Decide What To Hold, What To Improve, And What To Sell
An asset strategy engagement asks one question of each property you own: is it worth more to you held as it is, improved, or sold? We answer it from your own documents, with the numbers behind each call.
Every portfolio has buildings that are quietly working and buildings that are quietly costing you. This work tells them apart.
- Who It’s For
- Institutional owners, investment committees and asset managers who answer to a board or to investors.
- Typical Length
- About 9 Weeks
- You Receive
- 5 documents and files, listed below
- Often Paired With
- Condition Assessment, Capital Planning
What You Get
What Lands On Your Desk At Handover
When Owners Call Us
- A loan is coming due and refinancing looks expensive.
- Operating costs are rising faster than rent.
- An offer has come in and you need to know if it’s a good one.
- The board wants a plan for every property, not just the problem ones.
- A hold, improve or sell recommendation for each property, with the 10-year numbers behind it and how the call holds up under higher rates, lower rents and higher costs.
- A cash flow model for each property — income, expenses, capital needs and debt — with internal rate of return (IRR) and net present value (NPV).
- A debt review: debt service coverage ratio (DSCR), refinance options, and what a change in interest rates would do.
- Stress tests showing each recommendation under higher rates, lower rents and higher costs.
- One portfolio record that reconciles your appraisals, rent rolls, operating statements and closing documents, with each figure’s source noted.
See The Comparison
Three Choices, Measured The Same Way
Each option shows what it leaves you over 10 years in today’s dollars: the rent collected plus the sale. Change the interest rate and see whether the winner changes.
Hold, Improve Or Sell
Illustrative Office Building
Owned by an institutional investor · 120,000 sq ft · $2.4M a year in rent after running costs
Interest rates
HoldComes out ahead
Keep it as it is. Rent rises 1% a year; sell in year 10.
Rent $16.7M + sale in year 10 $15.0M
$31.8M
ImproveComes out ahead
Spend $6.5M renovating, then lease at higher rent; sell in year 10.
Rent, after paying for the $6.5M renovation, $13.7M + sale in year 10 $23.1M
$36.7M
SellComes out ahead
Sell now, at today’s price.
Sale today $33.6M
$33.6M
Improving comes out ahead by $3.1M. The renovation lifts rent from $2.4M to $2.9M a year, and a renewed building sells for more — enough to repay its $6.5M cost.
All amounts are in today’s dollars: money received later counts for less, 8% a year with rates as they are. With rates a point higher it counts 9% a year less, and buyers expect a 0.5-point higher return, so a sale in year 10 brings less.
How It Runs
About 9 Weeks, In Four Phases
The weeks shown are typical, not promised. The size of your portfolio and the state of your records set the schedule, and we confirm it in the proposal.
How An Engagement Runs
Weeks 1–2
01
Documents
Send appraisals, rent rolls, operating statements, loan documents and closing statements as they are. Scans and spreadsheets are both fine.
Weeks 3–4
02
Reconciliation
We pull the figures into one record. Where two documents disagree on a value, we show you both and record which one we used.
Weeks 5–7
03
Modeling
For each property we model holding, improving and selling, then test each choice against changes in rates, rents and costs.
Weeks 8–9
04
Recommendations
You get a call for each property, the model behind it, and a summary written for your investment committee.
Why It Holds Up
Three Things A Reviewer Can Check
How the work is built, so an auditor, a council member or an investment committee can test it for themselves.
Your Documents, Not An Opinion
The analysis runs on your appraisals, leases and statements, not on a broker’s estimate of value or last year’s spreadsheet.
Disagreements On The Record
Purchase price, floor area and income often appear in several documents with different values. We show which one we used, and why.
Every Call Is Stress-Tested
Each recommendation shows how it holds up under higher rates, lower rents and higher costs, so your committee can see how firm it is.
Questions We Hear
Scope, Timing And Price
Is this an appraisal?
No. We don’t issue appraisals or opinions of value for lending. We use your appraisals and other documents as inputs and show what each choice is worth to you as the owner.
What documents do you need?
For each property: appraisals, rent rolls, operating statements, loan terms and closing statements. Condition reports help if you have them. Whatever form they’re in is fine.
Can you look at one property instead of the whole portfolio?
Yes. A single property facing a deadline — a loan maturity or an offer — is a common place to start. The method is the same.
How is it priced?
By the number of properties and how complete the records are. Contact us for a scoped proposal.
Where It Fits
Who Buys It, And What It Pairs With
Who We Do It For
Start With The Property You’re Least Sure About
Send what you have on it. We’ll tell you what a clear answer would take and how long.
Contact Us