Penaki

Offering memo details, rent comps and sales comps in one view.

Skip the 60-page PDF. Penaki pulls out the property profile, occupancy gaps, renovation mix, broker financials, assumable debt and comparables.

Offering Memo · 3 tabs

Property · Economic Engine · Market Context

Rent comparables

Comp ABuilt 2015$1,700
Comp BBuilt 2018$1,820
Comp CBuilt 2009$1,560
Comp DBuilt 2012$1,640

Sales comparables

Sale A$118K / unit5.4% cap
Sale B$126K / unit5.6% cap
Renovation premium $175 / unitSubmarket: North Austin

Property profile and local demand drivers.

Extract vintage, unit count, square footage, strategy type, the broker's investment pitch and nearby employers and transit.

  • Strategy tag, vintage and rentable square footage
  • Summary of the broker's pitch and value drivers
  • Submarket overview and local demand generators
  • Syncs property details into the model

North Austin submarket

From the OM

Demand drivers

Major employer campus2.1 mi
University3.8 mi
Regional hospital4.5 mi
Highway access0.6 mi

Reported amenities

PoolFitness centerDog parkCovered parkingIn-unit laundry

Rent and sales comparables.

Import rent comps from the OM into the model with one click to compare rents by bedroom type, and check recent sales comps.

  • One-click rent comp import into the model
  • Grouped by Studio, 1 Bed, 2 Bed, 3 Bed and 4+ Bed
  • Unit-weighted average rent and rent per SF
  • Sales comps with date, price per unit and cap rate

Model Rent Comps · Imported from OM

Unit-weighted avg

Comp B
$1,820$2.14/sf+$180
Comp A
$1,700$2.01/sf+$60
Subject (Rent Roll)
$1,640$1.92/sf
Comp D
$1,640$1.94/sfeven
Comp C
$1,560$1.85/sf-$80
Studio · 1BR · 2BR · 3BR breakdownSubject trails comps by $40/unit

Occupancy gaps, renovations and building condition.

Compare physical and economic occupancy, review classic vs. renovated unit counts, and check notes on roof, HVAC and assumable debt.

  • Physical vs. economic occupancy gap highlighted
  • Classic, partial and fully renovated unit mix
  • Verbatim OM operating statement
  • Building condition notes and assumable loan terms

Occupancy, two ways

240 units

Physical occupancy95%
Economic occupancy89%
6 points of occupied units aren't fully paying

Included with every deal

  1. Structured OM tabs

    Property, financial and market details organized in one place.

  2. Verbatim financials

    Broker numbers captured as written to compare with the T-12.

  3. Editable comps

    Add custom comps or adjust rents directly in the model.

  4. Value-add depth

    See unrenovated unit counts, rent premiums and cost per unit.