Analyzing Mixed-Use Properties: Real Estate Multifamily Underwriting with Edward Shamirian

Join us for an enlightening session on Multifamily Underwriting with industry expert Edward Shamirian. In this session, you'll learn the art of Napkin Underwriting and discover its crucial role in the Multifamily Real Estate Investing process. Gain the skills to swiftly analyze your own deals and receive expert assistance in our live Q&A session.

🌐 Highlights:

Mixed-Use Property Deep Dive: Edward discusses a compelling mixed-use property, sharing insights on its structure, which includes a CVS store, offices, and residential units.
Strategic Analysis: Learn the importance of factors like rental rates, lease terms, reimbursements, and potential air rights development obstacles.
Long-Term Stability: Discover the benefits of having a reliable tenant like CVS, ensuring foot traffic and property stability.
Open Q&A: Pose your Multifamily Underwriting questions directly to Edward and get real-time assistance.

🔍 Key Takeaways:

Responsibility: Edward, the speaker, underwrote and made an offer on the mixed-use property, offering firsthand knowledge and details.
Mixed-Use Considerations: Delve into the advantages and benefits of mixed-use properties, exploring options related to depreciation and reimbursements.

Financial Analysis: Understand the process of analyzing rent rolls, income statements, income and expense assumptions, and retail income breakdown.

Long-Term Vision: Explore considerations for the property's future, including the impact of long-term tenants like CVS, lease terms, and negotiations.

Development Insights: Uncover the intricacies of future development and air rights for commercial properties, along with potential obstacles and limitations.

🚀 Don't miss this opportunity to enhance your Multifamily Underwriting skills and gain valuable insights from Edward Shamirian.

00:12 - Introduction to Mixed-Use Properties

Explore the concept of mixed-use properties blending commercial and residential spaces. The speaker introduces a specific property and offers more information.

01:26 - Description of the Property

Dive into details about a mixed-use property, featuring a CVS store, offices, and residential units. The speaker draws on past examples for a comprehensive understanding.

02:16 - Analysis of Residential Rent

Understand the straightforward process of calculating rent for residential units in the discussed property.

02:44 - Complexities of Commercial Rent

Delve into the complexities of commercial rent calculation, covering property tax reimbursements, renewal options, rent increases tied to sales, and lease termination for redevelopment.

04:40 - Financial Considerations and Projections

Examine financial considerations, including income assumptions, expense considerations, vacancy allowances, and sales reimbursement. Gain insights into understanding these factors for a comprehensive financial outlook.

05:32 - Challenges with Commercial Tenants

Navigate challenges associated with commercial tenants, especially larger retailers like CVS. Topics include the development of air rights, basement usage, and potential impacts on long-term property value.

08:57 - Long-Term Lease and Tenant Benefits

Highlight the advantages of a long-term lease with a stable tenant like CVS. Explore favorable lease terms, the potential for increased sales reimbursement, and the duration of the tenant's occupancy.

12:35 - Mixed-Use Considerations and Questions

Engage with the audience by inviting questions and feedback on mixed-use properties. The speaker expresses curiosity about the audience's experiences and perspectives.

12:59 - Conclusion

Summarize key points covered in the discussion of mixed-use properties. Conclude by welcoming further questions and discussions.


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