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Commercial Real EstateMembers Only

Commercial Real Estate Fundamentals

Office, retail, industrial and self-storage — leases, tenants and valuation.

Elena Castillo, CCIMElena Castillo, CCIMManaging Director, Meridian MultifamilyIntermediate 21 lessons 3h 25m 4.5 (2)
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Members-only course. This course is included with club membership.

About this course

Commercial property is valued on leases. Learn lease structures (NNN, gross, modified gross), tenant credit analysis, WALT, rollover risk and how sector fundamentals affect cap rates.

What you will learn

  • Distinguish NNN, gross and modified gross leases
  • Analyze tenant credit and lease rollover
  • Value commercial property with direct capitalization
  • Compare risk across property sectors

Curriculum

8 modules · 21 lessons · 3h 25m

  1. Module 1

    Introduction

    3 lessons

  2. Module 2

    Core Principles

    4 lessons
    • The Four Sources of Real Estate ReturnVideo · 12 min
    • Net Operating Income and Cap RateWritten lesson · 8 min
    • Cash-on-Cash Return and DSCRVideo · 12 min
    • Knowledge CheckQuiz · 5 min

  3. Module 3

    Deal Structure

    3 lessons
    • Choosing a Financing StructureVideo · 12 min
    • Down Payment, Reserves and LeverageWritten lesson · 8 min
    • Ownership Entities and TitleVideo · 12 min

  4. Module 4

    Financial Analysis

    3 lessons
    • Building a Pro FormaVideo · 12 min
    • Estimating Expenses RealisticallyWritten lesson · 8 min
    • Valuation with Comparable Sales and IncomeVideo · 12 min

  5. Module 5

    Risk Management

    2 lessons
    • Identifying Property-Level RisksVideo · 12 min
    • Market and Liquidity RiskWritten lesson · 8 min

  6. Module 6

    Real-World Examples

    2 lessons
    • Example: A Single-Family Rental UnderwrittenVideo · 12 min
    • Example: When the Numbers Look Too GoodWritten lesson · 8 min

  7. Module 7

    Case Study

    2 lessons
    • Case Study: The Midwest DuplexCase study · 13 min
    • Case Study Debrief: What the Numbers MissedWritten lesson · 8 min

  8. Module 8

    Final Assessment

    2 lessons
    • Final AssessmentQuiz · 5 min
    • Applied AssignmentAssignment · 10 min

Your instructor

Elena Castillo, CCIM

Elena Castillo, CCIM

Managing Director, Meridian Multifamily

Elena has sponsored over $410 million of multifamily and commercial acquisitions. She focuses on underwriting discipline, capital stacks and asset management.

MultifamilyCommercial Real EstateSyndication
All courses by Elena

Member reviews

  • “Exactly the level of depth I was looking for. The downloadable tools are excellent.”

    GVGloria Vance · May 1, 2026

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