Buy and sell income property on the numbers.
Whether you are acquiring your first income-producing property or selling an asset held for years, the outcome depends on more than the property. Pricing strategy, buyer targeting, financial positioning, and negotiation. Matt represents investors and owners on both sides.
The deal is made in the underwriting
Every investment sale lives or dies on its assumptions. In-place rents versus market, real operating expenses, deferred capital, lease rollover, and the achievable exit. Matt builds the model before the marketing.
The goal is simple: protect your basis, defend your cap rate, and keep your capital working. An inflated pro forma is exactly how buyers overpay and sellers re-trade at the eleventh hour.
The six numbers that set the price
Underwriting a commercial asset comes down to a short list of variables. Get these right and the price defends itself.
- Cap rate, where a small shift creates an outsized swing in valuation
- Net operating income, gross income minus real operating expenses before debt service
- Tenant credit quality, the strength behind the rent check
- Lease term remaining, which sets your rollover risk
- Rent growth and escalations built into the leases
- Deferred maintenance and capital expenses, a common source of price re-trades
How Matt creates value
Acquisition Advisory
Disciplined sourcing, underwriting, and negotiation across multifamily, retail, office, and net-lease. Opportunity sourcing includes off-market access, with cap rate and NOI checked against real comps.
Disposition Strategy
Accurate pricing on current cap rates, a clean financial presentation, and targeted exposure through Crexi, LoopNet, and eXp. Overpricing signals weakness, so the number is defended from day one.
1031 Coordination
Aligning your disposition with a realistic replacement plan. The most common mistake is selling before having a clear acquisition strategy. If the asset is a rental you are tired of, start with selling a rental property in California. If the replacement is out of state, read 1031 exchange from California to Nevada before you commit to anything.
Sell, identify, close, repeat
Sell the relinquished property
Proceeds go straight to your Qualified Intermediary and the clock starts at closing. You never take control of the funds.
Identify within 45 days
Formally identify up to three replacement properties in writing. The window is firm, which is why the acquisition strategy comes first.
Close within 180 days
Your QI uses the exchange funds to acquire the replacement before the deadline, completing the deferral.
Defer and keep building
Exchanges can be repeated, compounding wealth across a career instead of bleeding equity to taxes at each sale.
Your investment-sales advisor
Guided by Matt Bingaman
Matt advises investors and owners across Greater Sacramento and El Dorado County, one of the most closely watched commercial markets in California. Relative affordability against the Bay Area, strong population growth in Folsom, El Dorado Hills, and Roseville, and consistent tenant demand across industrial, retail, and medical office.
For investors priced out of coastal markets or completing a 1031, the region still offers income-producing assets at cap rates that are increasingly hard to find in major California metros.
Matt builds the model before the marketing. Underwritten on the numbers, not the narrative.
Common questions
Matt represents buyers and sellers of income-producing commercial property: multifamily, retail, NNN, office, medical, and industrial. The job is underwriting the numbers, pricing off cap rate and net operating income, and running the deal to close.
That is core to the practice. Matt works with residential and multifamily owners selling to exchange into commercial, and coordinates the replacement search against the 45-day identification clock and the 180-day close. Starting before you list is the difference between a clean exchange and a scramble. Not every owner should exchange, though. Is a 1031 exchange worth it, or should you just pay the tax works the arithmetic both directions and names the cases where writing the check is the stronger move.
Mostly on income. Value is net operating income divided by the market cap rate, not price per square foot the way homes trade. A property netting 200k at a 6 percent cap rate is worth roughly 3.3 million. Raising income or buying at a higher cap rate is where returns are made.
It depends on asset class and risk. Stabilized NNN runs 5 to 7 percent. Value-add and multifamily vary more widely. A higher cap rate is not automatically better. It usually signals more risk or more work to stabilize.
A triple net (NNN) lease is a structure where the tenant pays the base rent plus the three nets: property taxes, insurance, and maintenance. The owner collects rent and carries almost none of the operating cost. It is the closest thing to passive income in commercial real estate.
Matt sources and vets NNN deals across Greater Sacramento, and through the eXp Commercial national network sources them nationwide for 1031 buyers. The work is not just finding a building. It is underwriting the tenant credit, the lease term remaining, and the rent escalations before you commit.
Cap rates on single-tenant NNN typically run 5 to 7 percent depending on tenant credit and years left on the lease. A national investment-grade tenant trades at a lower cap rate, meaning a higher price, because the income is safer. A shorter lease or a weaker tenant pays a higher cap rate but carries more risk.
Because it ends active management. A tired multifamily or residential landlord often nets around 2 percent after expenses and still fields the late-night calls. Trading into a NNN with a long-term tenant can raise net income and remove the management. Roof leaks and HVAC become the tenant’s responsibility, not yours.
Concentration. Your entire income depends on one tenant. If they leave at lease end or default, the property can go from fully leased to fully vacant. That is why tenant credit and remaining lease term matter more than the headline cap rate.
Buying or selling investment property in Greater Sacramento? Call or text Matt at (916) 513-0217 or book at calendly.com/bingamanrealty/15-min-consultation.
Thinking about a purchase or a sale?
Schedule a free 15-minute consultation. We will look at the numbers, the market, and your timeline, and map the cleanest path to the outcome you want.