, the ways it gets inflated, how to use a clean NOI as leverage, and the best/worst-case outcomes.
Read it →The 7.25 cap that was really a countdown timer
A 7.25 cap that everyone loved, until you read the lease: four years of term, a single-store guarantee, and an old roof on the landlord.
Read it →The 6.5 that beat the 7.5
Two deals, same month: a 7.5 and a 6.5. The lower cap was worth more, and it wasn't close. Here's why.
Read it →Flat rent, quiet erosion
This one doesn't blow up. It just quietly loses value for fifteen years, and nobody notices until they go to sell.
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