# Submarket Survey

> Illustrative teaching case. Northgate Commons is not a real property, this is not a real transaction, and the term sheet is not a real financing quote. Every figure is fabricated for instruction. The figures below are invented for this exercise and are
> not a description of any real market.

Survey date: 2026-12-31. Subject submarket: Northgate corridor (fabricated).

## Headline figures

| Metric | Reading |
|---|---|
| Submarket vacancy | 6.0% |
| Rent growth, trailing twelve months | 3.1% |
| Rent growth forecast, next twelve months | 2.8% |
| Typical third-party management fee, assets of this size | 3.0% of effective gross income |

Illustrative submarket survey figures written for this case.

## Competitive set asking rents

| Property | Built | Plan | Sq Ft | Asking Rent | Rent PSF | Condition |
|---|---|---|---|---|---|---|
| Ashwood Park | 1984 | 1BR / 1BA | 735 | $1,245 | 1.69 | Renovated |
| Chandler Row | 1989 | 1BR / 1BA | 780 | $1,390 | 1.78 | Renovated |
| Preston Landing | 1982 | 2BR / 2BA | 1015 | $1,510 | 1.49 | Classic |
| Maple Grove Flats | 1991 | 2BR / 2BA | 1090 | $1,735 | 1.59 | Renovated |

## How to read this

Asking rents are what a property is advertising, not what it is signing. Where a
comparable is renovated and the subject unit is not, the gap is a renovation
premium rather than a rent the subject can capture today.

A vacancy reading for a submarket is a different thing from a vacancy factor in
an underwriting model. The survey number describes physical vacancy across a
set of properties. An underwriting factor has to cover physical vacancy plus
downtime between leases, concessions, and residents who do not pay. Comparing
the two directly tends to understate the loss a buyer will actually absorb.

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*Illustrative teaching case. Northgate Commons, the market, the broker, the lender, the comparables, and every figure in this packet are fabricated for instruction. Nothing here is a real property, a real transaction, or a real financing quote.*