Commercial Property Valuation

[Mark Rauch]

If one were to use the CAP RATE method for calculating the value of a commercial property, if all the leases are triple net rather than gross, would you simply divide the gross operating income by the CAP RATE? Am I right in assuming there would be no Net Operating Income (NOI) since the tenants are being charged back the operating expenses? Including taxes, insurance, maintenance and management. Would I still add in a 5% vacancy factor?