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Your 6-Cap vs The Appraiser She Told You Not To Worry About

Broker: Pro forma NOI says 6-cap, stabilized by Tuesday Appraiser: My ‘nearby’ comp is a 1978 warehouse-church 18 miles away at 9.0% Lender: After vacancy, tax reset, TI/LC, and reserves—DSCR = 0.98; circle back post-lease-up Me: Recoloring the T-12 and lighting a SOFR candle like it’s Easter 😵‍💫🙏

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Term Sheet Says Yes, Appraisal Says LOL

Broker: LOI signed, lender nodding, I preorder the 'Closed' banner Lender: send updated T-12, live rent roll, and proof the roof isn’t a rumor Appraiser: found comps from a C-minus two zip codes away—

 
 
 
When the Appraiser Nukes Your Cap Rate at 4:59 PM

Broker: It pencils at 6.25% cap, T-12 trending up, pro forma tight Lender: Committee wants actuals, SNDAs, and my weekend Appraiser: Calls it 'stabilized' then shaves 12% because a 2009 comp sneezed M

 
 
 

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