Retail CRE Deal Underwriting

I buy neighborhood-scale retail and mixed-use properties and need a seasoned underwriter I can tap whenever a new deal hits my desk. Each assignment centers on a single acquisition: you’ll receive the rent roll, OM, and my purchase assumptions, then turn around a fully linked Excel model and short risk memo.

Here’s the core of the work. You will scrub NNN, gross, and modified-gross rent rolls, layer in realistic lease-up timelines for any vacancy or below-market suites, and build 5- to 10-year cash-flow holdings that flow through to IRR, equity multiple, and sensitivity tables. The hold analysis is the piece I find most challenging, so I’m counting on you to stress-test exit cap rates, refinance scenarios, and capital-stack tweaks until the numbers tell a clear story. When you flag risks, zoom in on lease-term issues first—break options, expirations stacking in one year, or extension rights that could cap upside—while still noting tenant credit and local vacancy where it matters.

Deliverables I expect on every engagement:
• A transparent Excel or Argus-style model I can manipulate after delivery
• A concise write-up (one to two pages) highlighting assumptions, lease-term risks, and key upside/downside drivers

If this is in your wheelhouse, send over past work samples—closed deals, anonymized models, or investment memos that show your hand.