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PBC-INSTITUTIONAL-2023

Ranked

— · Unincorporated Pbc · 5 ac · Commercial

BLACKWATER CORE REIT LP · Institutional · source: Calibration Fixture

Composite
0.559
rank #2 · 94% pctile
The win-win — read the three lines together
$0$2.70M$5.40M$8.10M$10.80M$13.50MOwner basis$8.00MCurrent-use value$8.20MMaxBasis₉ — most we can pay$13.50Mbasis spread 1.7× — life-changing offer, our floor intact

We can offer this owner a multiple of their basis and still clear our 9.00% floor — the LLA changed what the land is for, and they don't know it yet.

MaxBasis₉
$13.50M
$107,991 / unit
Ex-land YOC
13.08%
trended
Basis spread
1.7×
MaxBasis ÷ basis
Rent / cap
1.00
≤1.0 ideal
Entitlement · 2026.06-hb1389
EligibilityCommercial Industrial Mixed Use
Units125
Binding constraintDensity
Density25 du/ac
Height4 fl (entitled 4)
ParkingStructured
71-unit gatePass
Underwrite (screening grade)
Blended 120% cap rent$3,251
Market rent est.$3,251
Effective rent$3,088
NOI (Yr 2)$3.56M
NOI (trended)$3.89M
Cost ex-land$29.76M
Abatement value / yr$450K
Ownership story
Owner typeInstitutional
Tenure3 yr
AbsenteeNo
UnleveragedNo
ProbateNo
Conversion score0.00
Composite breakdown
Basis spread
0.42
Owner conversion
0.00
Ex-land yield
1.00
Rent / cap fit
1.00
Transit / parking
0.40
71-unit gate
1.00
Assemblage
0.60