How to comp a property with no comps?!?!?

[Kobe McDaniel]

Hi BP,

I’ve got a mixed use property I’m looking at that has zero Comps. Because it’s commercial on the bottom and mixed use on top, I’ve got nothing to compare it to. Any tips?

Thanks

[Scott Trench]

This is where all the money is made and all the risk is.

You will need to figure out debt financing, and that will be a huge driver of what you are able to do here. 

One potential way to get super conservative is to take the least valuable income stream and multiply the NOI by comps for that income stream.