Study this one. Multi-tenant retail plaza in Texas. $340K in base rent, $86K in expenses. That is $254K in net operating income. At a 7.75% cap rate, the price is $3.277M. $2.451M loan at 75% LTV, $826K in equity. Debt service runs $203K a year. Cash flow left over: $51K a year. 6.17% cash on cash. 15 units, 10% vacant. That vacancy is the upside. Fill it and the NOI climbs, and the value climbs with it. This is how you underwrite retail. Every line item, no guessing. brianbcre #CommercialRealEstate #StripMallInvesting #RetailInvesting #RealEstateInvesting #CashFlow