Commercial Real Estate Valuation & Underwriting Bootcamp

This course includes a free SmartVal™ account for completing the hands-on exercises. You’ll create your free access through a secure link managed by Chargebee. Your information is used only to set up your account and is not shared with the instructor, stored by Udemy, or used for marketing purposes.

Log in to your ValueXpose dashboard, locate your SmartVal™ token balance, and understand how tokens are used to run valuation models throughout the course.

Access the course Case Study project and open the SmartVal™ questionnaire to begin working through the valuation process.

You’ll learn how to preview the first section of the SmartVal™ questionnaire—called the Wizard Questions—and how to efficiently follow along with the course case study using your own SmartVal account.

Complete the SmartVal™ Wizard Questions, understand how each preliminary input functions, and confidently enter the required project information to run the valuation engine.

In the final section of the Wizard Questions, you’ll learn how to use Google or ChatGPT prompts to get precise guidance on estimating the five key investment return and cap rates for any property.

Access and navigate the SmartVal™ Operating Expense Terminal, understand its dashboard controls, and prepare the expense module for valuation and underwriting.

You’ll learn how to enter the Fixed Expenses—Property Taxes and Property Insurance—into the Operating Expense Terminal, along with all available customization options.

Enter, project, and adjust stabilized variable operating expenses in the SmartVal™ Operating Expense Terminal for use in professional valuation and underwriting analysis.

Enter and model reserves and replacements, capital expenditures, vacancy, collection loss, and inflation assumptions to complete the operating expense analysis in SmartVal™.

You will learn how to use the Rent Roll Dashboard and its supporting tools to quickly and accurately enter all tenant information and lease terms for the entire rent roll.

This lecture will guide you through completing questions 1 through 5 in the Rent Roll Terminal, explaining the different options available for each question.

This lecture will guide you through completing questions 6 in the Rent Roll Terminal, explaining the different options available for this question. It will also show you how to reset all the SmartVal™ questionnaire case study answers if you get stuck.

This lecture will guide you through completing questions 7 through 17 in the Rent Roll Terminal, explaining the different options available for each question.

Complete Rent Roll Questions 18–31 by entering contract rent, market rent, free rent, parking income, late fees, buyout income, and other rent-related assumptions used in valuation and underwriting.

Complete Rent Roll Questions 32–39 by entering free-rent concessions, tenant improvement (TI) allowances, TI amortization, and fixed or year-by-year rent escalation assumptions.

Complete Rent Roll Questions 40–43 by entering market rent adjustments, timing of rent changes, percentage (overage) rent, and tenant expense reimbursement structures.

Complete Rent Roll Questions 44–47 by applying CAM reimbursements, expense stops, and expense caps for leased or vacant space, and understand how these affect tenant expense obligations.

Complete Rent Roll Questions 50–63 by modeling lease renewal options, renewal probabilities, renewal rents, leasing commissions, remaining TI obligations, and lease-related comments.

This lecture will demonstrate how to activate the valuation engine once you have completed answering all the questions in the SmartVal questionnaire

In this lecture, you’ll explore how to interpret and save the Value Timeline results produced by the Yield Capitalization methodology.

This lecture will describe the  direct capitalization valuation methodology and how it's derived

Understand why stabilized valuation methods first produce fee simple equivalent market values and how direct and yield capitalization results are properly reconciled before analyzing leased fee impacts.

Evaluate the reasonableness and sustainability of a reconciled stabilized market value using SmartVal’s Value Sustainability Analysis and interpret its impact on investor IRR.

Test a reconciled stabilized fee simple market value for rent loss or intangible value by comparing fee simple–theoretical and leased fee–theoretical cash flows using SmartVal™.

Convert a reconciled fee-simple stabilized value into a true “as-is” leased-fee market value by identifying and quantifying intangible value using the Leased Fee – Realistic cash flow comparison.

Export the SmartVal™ Leased Fee – Realistic financial model and use ChatGPT to instantly perform lender-ready underwriting, including DSCR, debt yield, LTV, and loan sizing.

Interpret ChatGPT-generated underwriting results from the SmartVal™ Leased Fee – Realistic model, including DSCR, LTV, Debt Yield tests, and the final supportable loan amount.

Understand how SmartVal can be applied to advanced property scenarios—including non-stabilized, development, land, and special-purpose properties—and how to pursue ValueXpose professional certification.

Everything you need to understand professional valuation concepts is already included in this course. Some students choose to apply these methods to their own properties outside the course examples. For those students, a free SmartVal subscription includes limited usage, and additional optional tokens are available if you want to run more analyses independently. Purchasing additional tokens is not required to complete or benefit from this course — it’s simply an option for extra hands-on practice.