Commercial Real Estate
Commercial property is underwritten, not toured. The income, the lease structure and the tenant covenant determine value — the building is what those things happen to sit in.
Nevada: active representation market, subject to final Simply Vegas advertising approval. Arizona & California: educational and relocation-planning resources only; Marilena McAfee is not currently offering brokerage representation in these states pending brokerage affiliation.
What This Covers
Commercial Activity by Market
Each market has a different commercial composition, driven by what the regional economy actually does.
Las Vegas & Henderson
A commercial base weighted toward hospitality-serving retail, industrial and distribution along the I-15 corridor, and professional office. Nevada’s tax environment is a recurring factor in ownership structuring — confirm with your CPA.
Greater Phoenix
A large and diversified market with substantial industrial and logistics activity, alongside office, medical and retail. Growth corridors shift; verify current conditions with market-specific data rather than general impressions.
Southern California
The largest and most complex of the three, with significant industrial, logistics, retail and office segments. California adds regulatory layers — including specific disclosure and compliance requirements — that materially affect timelines.
Market characteristics are general orientation only and change over time. No pricing, inventory, ranking or performance claims are made. Verify all community, association and municipal information directly before relying on it.
Acquisition Readiness Profiler
Six questions about your position and objective. The result is the underwriting and diligence sequence to work through.
What Commercial Diligence Involves
Income Drives Value
Commercial valuation is fundamentally about net operating income and the rate at which a buyer capitalises it. Rent roll, lease abstracts, expense history and reimbursement structure matter more than finishes.
Lease Structure
Gross, modified gross, triple-net and absolute-net leases allocate expense and risk very differently. Two properties at identical rents can produce very different net income. Abstract every lease.
Tenant Covenant and Rollover
Who the tenants are, how creditworthy they are, and when their leases expire together determine income durability. A concentrated rollover in a single year is a material risk.
Physical and Environmental Diligence
A property condition assessment and, depending on asset type and history, a Phase I environmental site assessment are standard. Phase I timelines should be built into the contingency period from the outset.
Zoning, Entitlement and Compliance
Confirm permitted use, parking ratios, any non-conforming status, and outstanding code or ADA compliance matters. These are resolvable, but only if identified before closing.
Financing and Exchange Timing
Commercial lending differs in term, amortisation, recourse and reserve requirements. Where a 1031 exchange is involved, the 45- and 180-day deadlines govern the entire schedule — use the timeline calculator below.
Relevant Calculators
All calculators are educational estimating tools. They are not appraisals, loan quotes, tax opinions or guarantees of any outcome. Consult a licensed lender, attorney, CPA or appraiser before acting on any figure.
Signature Guide & Consultation
Commercial Real Estate Guide
How commercial property is underwritten, what each lease structure means for net income, the standard diligence sequence including Phase I timing, and how 1031 deadlines govern an acquisition schedule.
Request This GuideSpeak with Marilena
Bring the rent roll and the operating statements. Thirty minutes on the numbers is more useful than an hour touring the building.
Scheduling is handled through Calendly. If you prefer not to use an online scheduler, call or email and a time will be arranged manually.
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Questions, Answered Plainly
What is a cap rate?
Net operating income divided by price, expressed as a percentage. It is a way of comparing income-producing assets, not a measure of quality or a prediction of return. The calculator above computes it from figures you enter.
What does triple-net mean?
A lease structure in which the tenant is responsible for taxes, insurance and maintenance in addition to base rent. It generally produces more predictable net income for the owner, though the specifics vary by lease — abstract the actual document rather than relying on the label.
Do I need a Phase I environmental assessment?
It depends on asset type, site history and your lender’s requirements. Where one is needed, it takes weeks rather than days — build it into the contingency period from the start. Your attorney and lender should advise.
Can you help with a 1031 exchange?
Exchange transactions are coordinated with your qualified intermediary, CPA and attorney, who handle the exchange requirements. The 45-day identification and 180-day completion deadlines govern the acquisition schedule — the timeline calculator above computes both from your closing date.