Commercial Real Estate

Debt Service Coverage Ratio (DSCR) Explained

The debt service coverage ratio (DSCR) is the metric lenders care about most when evaluating a commercial real estate loan.

11 min readLevel: CoreCalculatorExcel modelVideo

Loan to Value Ratio (LTV) in Commercial Real Estate

The loan-to-value ratio is the first number a lender looks at when underwriting a commercial real estate loan.

12 min readLevel: CoreCalculatorExcel model

Real Estate Space Market vs Asset Market: The Four-Quadrant Model

Learn the DiPasquale-Wheaton four-quadrant model linking rents, property values, construction, and building stock in commercial real estate markets.

14 min readLevel: Foundations

Real Estate Market Analysis: Methods, Data & Forecasting

Learn how CRE investors analyze markets before committing capital. Covers vacancy, absorption, rent, construction indicators, the eight-task structural…

14 min readLevel: Foundations

CRE Cash Flow Proforma & DCF Valuation From Financial Modeling

Learn how to build a commercial real estate cash flow proforma, project reversion value, choose a CRE discount rate, and apply DCF valuation to commercial…

17 min readLevel: CoreCalculatorExcel modelVideo

CRE Investment Returns: Cash-on-Cash, Equity Multiple & IRR

Learn how to measure commercial real estate investment returns using cash-on-cash return, equity multiple, IRR, and gross rent multiplier.

13 min readLevel: CoreCalculatorExcel model

Leverage in Commercial Real Estate: Effects on Risk & Return

Learn how leverage amplifies both returns and risk in commercial real estate. Covers the equity yield equation, positive vs negative leverage, CRE capital…

13 min readLevel: CoreCalculatorExcel model

After-Tax Investment Analysis for Commercial Real Estate: ATCF, Depreciation Recapture, and APV

Learn how depreciation tax shields, after-tax cash flow (ATCF), depreciation recapture, and the APV approach affect commercial real estate investment returns…

12 min readLevel: CoreCalculatorExcel model

Commercial Mortgage Underwriting: Process & Criteria

A complete guide to how lenders underwrite commercial real estate loans — covering DSCR, LTV, debt yield, yield degradation, and the step-by-step evaluation…

14 min readLevel: CoreCalculatorExcel model

CMBS: Commercial Mortgage-Backed Securities Explained

A guide to CMBS — how commercial mortgages are pooled into trusts, structured into tranches with senior-to-first-loss waterfall priority, rated by credit…

13 min readLevel: Core

Real Estate Portfolio Theory: Allocation, Diversification & CAPM

How institutional investors incorporate real estate into multi-asset portfolios using MPT and CAPM. Covers optimal allocation, the efficient frontier with real…

15 min readLevel: Core

Real Estate Development Feasibility Analysis

Learn how to evaluate real estate development feasibility using residual land value, NPV analysis, yield on cost, and operational leverage frameworks grounded…

16 min readLevel: CoreCalculatorExcel model

Commercial Lease Analysis: Types, Effective Rent & Strategy

Commercial lease analysis evaluates the true economic cost or revenue of a lease by accounting for all terms, concessions, escalations, and expense obligations…

9 min readLevel: CoreCalculatorExcel model

Commercial Real Estate Due Diligence: A Complete Checklist

Learn the four pillars of commercial real estate due diligence — financial verification, physical inspections, legal review, and market validation…

13 min readLevel: Core

REITs: Real Estate Investment Trusts Explained From Equities

REITs let investors access commercial real estate income through liquid, publicly traded securities. Learn the 90 percent distribution requirement, FFO…

12 min readLevel: Core