Single Tenant Net Lease Valuation
What a pad is worth depends on who signs the lease and for how long. This model prices both.
- Type
- Excel model
- Version
- v2.81
- Updated
- May 2025
- Stage
- Lease, hold and sell, Price the land
- File
- Excel workbook (.xlsx), 853 KB
- Works in
- Microsoft Excel 2013 or newer, desktop
What it answers
- What will a buyer pay for this pad once the lease is signed?
- How much is a stronger tenant's credit worth in price?
- What happens to value as the lease term runs down?
What goes in
- Rent, increases and lease term
- Tenant credit
- Discount rates for the lease term and for the years after it
- Purchase price, if you are buying
What comes out
- Value of the lease
- Value after the lease ends
- Investment returns at a given price
How we use it
Every drive-thru pad we build is priced here before we agree rent with the tenant, so the rent and term match what a net lease buyer will pay for.
Before you open it
- Use the desktop version of Excel. Excel for the web and other spreadsheet apps cannot run the parts of a model that use macros.
- On Windows, Excel blocks macros in any file downloaded from the internet and shows a red bar. Close the file, right-click it, choose Properties, tick Unblock and press OK, then open it again. If it came inside a zip, unblock the zip before you extract it.
- Read the Version tab first. It records the model's history and its authors. Leave it in place, unchanged, if you share the file.
Use and sharing
Free to use, adapt and share with anyone, as long as it stays free and its Version tab and credits stay in the file. Provided as is, for education. It is not investment, legal or tax advice, not an appraisal, and not an offer of any security. Any project figures in it are illustrative. Full terms, including credits, are in our Terms of Service.
Single-Tenant-NNN-Lease-Valuation-v2.81.xlsx · SHA-256 c0838cf81448a6b7719e2a844d44ddece1196b93a1177bfb1ce075db9ad2f445
Who it is for
Each of these has its own way to work with us.
Where it fits in our work
Often used with
Corporate occupiers & expanding operators
Define a Requirement
A build-to-suit is an operating decision before it is a real estate decision. Tell us what the operation needs and we will take it from site selection through delivery as one accountable party.