The total acquisition cost is $30,369,062.5 based on a purchase price of $28,261,384, reflecting an acquisition cap rate of 5.5% and a syndicated cap rate of 5.49%.
Valuation ladder
Acquisition price$28.26M
Offering price$12.63M+-55.3%
Appraised value$28.30M224.2% of offering
Cap rate spread & load
Acquisition cap rate5.50%
Syndicated cap rate5.49%
1 bps of spread between acquisition and syndicated cap rate.
Upfront load (all-equity)9.75%equity = offering price
Load net of reserves2.12%
Acquisition Price
$28,261,384
Offering Price
$12,625,000
Appraised Value
The Appraiser determined an appraised market value of $28,300,000 for the Property as of February 2, 2026, based primarily on an income capitalization method using a 5.5% capitalization rate.
Upfront Load
—
Load on Equity
—
Load on Offering Price
9.75%
Acquisition Cap Rate
5.5%
Syndicated Cap Rate
5.49%
Premium / Discount
—
Appraisal / Offering %
100.14%
Less Reserves %
—
Strengths
- Acquisition cap rate of 5.5%
- Syndicated cap rate aligned at 5.49%
Concerns
- Total acquisition cost includes $1,230,937.5 in fees and expenses