How can I find the value psf if I only have the cap rate, rent psf and property size
Can’t figure this out. Can someone help?

Property is 207k SF
Cap is 3.75
Rent is 5.50 NNN
[{"id": "ily22d3", "text": "207k sf * 5.50 NNN = 1,138,500 NOI\n1,138,500 NOI /.0375 cap = $30,360,000 value\n30,360,000 / 207,000 = $146.46 psf", "replies": [{"id": "ily3sm2", "text": "5.5 / .0375 to skip extra steps above", "replies": [{"id": "im5qvhu", "text": "What about  V/C and operating expenses?", "replies": [], "depth": 3}], "depth": 2}, {"id": "ily4ai9", "text": "The NNN should not be included in the NOI as it is not considered income.", "replies": [{"id": "ily4kdr", "text": "I think he is saying that the rent is 5.5 /sf, on a nnn basis. Not that the additional nnn is 5.50. That\u2019s who I interpreted it, could be wrong", "replies": [{"id": "ily67vm", "text": "I agree with this interpretation.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ily6tz9", "text": "Depending on the market/property type, that could be a monthly rent", "replies": [], "depth": 2}, {"id": "ilyawfh", "text": "This is correct. Depending on the lease terms, most underwriters/appraisers would utilize some sort of vacancy factor and reserves so the NOI would be slightly less resulting in a slightly lower value.", "replies": [{"id": "ilylakw", "text": "Definitely. A classic example of real world vs test question application.", "replies": [], "depth": 3}], "depth": 2}, {"id": "ilypabf", "text": "You did like 3 extra steps. Just divide rent psf by cap", "replies": [{"id": "im1eto4", "text": "Would still be incorrect.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ily2his", "text": "I/R=V", "replies": [{"id": "ily33hj", "text": "What do you mean?", "replies": [{"id": "ily65uz", "text": "Income / cap rate = value", "replies": [], "depth": 3}, {"id": "ilyaen4", "text": "The other poster answered. If you know that formula and basic algebra you can figure a lot of things out.", "replies": [{"id": "ilyavri", "text": "Such as?  Now I am curious.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ilz1zuk", "text": "Have you taken irv to get a blt?", "replies": [{"id": "im04y40", "text": "Yep I also took Irv to the Met", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ilye6nn", "text": "Yikes, is this a troll post?", "replies": [{"id": "ilylyh4", "text": "I think it\u2019s a \u201cI\u2019m stuck on a post-interview test question and want to know the answer quickly\u201d. Probably the same thing I would have done if I was tripped up on a question and I had known a place like this subreddit existed.", "replies": [{"id": "ilyvm91", "text": "I think someone had a homework question.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ilyg1m4", "text": "So this is what my analysts do all day\u2026", "replies": [], "depth": 1}, {"id": "ilyn5os", "text": "Rents PSF / cap rate = price PSF", "replies": [{"id": "ilyp84a", "text": "This is the most efficient answer. Not sure why it isn\u2019t at the top. Here\u2019s an upvote", "replies": [{"id": "im0torb", "text": "Because the rent per sf does not equal the NOI per sf.  Cap rates come from an income approach to value called direct capitalization.  It is used to value NOI.  GSI/PGI rents are not NOI.\n\nThis is pretty basic for CRE.", "replies": [{"id": "im12056", "text": "You again. Fuck off. No one is interested in your commentary", "replies": [{"id": "im139gi", "text": "Ignorant and unprofessional.  As others and myself have pointed out GSI/PGI rents are not the same as NOI.  You should spend less time crap posting and more time educating yourself.", "replies": [{"id": "im16yz8", "text": "It\u2019s not gross rent it\u2019s nnn. Pretty clear in the prompt. I\u2019m not going to waste all day arguing with you AGAIN. we do not agree on fundamental concepts. You think you\u2019re right. Fine. I don\u2019t fucking care to educate you. Just fuck off", "replies": [{"id": "im1dogr", "text": "You clearly have no CRE experience if you don't understand \n1.  V/C \n2. Operating  expenses.", "replies": [{"id": "im1ygfx", "text": "Yea yea yea Honolulu Bobby boy. Quiet now. Let the professionals talk", "replies": [{"id": "im202le", "text": "Ignorant, vulgar and childish.   You are a true triple threat.  Now let's see your \"professional\" reply since you overvalued the property by $4,000,000", "replies": [{"id": "im207gu", "text": "Sorry poop time over. Not wasting my weekend time on your amateur ass. I\u2019ll get back to you next poop.", "replies": [], "depth": 10}], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}, {"id": "im1wb0d", "text": "I answered with the formula I did above because he said the rents are NNN, implying the rents are net of all expenses. Had he said gross then obviously the true NOI would be needed.", "replies": [{"id": "im1wnts", "text": "OK, but NNN still has operating expenses and V/C.  See my calculations.\n\nI saved him bout $4,000,000.", "replies": [{"id": "im1xhuo", "text": "I\u2019m don\u2019t presume to know what facet of CRE you work in, but I work exclusively in net lease sales. I can tell you that neither buyers or lenders of assets that are NNN underwrite the NOI as anything but the NNN rents paid for the year. Accounting for a cap ex reserve is not market and a buyer would lose a deal over underwriting an asset that way. You are correct that if an asset is not \u201cabsolute net\u201d the landlord is on the hook for potential roof/structure/parking repairs and replacement, which any buyer should account for in their own personal modeling and risk assessment, but all communication regarding the offer on a NNN deal is based on an NOI equal to the total rent. This is the way every REIT communicates their cap rate and thus is industry standard.", "replies": [{"id": "im2145i", "text": "You are confusing u/Grizz_1991 post with mine.\n\nI never include capex in NOI.  I clearly state that V/C and operating expenses are part of the NOI calculation.  That is standard.\n\nIn my example I showed how not using them in the calculation overvalued the property by $4,000,000.\n\nHow can you call a number NOI without accounting for V/C and operating expenses?  It by formula would not be NOI.", "replies": [{"id": "im21lqx", "text": "Do you not understand what a NNN rent is?", "replies": [{"id": "im233cf", "text": "Yes I do.  Do you know how to calculate NOI?  Whether FSG or NNN it is calculated the same.", "replies": [{"id": "im2ewos", "text": "I see now from your comment history that your either a troll of have some sort of fundamental misunderstanding of cap rate.  I won\u2019t make a further attempt to change your interpretation, and I\u2019ll stick to mine.", "replies": [{"id": "im2g3ug", "text": "Because you can't answer my simple question?  Geez,  please show all of us how the type of lease changes the calculation of NOI.  Specifically who, what, when ,where and why you omit V/C and owners operating expenses just because the lease is NNN.\n\nIf you had one iota of CRE experience AND WERE CORRECT why wouldn't that be easy for you?\n\nI say it is because you can't.   Prove me wrong or it would appear you are the troll.", "replies": [], "depth": 11}], "depth": 10}], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "im0b27q", "text": "You can\u2019t without a lot more analysis and data. What you can find out is price based on that cap rate, but \u201cvalue\u201d is going to take more qualitative info.", "replies": [], "depth": 1}, {"id": "im1qdqo", "text": "207,000sf X $5.50= $1,138,500\nThat is your PGI/GSI (Potential gross income/Gross scheduled income.\n\nFrom that deduct a market standard vacancy and collection percent.  Let's say 10% so now your effective gross income is about $1,024,650.  \n\nTo get the NOI you subtract operating expenses.  Even NNN landlord will have legal/advertising expense of say 3%.  That puts your NOI at about $993,910.\n\nAt a 3.75% cap rate the Value would be $26,500,000.\n\nIf you do not include these steps you will OVER PAY about $4,000,000.\n\nThis subreddit is supposed to be about real estate discussion.  Although that can be a good natured raucous back and forth it is not the place for ignorant, vulgar attacks.  That is not how 99.5% of real CRE investors behave.  I caution you to beware of these people.\n\nIf you need any clarification I am happy to help you.", "replies": [], "depth": 1}]