3E Management · Underwriting benchmarks
What owners are underwriting right now
Sale comparables tell you what a property sold for, but not what the buyer assumed to get there.
Since 2016, 3E has served 900+ clients and underwritten $85B+ in real estate transactions. These reports publish the medians of the underwriting and asset-management models 3E maintains today — 1,327 properties across 377 owners and operators — covering exit caps, hold periods, leverage, coverage and operating ratios, alongside market transaction pricing shown separately.
Updated 2026-10-14
By property type
National cuts across every market 3E's clients are buying in.
| Property type | Going-in cap | Exit cap | Hold | DSCR | LTV | Levered IRR | Properties |
|---|---|---|---|---|---|---|---|
| US Multifamily | 5.5% | 5.3% | 5.0 yrs | 1.40x | 67% | 18.1% | 503 |
| US Industrial | 6.4% | 6.0% | 5.0 yrs | 1.48x | 65% | 19.0% | 270 |
| US Office | 7.2% | 7.0% | 5.0 yrs | 1.68x | 65% | 16.4% | 203 |
| US Retail | 7.3% | 6.8% | 5.0 yrs | 1.72x | 65% | 16.0% | 104 |
| US Land | – | – | – | – | 65% | 30.0% | 85 |
| US Hospitality | – | – | 5.0 yrs | 1.89x | – | 16.2% | 46 |
| US Self Storage | – | 6.0% | 5.0 yrs | 1.41x | 67% | 20.0% | 25 |
| US Senior Housing | – | – | 5.0 yrs | – | 75% | 21.6% | 12 |
By metro
Published where the client book is deep enough to stand behind a median. A dash means the sample did not support publishing that figure.
| Market | Going-in cap | Exit cap | Hold | DSCR | LTV | Levered IRR | Properties |
|---|---|---|---|---|---|---|---|
| Dallas-Fort Worth, TX Multifamily | 5.2% | 5.3% | 5.0 yrs | 1.47x | 65% | 16.3% | 66 |
| Dallas-Fort Worth, TX Office | 7.6% | 7.0% | 5.0 yrs | 1.65x | 60% | 20.7% | 41 |
| Houston, TX Multifamily | 5.5% | 5.3% | – | 1.48x | 65% | 17.0% | 34 |
| Dallas-Fort Worth, TX Industrial | 7.0% | 6.0% | 5.0 yrs | 1.58x | 65% | 19.1% | 27 |
| Austin, TX Multifamily | – | 4.7% | 5.0 yrs | 1.47x | 68% | 18.6% | 19 |
| Miami-South Florida, FL Multifamily | – | 4.9% | 4.5 yrs | – | 65% | 21.5% | 18 |
| San Francisco Bay Area, CA Office | 6.1% | 7.5% | 3.0 yrs | – | – | 17.4% | 18 |
| Houston, TX Industrial | 6.4% | 6.0% | – | 1.39x | – | 18.3% | 17 |
| Washington, DC Multifamily | 6.4% | 5.5% | – | 1.31x | 65% | 15.0% | 15 |
| Houston, TX Office | 6.9% | 7.1% | 6.5 yrs | 1.47x | 60% | 12.7% | 14 |
| Washington, DC Office | 9.1% | 8.0% | 5.0 yrs | 1.74x | 63% | 22.6% | 13 |
| New York, NY Multifamily | – | – | 5.0 yrs | – | 66% | 18.3% | 11 |
| Dallas-Fort Worth, TX Retail | – | 6.5% | 4.5 yrs | – | 63% | 19.0% | 11 |
| Miami-South Florida, FL Office | – | 6.8% | 6.5 yrs | – | 60% | – | 9 |
| Atlanta, GA Multifamily | – | – | – | – | – | 22.8% | 8 |
Want your market, or your deal?
If your metro is not listed, email us and we can send you the report. Send one OM or T-12 and it comes back as a full model with sensitivities, debt sizing and a risk score, in the portal within three business days. No charge.
Email ebergin@3emanagement.org