CRE 101 Series

CRE 101 is a beginner-friendly introduction to the core concepts behind every commercial real estate deal. Each chapter is property type-agnostic, covering ideas that apply whether you're underwriting multifamily, office, retail, or industrial. Read the series in order for a complete foundation, or jump straight to the chapter you need.

1. 1

   What is CRE?

   What commercial real estate is, the major asset types, and why investors are drawn to it.

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2. 2

   The T12

   What a T12 is, what it includes, and how to clean one up for underwriting.

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3. 3

   NOI Explained

   What counts as Net Operating Income, what doesn't, and how to calculate it correctly.

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4. 4

   Cap Rates

   How to calculate a cap rate, what a good one looks like, and how investors use it.

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5. 5

   Commercial Property Types

   The major property types, multifamily, office, retail, industrial, and more, and how each differs.

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6. 6

   How Commercial Properties Make Money

   The two ways properties generate returns: cash flow from operations and appreciation in value.

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7. 7

   Understanding Leases

   How gross, modified gross, and triple net leases split expenses between landlord and tenant.

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8. 8

   CRE Financing Fundamentals

   Common CRE loan types, how amortization works, and the LTV, LTC, and DSCR metrics lenders use.

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9. 9

   Key Investment Metrics

   How cash-on-cash return, equity multiple, and IRR each measure a deal's performance differently.

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10. 10

    CRE Valuation Basics

    The three approaches appraisers and investors use to value commercial real estate.

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11. 11

    How to Read a Rent Roll

    What a rent roll includes, what to check for accuracy, and common mistakes to avoid.

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12. 12

    How to Calculate Pro Forma Rent

    How to calculate pro forma rent, source real comps, and check it against tenant income.

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13. 13

    CRE Risk Profiles (Core to Opportunistic)

    What separates core, core-plus, value-add, and opportunistic strategies, and how risk and return shift.

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14. 14

    Common Due Diligence Items

    The financial, physical, legal, and environmental items buyers review before closing on a deal.

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15. 15

    The CRE Acquisition Process (LOI to Closing)

    What happens from sourcing and the LOI through due diligence, financing, and closing.

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