Browse the CRE underwriting resource library
Every guide, calculator, and definition on UpsideIQ, in one place — grouped by topic. Start with a pillar hub, jump straight to a calculator, or look up a term.
Industrial & Warehouse Underwriting
Open the industrial & warehouse underwriting hub →
- How Clear Height Drives Warehouse Value
- Gross Lease vs. Triple Net (NNN)
- Single-Tenant Credit Analysis for NNN Deals
- How to Build a Warehouse (Industrial) Pro Forma
- Industrial Outdoor Storage (IOS): The Investor's Guide
- The IOS Yard Where the Broker Yield Falls Apart
- The NNN Cap Rate That's Hiding the Risk
- How I Underwrote a $10.8M Industrial Sale-Leaseback — and Why Rent Coverage, Not the 7% Cap, Nearly Killed It
- How I Underwrote an IOS Yard — and Why Rent-Per-Acre and Zoning, Not the Cap Rate, Made the Call
- How to Underwrite an IOS Deal (Industrial Outdoor Storage)
- How to Underwrite a Small Industrial Deal
Multifamily Underwriting
Open the multifamily underwriting hub →
- Multifamily Operating Expense Ratio (OER)
- Loss to Lease, Explained
- Multifamily Cash-Out Refinance Underwriting
- How to Analyze a Rent Roll
- Value-Add Multifamily Underwriting
- The Multifamily Deal That Cash-Flows on Paper but Won't Get Financed
- Why I Passed on a “6.5% Cap” Multifamily Deal That Was Really a 4.9%
- How to Underwrite a Multifamily Deal
CRE Metrics & Ratios
Open the cre metrics & ratios hub →
- Cap Rate vs. Cash-on-Cash Return
- Debt Yield, Explained (and Why Lenders Trust It)
- The Equity Waterfall, Explained (GP/LP Splits)
- LTV vs. LTC: Two Leverage Tests, One Loan
- Preferred Return: How the 8% Pref Works
- Real Estate Promote (Carried Interest), Explained
- Great IRR, No Cash Flow
- How to Calculate a Cap Rate (and What a Good One Looks Like)
- How to Calculate DSCR and Why Lenders Care
- IRR vs. Equity Multiple: How to Read CRE Returns
Underwriting Fundamentals
Open the underwriting fundamentals hub →
- Cap Rate vs. Yield on Cost
- Cash-on-Cash Return, Explained
- IRR vs. Equity Multiple: Why Two 2.0x Deals Aren't Equal
- NOI vs. EBITDA
- Net Operating Income (NOI): How It's Calculated
- How to Build a Commercial Real Estate Pro Forma
- Replacement Reserves in Underwriting
- Sensitivity Analysis: How Exit Cap Rate Moves Value
- The Reserves Line That Quietly Kills Your Returns
- Broker Cap Rate vs. True Cap Rate: What Sellers Don't Show You
Free calculators
Sample report
Glossary
- 1031 Exchange
- Break-Even Occupancy
- Broker Cap vs True Cap
- Cap Rate (Capitalization Rate)
- Capital Stack
- Cash-on-Cash Return
- Covered Land Play
- Debt Yield
- DSCR (Debt Service Coverage Ratio)
- EBITDAR
- Effective Gross Income (EGI)
- Equity Multiple (EM)
- Going-In vs. Exit (Terminal) Cap Rate
- Gross Potential Rent (GPR)
- Gross Rent Multiplier (GRM)
- Interest-Only Period
- IOS (Industrial Outdoor Storage)
- IRR (Internal Rate of Return)
- Loan-to-Cost (LTC)
- Loan-to-Value (LTV)
- Loss to Lease
- Mezzanine Debt
- NNN Lease (Triple Net)
- NOI (Net Operating Income)
- Operating / Replacement Reserves
- Operating Expense Ratio (OER)
- Preferred Return
- Price Per Square Foot
- Price Per Unit
- Pro-Forma
- Recourse vs. Non-Recourse Debt
- Rent Coverage
- Replacement Reserves
- Sale-Leaseback
- Stabilized NOI
- Tenant Improvements & Leasing Commissions (TI/LC)
- True Cap Rate
- Vacancy & Credit Loss
- Value-Add vs. Core / Core-Plus / Opportunistic
- WALT (Weighted Average Lease Term)
- Waterfall & Promote (Carried Interest)
- Yield on Cost
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