What key metrics do you calculate when looking at an CRE listing?
What do you look for when scanning a listing, whether it's a broker email, Loopnet listing, or somewhere else?

The typical items are usually there - cap rate, NOI, price.  But what are some things you calculate before digging into the listing and asking for the offering memorandum from a broker?
[{"id": "iypc2ch", "text": "CAP rate then GRM, in a 6+ cap rate market, not going to research a 4 cap", "replies": [], "depth": 1}, {"id": "iypeaxe", "text": "First back-of-envelope calculation is cost/door.", "replies": [], "depth": 1}, {"id": "iyq8wqq", "text": "$/SF", "replies": [], "depth": 1}, {"id": "iyrnheu", "text": "Looking for the same thing. Is there a tool you all use?", "replies": [], "depth": 1}, {"id": "iz16lwz", "text": "You want to keep a spreadsheet, or something more advanced. But in a basic sense. You need to track a market to know a market. So, look at deals that close and that are on the market. Track public metrics, so track price per foot, cost per unit, cost per bedroom these will give you a good idea of where things are happening and allow you to get a sense of things. Cap rate and NOI are all good and well but those are often broker provided (BS), this coming from a broker, and or cap rates which are not public, can be projected which means there are many variables. \n\nYou are basically looking for a sniff test and that is what I use. \n\nYou also need to go retroactive and look at past deals so you can see how the market has moved.", "replies": [{"id": "iz58ny9", "text": "I like what you are saying, but how do you get the sold data?  In CRE, it's not on Loopnet.  Are you using Costar (or something else) to get this information?", "replies": [], "depth": 2}], "depth": 1}]