Decision-support tool · illustrative, not advice

Property Scenario Underwriter

Three scenario modes with visible arithmetic. Defaults come from the current listing and dated market research; every input is editable, and changing an input changes nothing but math; there is no persuasion engine here. Results are illustrative scenarios, not forecasts, valuations, or investment advice.

Default sources: price $775,000 (listing, as of 2026-08-23); market lease band $15–22.50/SF and subject flyer rate $10/SF NNN (listing surfaces, Aug 2026); regional all-office average cap rate 7.5–7.8% (Lee & Associates Q1–Q2 2026; regional office scope, not medical-specific). Renovation and operating-cost defaults are round illustrative figures. Replace them with quotes.

Purchase price ($) Renovation / TI budget ($) Down payment (%) Interest rate (%/yr) Amortization (years) Rentable SF Rent ($/SF/yr NNN) Occupancy (%) Unrecovered owner costs ($/yr) Stabilized cap rate (%) Owner carrying costs ($/SF/yr) Market lease rate ($/SF/yr NNN) Alternative lease rate here ($/SF/yr NNN)

How every number is computed

Loan amount = (price + renovation) × (1 − down%).
Annual debt service = loan × r ÷ (1 − (1+r)⁻ⁿ), r = monthly rate, n = months; ×12. (Standard amortization.)
Owner-user occupancy cost = debt service + carrying costs × SF; per-SF = ÷ SF. Equity build and appreciation are excluded; this is a cash-cost view.
Multi-tenant NOI = SF × rent × occupancy − unrecovered owner costs (NNN recoveries assumed to offset operating costs on occupied space).
DSCR = NOI ÷ debt service. Break-even occupancy = (debt service + unrecovered costs) ÷ (SF × rent).
Value at cap = NOI ÷ cap rate (stabilized only; meaningless during lease-up).
Lease vs buy = annual ownership cash cost vs SF × lease rate (plus identical NNN pass-throughs on both sides, so they cancel), shown over 10 years without discounting, a simple comparison by design; add your own discount-rate judgment.

Static worked examples

Example	Inputs	Outputs
Owner-user, base	$775k + $400k reno, 15% down, 7.5%, 20 yr, 10,000 SF, $3.50/SF carry	loan $998,750; debt service ≈ $96,600/yr; occupancy cost ≈ $131,600/yr ≈ $13.16/SF, vs $15–22.50 market leases
Multi-tenant, base	same capital; $13/SF NNN, 85% occupancy, $15k unrecovered, 8% cap	NOI ≈ $95,500; DSCR ≈ 0.99 (at 25% down: 1.28); break-even occupancy ≈ 86%; value at cap ≈ $1.19M
Lease vs buy, 10-yr	own at $13.16/SF vs market $18/SF vs flyer $10/SF	own saves ≈ $48k/yr vs market (≈$484k/10yr, undiscounted); own costs ≈ $32k/yr more than the flyer lease; the comparison depends on which lease rate you believe persists

What to confirm alongside the tool

The renovation number: confirm it with contractor quotes from a walk-through.
Tenant demand at your rent: see the corridor evidence.
Owner-financing terms: request them from the broker in writing.
Tax treatment, depreciation, and credit eligibility: bring in a professional; the credit analysis shows the potential upside we keep out of the defaults.

Sources (government and primary sources first; retrieved 2026-08-23 unless noted)

Crexi listing 2356244 (price, flyer lease rate — listing-supplied) [T4 · as of 2026-08-23]
Lee & Associates GSP office reports (cap-rate context; regional all-office scope) [T3 · Q1–Q2 2026]
Spartanburg listing surfaces (market lease-rate band) [T4 · Aug 2026]

Last reviewed 2026-08-23.