{"podcast":{"title":"The Commercial Real Estate Investor Podcast","slug":"the-commercial-real-estate-investor-podcast-1247143","podcast_index_feed_id":1247143,"rss_url":"https://www.tylercauble.com/podcast?format=rss","website_url":"https://www.tylercauble.com/podcast/","image_url":"https://images.squarespace-cdn.com/content/v1/5c115fec9d5abbba78a23c93/1637795740335-ODSY1MEOVIXJU97AK7TT/Thumbnail+for+the+podcast+2+.jpg?format=1500w","author":"Tyler Cauble","episode_count":297,"summary":"Welcome to The Commercial Real Estate Investor Podcast where your host, Tyler Cauble, covers the ins and outs building wealth and passive income through investing in commercial real estate. Tune in for investing strategies, leasing & management tips, market updates, and more.","last_synced_at":"2026-07-21T06:18:10.176097+00:00","page_url":"https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143"},"episode":{"title":"371. Underwriting an Auto Garage Conversion | Office Hours","slug":"371-underwriting-an-auto-garage-conversion-office-hours","published_at":"2026-04-09T10:00:00+00:00","page_url":"https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143/371-underwriting-an-auto-garage-conversion-office-hours","show_page_url":"https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143","url":"https://www.tylercauble.com/podcast/episode371","audio_url":"https://static1.squarespace.com/static/5c115fec9d5abbba78a23c93/t/69d560389c1ffc4db6c1d92e/1776179346256/Underwriting+an+Auto+Garage+Conversion+%28Office+Hours%29.mp3","summary":"Key Takeaways: Main Deal Conclusion The auto garage near downtown Nashville is overpriced at $2.6M (~$480/sf) . Even after lowering price and rehab assumptions, the numbers don’t work at realistic market rents . Tyler’s verdict: pass on the deal unless the price comes way down or there’s major zoning upside. Why the Numbers Fail Concept: convert 6 bays (~900 sf each) into micro retail . Realistic rent assumption: ~$30/sf NNN . At those rents, NOI is far below debt service , creating large negative cash flow and DSCR below lender minimums . Only at extremely high, unrealistic rents ($50–$80/sf NNN) does it begin to pencil, which the market likely won’t support. Value & Pricing Insight For this kind of building and location, Tyler thinks $200–$250/sf (~ $1.0–1.35M ) is more reasonable than $480/sf. LP/GP Structure Tips Charge reasonable fees (e.g., 1% acquisition , ~2% asset management ) to cover costs. Simple structure he likes: 7–8% preferred return to LPs Then a 70/30 or 80/20 LP/GP split , no complex waterfalls. Salt Ranch Hotel Update Tyler’s Salt Ranch Hotel in Nashville has soft-opened (April 1) . They’re adding a limited swim-club membership as an unmodeled but attractive new revenue stream. Liquor license process was slow; they opened with beer first, full liquor coming online now.","meta_description":"Key Takeaways: Main Deal Conclusion The auto garage near downtown Nashville is overpriced at $2.6M (~$480/sf) . Even after lowering price and rehab assump…","key_points":[],"chapters":[],"topics":[],"duration_seconds":1617,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-commercial-real-estate-investor-podcast-1247143/episodes/371-underwriting-an-auto-garage-conversion-office-hours/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143/371-underwriting-an-auto-garage-conversion-office-hours.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}