{"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":"377. I'm Building 43,000 SF of Flex Space at 1/3rd of The Cost - Office Hours","slug":"377-i-m-building-43-000-sf-of-flex-space-at-1-3rd-of-the-cost-office-hours","published_at":"2026-05-07T10:00:00+00:00","page_url":"https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143/377-i-m-building-43-000-sf-of-flex-space-at-1-3rd-of-the-cost-office-hours","show_page_url":"https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143","url":"https://www.tylercauble.com/podcast/episode377","audio_url":"https://static1.squarespace.com/static/5c115fec9d5abbba78a23c93/t/69fa4b72e628660d2f8ca36e/1778268051951/I_m+Building+43%2C000+SF+of+Flex+Space+at+1_3rd+of+The+Cost.mp3","summary":"Core Concept Instead of buying land + building ground‑up flex , Tyler uses a master lease on an existing 43K SF building. Traditional build: $6–8M ($150/SF). His deal: $2.5M all‑in ($39/SF hard costs) by leasing + converting , not buying. What a Master Lease Is You lease the whole property from the owner and sublease to tenants . Your profit = rent spread (sublease income – master lease payment). You control the income and operations without owning the dirt. Works across flex/industrial, retail, office, mixed‑use, even hotels . When It Makes Sense Owner won’t sell at your price but needs income. Building needs capex the owner won’t/can’t fund (vacant or tired asset). You want to control more SF with less upfront equity (no big 20–30% down payment). Peerless Mill Example 43,350 SF warehouse → ~ 24 flex units . Master lease: $0 base rent + 10% of revenue to owner. Capex: ~ $2.5M total vs. $6–8M if built new. Hold: 20 years , targeted: ~ 13% LP IRR ~ 4x equity multiple ~ 19% annual cash‑on‑cash Tax & Risk Highlights Treated as an operating business , with large bonus depreciation potential (deal‑ and CPA‑dependent). Key risks: You carry operating + lease‑up risk . You don’t own the real estate —exit is business/lease focused. Long‑term commitment , so structure terms (rent, maintenance, termination) carefully.","meta_description":"Core Concept Instead of buying land + building ground‑up flex , Tyler uses a master lease on an existing 43K SF building. Traditional build: $6–8M ($150/S…","key_points":[],"chapters":[],"topics":[],"duration_seconds":2193,"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/377-i-m-building-43-000-sf-of-flex-space-at-1-3rd-of-the-cost-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-1247143/377-i-m-building-43-000-sf-of-flex-space-at-1-3rd-of-the-cost-office-hours.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}