Deal analyses, from the court file
The market
Valuation, by property type
Three live listings, re-underwritten
Asking caps of 6.6% to 7.3% against a 5.0% to 5.5% market. One of the three holds up, below its asking price.
Multi-unit restaurantsWhat sells for what
Portfolios ask 4.6x to 6.1x earnings; single restaurants sell at 1.85x. Two bankruptcy sales cleared near $200,000 a leased unit.
Hotels and motelsPrice per room against what it earns
$33,000 to $67,000 a room asked, $170,000 to $197,000 to build, $6,250 and $23,200 in two foreclosures.
Gas stationsThe land is the price, the tanks are the risk
Five New Jersey stations split into business and real estate. None shows store sales or tank age.
Self-storageUnits rented is not rent collected
7% to 7.7% caps in small markets; economic occupancy 6 to 10 points below physical; street rates falling.
Shopping centers and officeEmpty space is priced near zero
$284 a square foot full, $65 one-third leased, $12 at auction. Lease-up is the second purchase.
Data centers and specialtyThe power contract is the asset
Prices span more than ten times per megawatt. Specialty property gets two values: the contract and the box.
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