Does anyone here know if the expenses listed for a market on REIS reflect just operating expenses or is it TI/CAPEX/credit loss/etc. as well? I'm getting ~50-55% for a lot of markets, which seems way too high just for operating expenses.
Probably a better question for REIS than WSO but I hate calling customer support.
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Don't use REIS for that kind of info. If you don't have enough deal flow in the market(s) you're in ask some appraisers (CBRE, Integra, Cushman, etc.). They will gladly help you. Keep in mind though appraisers generally inflate CF (meaning lower OpEx ratio) but are are very conservative on discount rates (meaning you could still end up with the same value). Also, reach out to developers in your market, although I would def be higher than their OpEx ratio.
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