Broker Opinion of Value · Net Lease

Free Net Lease Broker Opinion of Value (BOV) Template: PowerPoint, Google Slides & AI

A net lease broker opinion of value laid out for the owner: price estimate first, then the comps and income that support it, using the method that fits net lease property.

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What makes a net lease BOV different

A net lease is a bond-like contract on a building. Buyers price the tenant's credit, remaining term, rent bumps and who bears roof and structure, so the document is built around a lease abstract and a tenant overview rather than an operating statement.

That is why this template does not reuse a generic deck. The questions owners ask first about net lease property are specific, and the document should answer them without being asked:

• What cap rate did you use for my tenant and my remaining term?
• How did you treat the rent increases and the renewal options?
• Which net lease sales did you compare with?

The metrics owners look for

The summary page of this net lease BOV is built around six numbers. Show only the ones you can support with a source or a calculation.

• Price
• Cap rate
• Remaining lease term
• Rent bumps
• Tenant / guarantor
• Lease type

The property-data table beside them covers: tenant and guarantor (corporate or franchisee), lease type (nnn / absolute nnn / bondable), lease commencement and expiration, renewal options, landlord responsibilities (roof, structure), building area and land area.

The net lease-specific pages

Lease Summary

Columns: term-by-term lease abstract. State the as-of date and where the figures come from.

Tenant and Credit Overview

Columns: Item, Detail, Source. Cite documents, not memory.

Comparables

Sale comps use these columns: Tenant, Remaining term, Sale price, Cap rate, Price per SF, Lease type, Guarantor. Rent or rate comps use: Property, Tenant, Rent per SF, Term, Escalations, Lease type.

How a net lease BOV is supported

Cap rate on contractual rent, set by tenant credit, remaining term, rent bumps and lease structure; comparable net lease sales with similar tenant and term matter more than location averages.

A broker opinion of value is not an appraisal and is not a substitute for one where an appraisal is required. The template says so on the summary page.

Back it up: documents to have ready

A net lease BOV is only as credible as the documents behind it. Collect these before you publish figures.

Lease

• Lease, amendments, commencement and rent commencement letters: Contract rent is the asset
• Estoppel and SNDA: Confirms no defaults and no offsets
• Guaranty and franchise agreement, if a franchisee tenant: Corporate and franchisee credit differ
• Right-of-first-refusal, purchase option and kick-out provisions: These affect exit

Credit

• Tenant and guarantor financial statements: Credit sets the cap rate

Physical

• Roof, structure and parking condition reports where the landlord is responsible: Hidden landlord obligations

Environmental

• Phase I environmental report: Gas stations, dry cleaners and similar uses need extra care

Sales

• Unit-level sales reports, if available: Supports renewal likelihood

Common net lease mistakes

• Calling a lease NNN without stating who pays roof and structure
• Showing cap rate without remaining term
• Not distinguishing corporate guaranty from franchisee guaranty
• Omitting rent bumps

Market data

The market page has rows for: tenant credit rating or financial summary, store count and unit-level sales (if reported), surrounding traffic count, population within 3 and 5 miles, comparable net lease cap rates, competing locations. Put the source and the date next to each one.

Use it with AI: Claude, ChatGPT, Gemini

Paste your deal facts and get a draft net lease BOV in this structure. The prompt uses only the facts you give it and marks gaps as [TBD].

You are a commercial real estate marketing analyst helping a broker draft a Net Lease Broker Opinion of Value (Net Lease BOV).

Draft the Net Lease BOV in the structure below. Use ONLY the facts I give you. Where a fact is missing, write [TBD: what is needed] instead of guessing.

STRUCTURE
1. Executive Summary: Price Estimate
   - Concluded value, low, high, effective date: [ ]
   - Price: [ ]
   - Cap rate: [ ]
   - Remaining lease term: [ ]
   - Rent bumps: [ ]
   - Tenant / guarantor: [ ]
   - Lease type: [ ]
2. Property Overview and Photos
   - Tenant and guarantor (corporate or franchisee): [ ]
   - Lease type (NNN / absolute NNN / bondable): [ ]
   - Lease commencement and expiration: [ ]
   - Renewal options: [ ]
   - Landlord responsibilities (roof, structure): [ ]
   - Building area and land area: [ ]
3. Lease Summary
   - Term: [ ]
   - Detail: [ ]
4. Sale Comps Summary and Detailed
   - Columns: Tenant, Remaining term, Sale price, Cap rate, Price per SF, Lease type, Guarantor
5. Rent Comps Summary
   - Columns: Property, Tenant, Rent per SF, Term, Escalations, Lease type
6. Income and Expenses
   - Current and proforma: [source and period]
7. Valuation Approach and Reconciliation
   - Method: Cap rate on contractual rent, set by tenant credit, remaining term, rent bumps and lease structure; comparable net lease sales with similar tenant and term matter more than location averages.
   - Weights and range: [ ]
8. Market Overview
   - Tenant credit rating or financial summary: [Value; source and date]
   - Store count and unit-level sales (if reported): [Value; source and date]
   - Surrounding traffic count: [Value; source and date]
   - Population within 3 and 5 miles: [Value; source and date]
   - Comparable net lease cap rates: [Value; source and date]
   - Competing locations: [Value; source and date]

RULES
- Use only facts the user supplied. Never invent property data, tenants, statistics, comps or quotes.
- If a fact is missing, write [TBD: what is needed] in its place.
- Every market statistic needs its source and date as given by the user; otherwise mark it [TBD: source and date].
- Show arithmetic for any figure you derive and flag it as calculated.
- Write in plain, factual US English. Avoid unsupported superlatives.
- Avoid this net lease mistake: calling a lease nnn without stating who pays roof and structure.
- Avoid this net lease mistake: showing cap rate without remaining term.
- Avoid this net lease mistake: not distinguishing corporate guaranty from franchisee guaranty.
- Avoid this net lease mistake: omitting rent bumps.
- Apply only the adjustments and cap rates the user supplies; if none are given, ask.
- State that a BOV is not an appraisal and is not a substitute for one where an appraisal is required.
- Leave confidentiality and disclaimer text as [Insert the brokerage's counsel-approved language].

BEFORE YOU DRAFT
If essential facts are missing, ask me up to 8 short questions first, then draft once I answer.
If I say "just draft it", draft now and list every [TBD] at the end.

OUTPUT
Return the Net Lease BOV as clean Markdown, one heading per section above, followed by a checklist of every [TBD] item and every number I should double-check against source documents.

MY DEAL FACTS
[Paste property details, financials, rent roll, comps, market notes and anything else here.]

Fill it from a real deal

With the IntellCRE MCP connector, your assistant can pull the property, its unit mix and rents, and its selected comps from IntellCRE before it drafts. Or let IntellCRE build the document from your deal files: try IntellCRE, free to start.

Frequently asked questions

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