Cubedup Truck Parking Underwriting · Investment committee
IOS land operated as truck parking

Illustrative truck parking yard

Methodology: Cubedup Truck Parking Underwriting (CTP), land approved for industrial outdoor storage, operated as truck parking. Contents: Summary, Financing, Risk register.

Fleets rent spaces by the month; drivers book by the night. Zoning and a clean Phase I are kill tests. Ceiling is the lowest of direct capitalization, a DCF, the price today's debt will support, and comparable land value per usable acre. Inputs shown are illustrative, not a live transaction.

1. Site and entitlement

Property Asking price Usable acres (from the survey) Truck spaces on the site plan Truck parking and overnight use permitted Phase I environmental Capex to operate (paving, fence, lights) Comparable land, USD per usable acre (0 = not set)

2. Revenue

In-place collections, USD/yr (T-12; 0 = build from rates) Fleet share of spaces, % Fleet rate, USD per space per month Fleet occupancy, % Nightly rate, USD per space Nightly occupancy, % Other income (permitted uses only) Credit loss, %

When the package has actual collections, they set revenue and the rates become a cross-check. Fleet and nightly figures are your decisions until a rent roll or booking statements are in.

3. Operating costs

Management, % of revenue Booking platform fee, % of nightly Operating expenses (security, lighting, restrooms, sweeping, paving reserve, utilities) Insurance, buyer basis

4. Property tax

Treatment In-place tax, USD/yr Effective rate on value, % Reset at % of price

5. Capital markets and hold

Going-in cap rate, % Rates as of 10-yr Treasury, % 5-yr Treasury, % Lender spread over 10-yr, % Amortization, years Maximum LTV, % Minimum DSCR, x Debt yield floor, % Revenue growth, %/yr Unlevered discount rate, % Exit cap over going-in, %

IOS lenders in 2026: 55-65% LTV, 9-11% debt yield (T3, one brokerage report). Replace with a term sheet.

6. Scorecard Bar 75

Factor	Weight	Points

Recommendation

Valuation USD

Direct capitalization
DCF
Debt-supported value
Land value, usable acres
Cubedup ceiling (lowest)
Opening bid
Ceiling as % of ask

Revenue

Returns at ceiling

Sources and uses At ceiling

Conditions and open items

Financing structures

Price to finance (blank = ceiling) Hold, years NOI growth, %/yr Exit cap over going-in, % Closing costs, % of price SOFR, % Prime, %

Seller note offered Down payment, % Note rate, % Note amortization, yrs (0 = IO) Balloon, years Buyer discount rate, %

Assumable loan Balance, USD Rate, % Remaining amortization, yrs Years to maturity Mezzanine on CMBS, combined LTV %

Financing flags and warnings

Lender terms are market conventions, October 2026 (T3/T4): bank 5-yr Treasury + 2.75%, 25-yr, 70% LTV, 1.25x; credit union + 2.50%; SBA 7(a) prime + 2.75% (cap prime + 3.00%), 25-yr, 90% LTV, FY2026 guaranty fee 3.5%/3.75% of the guaranteed portion; SBA 504 bank 50% + CDC 35% at 6.97% (Oct 8 2026 debenture sale), 15% equity; CMBS 10-yr + 2.25%, 30-yr, 65% LTV, 1.30x, 9% debt yield, 2 yrs IO; life company 10-yr + 1.75%, 60% LTV, 1.40x, 9.5% debt yield; bridge SOFR + 4.50%, interest-only, 75% LTV. Replace with a term sheet before any LOI. Seller paper is valued at the buyer's discount rate to give a cash-equivalent price.