$23M industrial deal. $278 a square foot, $292 all in. For a 6.5% cap rate he needed $20 a square foot in rent. Market rent is $12. The math killed the deal before it started. That is underwriting. You do not buy the building, you buy the numbers. Most people fall in love with the property. The money is made knowing when to walk away. real.estate.king #CommercialRealEstate #IndustrialRealEstate #RealEstateInvesting #Underwriting #CashFlow