About Worth Sheet

Worth Sheet is a free valuation worksheet for owners of apartment buildings with five or more units. It does one thing: takes your rent roll and expenses and shows what the building is worth to a buyer who has to finance it at today’s rates.

It is operated by Janover Capital LLC, a commercial mortgage desk. That’s how it pays for itself. If the numbers point toward a refinance, you can send the building to the desk and a person there will reply; Janover Capital arranges the financing. It doesn’t list or sell property. Using the worksheet doesn’t require either.

Where the numbers come from

• The 10-year Treasury yield comes from the U.S. Treasury’s daily par yield curve and is updated on the site from Treasury’s own file. The worksheet shows its date.
• The loan-to-value and debt service coverage starting points come from Fannie Mae’s and Freddie Mac’s published multifamily term sheets.
• Everything else is yours: rents, expenses, the cap rate range and the lender spread.

The method page lists each source and date.

What it isn’t

It isn’t an appraisal, a broker’s opinion of value, or an offer to buy or to lend. Worth Sheet isn’t affiliated with Fannie Mae, Freddie Mac, HUD or the U.S. Treasury.

Write to hello@multifamily.forsale with questions or corrections.