Retail, office and mixed-use — priced on the lease, not the square footage.
Who your tenants are and how long they have left is most of the value. We start there.
In-place NOI on a cap rate set by lease term and tenant credit
Two buildings with identical NOI trade far apart when one has seven years of national-credit tenancy left and the other has eighteen months of month-to-month. Weighted average lease term does more to the cap rate than the finishes do. Vacancy is priced as a cost to fill, not as upside, unless there is a real reason a buyer would agree otherwise.
What actually happens, in order.
- 01Value it on the lease stackIn-place income, term-weighted, with an honest read on which tenants a buyer will underwrite and which they will discount.
- 02Match against the registerBuyers state class, price band, geography and financing before they see anything. Confidential until you decide otherwise.
- 03Go to market on your termsPublicly listed, quietly shopped, or shown to three parties. That is a choice, and it should be made with the numbers in front of you.
Sixty to a hundred and twenty days from accepted offer, with the lender's appraisal and any estoppel chase as the usual constraints.
Should I fill the vacancy before selling?
Depends entirely on the lease you could sign. A short cheap lease can lower the price rather than raise it, because it caps what the buyer can do with the space.
Start with the number.
A range with the comparables behind it, so you can argue with it. No listing agreement and no follow-up sequence.
Buyers for commercial properties in Washington are matched from a private register, not a listings page.
Every buyer states their class, price band and geography before they are added. When your asset fits, they hear about it the same week — before it is advertised anywhere.