Beginner RE Valuation?
 

I'm new to RE and want to transition to Capital Markets eventually just out of interest (probably more interested in debt/equity placement but open to investment sales also)

I'm pretty familiar with traditional modeling (3-statement projection, DCF) but having trouble finding free resources for real estate modeling. I had a few questions that were a bit confusing so I would appreciate any help!

So I understand the process for calculating NOI. In commercial real estate, is NOI considered the same as CF? How is NOI/CF projected when doing DCF? Is it based on the monthly lease payments or is there even a "projection" like a traditional model (i.e. average revenue growth)? For cost items, how are those projected (% of income?)

Then, do we use NOI as the CF in a DCF model?

Thank you so much for your help!
[{"id": "ej21n1n", "text": "[https://www.adventuresincre.com/](https://www.adventuresincre.com/)\n\n&amp;#x200B;\n\nEnjoy! :)", "replies": [{"id": "ej25zx2", "text": "Thank you so much!!!!!", "replies": [], "depth": 2}, {"id": "ej3fcxe", "text": "Wow amazing website, thx for sharing the link.  ", "replies": [], "depth": 2}], "depth": 1}, {"id": "ej3lgie", "text": "Do you understand how to get from PGI to NOI to value?", "replies": [{"id": "ej449pe", "text": "After looking at the advensuresincre model example I definitely have a better idea! So CF from operations would be the value used in the DCF? Then calculating the unlevered and levered IRR I figured out also (levered after debt service is deducted from unlevered CF, correct?)\n\n&amp;#x200B;\n\nThe reason I asked is because I'm talking to a Capital Markets MD today about my interest in CRE Capital Markets and want to make sure I understood everything to not sound like a moron. ", "replies": [], "depth": 2}], "depth": 1}]