Commercial Real Estate Underwriting Workbook: Deals From Analysis to Decision

Knowing that cap rates and NOI matter is not the same as being able to underwrite a deal quickly and accurately. Investors who hesitate in underwriting lose opportunities; those who rush make expensive errors. This workbook course closes that gap by guiding you through the full analysis process on three realistic commercial property scenarios, one worksheet and checklist at a time. By the end of this course you will be able to build a complete pro-forma income statement for a commercial property from raw lease data, perform a cap rate sensitivity analysis to evaluate downside risk, complete a structured due-diligence checklist, and prepare a one-page investment summary that communicates the thesis and key risks clearly. What you will learn: - Reading and spreading a rent roll: extracting NOI from a real-world-style tenant schedule - Building a simple pro-forma model: gross potential rent, vacancy, expenses, and NOI step by step - Cap rate sensitivity: how a 50-basis-point change in exit cap rate affects projected returns - Debt service coverage ratio (DSCR) calculations and what lenders require at different LTV levels - Triple-net lease analysis: modeling landlord versus tenant expense obligations by lease type - Physical and legal due-diligence: working through an annotated checklist for a commercial acquisition - Evaluating a syndication offering memorandum: fee structures, waterfall mechanics, and projected returns - Preparing a concise investment summary: deal thesis, underwriting assumptions, and risk factors Each module is organized around a fictional but realistic property scenario. You receive a rent roll, an operating expense statement, or an offering memorandum excerpt, then complete a guided worksheet before reviewing the annotated solution. Templates are provided for the pro-forma model, the due-diligence checklist, and the investment summary. Reflection prompts ask you to adjust key assumptions and observe how conclusions change. This course is written for investors who understand commercial real estate basics and want to develop practical underwriting skill, as well as for real estate brokers, lenders, and analysts who are new to the investment side of commercial transactions. Basic spreadsheet proficiency is assumed; no advanced finance background is required. This course is informational and educational; it does not constitute investment or legal advice.