NORTHCAP PARTNERS All sector models

02 · Office · retail · industrial

Commercial
underwriting model.

Lease-by-lease underwriting for income durability, rollover exposure, tenant costs, and re-leasing risk.

Model purpose

The model makes tenant-level timing visible, connecting contractual rent, downtime, capital costs, and financing to the investment outcome.

01

Designed for

  • Office and medical office
  • Retail and neighborhood centers
  • Industrial and logistics
  • Single-tenant assets
02

Core inputs

  1. 01Tenant roster and lease abstracts
  2. 02Base rent and escalations
  3. 03Renewal probability and downtime
  4. 04Tenant improvements and commissions
  5. 05Operating expense recoveries
  6. 06Capital and financing assumptions
03

Decision outputs

  • Lease-level cash flow
  • Rollover and vacancy schedule
  • Capital requirement forecast
  • Scenario-based return analysis

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