Income
Which leases support current collections, and how much rent growth is actually available after concessions and vacancy?
Sector / 02
Multifamily.
The asking cap rate is a starting point. Durable rent, recoverable expenses, physical condition, and debt terms determine the investable return.
The investment lens
Underwrite the rent roll to cash.
Bridge in-place income to collected income, then adjust for concessions, bad debt, vacancy, taxes, insurance, utilities, staffing, and reserves. Compare the resulting NOI with realistic financing and capital needs.
Test an income scenario02 / DILIGENCE
Questions that change the case.
Expenses
Will tax reassessment, insurance renewal, utilities, and repairs change the seller's historical NOI?
Debt & basis
Does cash flow cover projected debt service through downside and refinancing scenarios?
For an initial review
Useful starting materials.
Only share information you are authorized to disclose. An initial conversation can begin with a high-level summary.
- Current rent roll and trailing 12-month operating statement
- Lease and concession summaries
- Tax, insurance, utility, and payroll detail
- Capital needs, unit mix, and occupancy history
Decision output
From information to a clear next step.
A reconciled operating case, financing sensitivity, and a concise list of diligence items that could change the investment decision.
See our analysis frameworkPrivate opportunities
Beyond the public market.
Prestige Estate Advisors has access to off-market opportunities across global markets. Share a specific mandate to begin a private search; availability, information access, and terms are confirmed case by case.
Explore off-market accessStart a conversation
Put the facts on the table.
Share the asset or investment thesis and the questions that need answering. We can begin with a high-level outline.