Cubedup Boardroom Underwriting · Investment committee
USD 5M+ or 40,000+ NRSF

Illustrative stabilized Class A, Florida

Methodology: Cubedup Boardroom Underwriting (CBU), price at or above USD 5M or 40,000+ NRSF. Contents: Summary, Financing, Risk register, Sources.

Ceiling is the lowest of three values: direct capitalization, a five-year unlevered DCF and the price today's debt will support. Property tax is solved inside NOI where the state resets on sale. Inputs shown are illustrative, not a live transaction.

1. Transaction

Property Asking price Net rentable SF Asset class and market Occupancy status Deferred capex, deducted from price 10-yr at tier calibration, %

2. Net operating income Institutional load

T-12 revenue, two-source Opex ex. mgmt, insurance, tax Management, % of revenue Capital reserve, USD/NRSF Insurance, buyer basis Insurance evidence FEMA flood zone Flood premium, USD/yr

3. Property tax

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

Florida reassessments on 2025 Class A sales landed at roughly 80% to 90% of price within a year; in several Southeast states assessments remained near one-fifth of the last sale. Confirm with the county before going hard.

4. Capital markets and debt

Rates as of 10-yr Treasury, % 5-yr Treasury, % Lender spread, % Amortization, years Maximum LTV, % Minimum DSCR, x Debt yield floor, %

FRED DGS10 as of the date shown. CMBS 175-275 bps over the 10-year; bank and life company 200-275 bps over the 5-year (T3 until a term sheet).

5. Hold assumptions

NOI growth, %/yr Unlevered discount rate, % Exit cap over going-in, %

6. Scorecard

Factor	Weight	Points

Framework A (stabilized) bar 80/100. Framework C (value-add) bar 75/100 with hard floors on market, legal and two-source revenue.

Recommendation

Valuation USD

Direct capitalization
Five-year unlevered DCF
Debt-supported value
Cubedup ceiling (lowest)
Market-clearing price, 0.93 x ask
Opening bid
Ceiling as % of ask

Valuation range

Returns at ceiling

Sources and uses At ceiling

Sensitivity DCF value, USD M

Rows: annual NOI growth. Columns: exit cap change in basis points. Shaded cell is the base case.

Capital markets

Risk register

Risk	Exposure	Status	Mitigant

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.

Sources and evidence

Interest rates: Federal Reserve Bank of St. Louis (FRED) DGS5, DGS10, DPRIME; SOFR, Federal Reserve Bank of New York. T2, dated on the page.
SBA 7(a) fees: SBA FY2026 fee notice, effective 10/1/2025. SBA 504 rate: CDC debenture sale of 10/8/2026. T2.
Going-in cap tiers: 2026 investor surveys (Q2 2026 going-in 5.75%, terminal 6.18%) and 8 single-asset 2025-2026 closings, moved 50% of the change in the 10-year since 6/30/2026. T4 method on T2 data.
Deal inputs: as entered; tier shown per line in the NOI table.

Change log for this version

Presentation only: monochrome research-publication styling, valuation range chart, risk register, sources, accessibility (skip link, live region). No input, formula or output value changed.
Formatting: ranges now written "USD 719K to USD 791K" instead of with a dash; missing values shown as "n/a".

Cubedup Boardroom Underwriting. Decision support for acquisitions; not an appraisal, broker opinion of value or investment advice. No offer above USD 1M leaves without board review and a blind red-team of the model. Comparable set: 8 CoStar-verified single-asset sales, 2025-2026, USD 96-177 per SF; capitalization rates on new Class A 5.79-6.25%.