Worth Sheet: apartment building value at today's loan rates

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Apartment building value and loan-supported price at the live 10-year Treasury rate.

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get_rates_and_loan_limits Read-only

The latest 5-, 7- and 10-year Treasury par yields and overnight SOFR the site has, each with its as-of date, the readings a week and a month earlier when the daily feed has them, and publisher link; plus the loan limits the worksheet uses (80% max LTV, 1.25x min DSCR from the Fannie Mae and Freddie Mac term sheets) and the spread note.

This tool takes no arguments.

Tools (3)

get_rates_and_loan_limits

read-only

No arguments.

Input schema (JSON)

{
  "type": "object",
  "properties": {},
  "additionalProperties": false
}

rate_sensitivity

For an apartment building's net operating income, the price a financed buyer can carry and the income-limited loan size at a ladder of 10-year Treasury levels around today's (default -100 to +100 bp), at 80% LTV and 1.25x DSCR by default. Answers "what is my building worth to a buyer if rates drop half a point?".

read-only

Argument	Type	Description
dscr	number	Min debt service coverage, times. Default 1.25 (both agencies' term sheets).
ltv_pct	number	Max loan-to-value, percent. Default 80 (Fannie Mae and Freddie Mac conventional term sheets).
shifts_bp	array	Moves in the 10-year to test, in basis points. Default [-100,-50,-25,0,25,50,100].
tax_reset	boolean	True if a sale resets the property tax bill to a share of the price; value is then solved with taxes at tax_rate_pct of price.
noi_annual*	number	Net operating income per year in US dollars, e.g. 300000.
spread_pct	number	Lender spread over the 10-year, percent. Default 1.75, the worksheet's placeholder (not a quote).
tax_rate_pct	number	Tax rate on the new value, percent of price (county millage as a percent). Default 1.5. Used only when tax_reset is true.
treasury_10yr_pct	number	10-year Treasury yield to use, percent. Default: the latest daily par yield the site has (U.S. Treasury).
amortization_years	integer	Amortization in years. Default 30.
property_taxes_annual	number	Current property taxes inside that NOI, US dollars. Needed only with tax_reset.

Input schema (JSON)

{
  "type": "object",
  "required": [
    "noi_annual"
  ],
  "properties": {
    "dscr": {
      "type": "number",
      "default": 1.25,
      "maximum": 3,
      "minimum": 1,
      "description": "Min debt service coverage, times. Default 1.25 (both agencies' term sheets)."
    },
    "ltv_pct": {
      "type": "number",
      "default": 80,
      "maximum": 100,
      "minimum": 1,
      "description": "Max loan-to-value, percent. Default 80 (Fannie Mae and Freddie Mac conventional term sheets)."
    },
    "shifts_bp": {
      "type": "array",
      "items": {
        "type": "integer",
        "maximum": 300,
        "minimum": -300
      },
      "maxItems": 13,
      "minItems": 1,
      "description": "Moves in the 10-year to test, in basis points. Default [-100,-50,-25,0,25,50,100]."
    },
    "tax_reset": {
      "type": "boolean",
      "default": false,
      "description": "True if a sale resets the property tax bill to a share of the price; value is then solved with taxes at tax_rate_pct of price."
    },
    "noi_annual": {
      "type": "number",
      "maximum": 1000000000,
      "minimum": 0,
      "description": "Net operating income per year in US dollars, e.g. 300000."
    },
    "spread_pct": {
      "type": "number",
      "default": 1.75,
      "maximum": 10,
      "minimum": 0,
      "description": "Lender spread over the 10-year, percent. Default 1.75, the worksheet's placeholder (not a quote)."
    },
    "tax_rate_pct": {
      "type": "number",
      "default": 1.5,
      "maximum": 10,
      "minimum": 0,
      "description": "Tax rate on the new value, percent of price (county millage as a percent). Default 1.5. Used only when tax_reset is true."
    },
    "treasury_10yr_pct": {
      "type": "number",
      "maximum": 20,
      "minimum": 0,
      "description": "10-year Treasury yield to use, percent. Default: the latest daily par yield the site has (U.S. Treasury)."
    },
    "amortization_years": {
      "type": "integer",
      "default": 30,
      "maximum": 40,
      "minimum": 5,
      "description": "Amortization in years. Default 30."
    },
    "property_taxes_annual": {
      "type": "number",
      "maximum": 1000000000,
      "minimum": 0,
      "description": "Current property taxes inside that NOI, US dollars. Needed only with tax_reset."
    }
  },
  "additionalProperties": false
}

value_at_rate

Runs the Worth Sheet valuation worksheet for a 5+ unit apartment building: from a rent roll and a year of expenses (or a known NOI) it returns NOI, expense ratio, value across your cap rate range, the price a financed buyer can carry at the latest 10-year Treasury plus a lender spread (80% LTV, 1.25x DSCR by default), per-unit value, and the refinance loan the income supports against your balance. An estimate from your numbers, not an appraisal.

read-only

Argument	Type	Description
dscr	number	Min debt service coverage, times. Default 1.25 (both agencies' term sheets).
units	integer	Number of units, for per-unit value when you give noi_annual.
ltv_pct	number	Max loan-to-value, percent. Default 80 (Fannie Mae and Freddie Mac conventional term sheets).
unit_mix	array	Rent roll by unit type, e.g. [{"units":12,"monthly_rent":1250},{"units":16,"monthly_rent":1500}]. Give this or noi_annual.
tax_reset	boolean	True if a sale resets the property tax bill to a share of the price; value is then solved with taxes at tax_rate_pct of price.
noi_annual	number	Net operating income per year in US dollars, if you already know it. Give this or unit_mix (not both).
spread_pct

{ "type": "object", "required": [ "cap_rate_low_pct", "cap_rate_high_pct" ], "properties": { "dscr": { "type": "number", "default": 1.25, "maximum": 3, "minimum": 1, "description": "Min debt service coverage, times. Default 1.25 (both agencies' term sheets)." }, "units": { "type": "integer", "maximum": 5000, "minimum": 1, "description": "Number of units, for per-unit value when you give noi_annual." }, "ltv_pct": { "type": "number", "default": 80, "maximum": 100, "minimum": 1, "description": "Max loan-to-value, percent. Default 80 (Fannie Mae and Freddie Mac conventional term sheets)." }, "unit_mix": { "type": "array", "items": { "type": "object", "required": [ "units", "monthly_rent" ], "properties": { "label": { "type": "string", "maxLength": 40, "description": "Optional name, e.g. \"2 bedroom\"." }, "units": { "type": "integer", "maximum": 5000, "minimum": 0 }, "monthly_rent": { "type": "number", "maximum": 100000, "minimum": 0 } }, "additionalProperties": false }, "maxItems": 10, "minItems": 1, "description": "Rent roll by unit type, e.g. [{\"units\":12,\"monthly_rent\":1250},{\"units\":16,\"monthly_rent\":1500}]. Give this or noi_annual." }, "tax_reset": { "type": "boolean", "default": false, "description": "True if a sale resets the property tax bill to a share of the price; value is then solved with taxes at tax_rate_pct of price." }, "noi_annual": { "type": "number", "maximum": 1000000000, "minimum": 0, "description": "Net operating income per year in US dollars, if you already know it. Give this or unit_mix (not both)." }, "spread_pct": { "type": "number", "default": 1.75, "maximum": 10, "minimum": 0, "description": "Lender spread over the 10-year, percent. Default 1.75, the worksheet's placeholder (not a quote)." }, "vacancy_pct": { "type": "number", "default": 5, "maximum": 95, "minimum": 0, "description": "Vacancy and bad debt, percent of gross. Default 5." }, "loan_balance": { "type": "number", "maximum": 5000000000, "minimum": 0, "description": "Your current loan balance, US dollars, to compare against the refinance loan. Optional." }, "tax_rate_pct": { "type": "number", "default": 1.5, "maximum": 10, "minimum": 0, "description": "Tax rate on the new value, percent of price (county millage as a percent). Default 1.5. Used only when tax_reset is true." }, "management_pct": { "type": "number", "default": 5, "maximum": 30, "minimum": 0, "description": "Management, percent of collected income; charge it even if self-managed. Default 5." }, "payroll_annual": { "type": "number", "maximum": 1000000000, "minimum": 0, "description": "Payroll per year, US dollars. Default 0." }, "cap_rate_low_pct": { "type": "number", "maximum": 20, "minimum": 1, "description": "Low end of the cap rate range brokers quote for similar buildings, percent, e.g. 5.5. No government source publishes cap rates." }, "insurance_annual": { "type": "number", "maximum": 1000000000, "minimum": 0, "description": "Insurance per year, US dollars. Default 0." }, "utilities_annual": { "type": "number", "maximum": 1000000000, "minimum": 0, "description": "Owner-paid utilities per year, US dollars. Default 0." }, "cap_rate_high_pct": { "type": "number", "maximum": 20, "minimum": 1, "description": "High end of the cap rate range, percent, e.g. 7." }, "reserves_per_unit": { "type": "number", "maximum": 10000, "minimum": 0, "description": "Replacement reserves per unit per year, US dollars. Default 300." }, "treasury_10yr_pct": { "type": "number", "maximum": 20, "minimum": 0, "description": "10-year Treasury yield to use, percent. Default: the latest daily par yield the site has (U.S. Treasury)." }, "admin_other_annual": { "type": "number", "maximum": 1000000000, "minimum": 0, "description": "Admin, legal and other expenses per year, US dollars. Put any lump-sum expense total (excluding property taxes) here. Default 0." }, "amortization_years": { "type": "integer", "default": 30, "maximum": 40, "minimum": 5, "description": "Amortization in years. Default 30." }, "other_income_monthly": { "type": "number", "maximum": 1000000000, "minimum": 0, "description": "Other income per month (laundry, parking, fees), US dollars. Default 0." }, "property_taxes_annual": { "type": "number", "maximum": 1000000000, "minimum": 0, "description": "Property taxes per year, US dollars. Default 0. With noi_annual, needed only for tax_reset." }, "repairs_maintenance_annual": { "type": "number", "maximum": 1000000000, "minimum": 0, "description": "Repairs, maintenance and turnover per year, US dollars. Default 0." } }, "additionalProperties": false }

Worth Sheet: apartment building value at today's loan rates

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get_rates_and_loan_limits Read-only

Worth Sheet: apartment building value at today's loan rates

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get_rates_and_loan_limits Read-only

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