THE BIGGER PICTURE
Two properties can share a sector and neighborhood without being economically comparable. Occupancy, condition, lease structure, transaction timing, and deal scope can explain more than an average price per square foot. Quoin places the terms and context of a sale beside the headline price. Bring the originating evidence into the analysis so the economics can be examined rather than assumed.
Build a relevant comparison set
Select transactions around the subject property’s use, size, quality, location, and timing. Review whether a transaction covers one asset, a portfolio, or a partial interest. Record why each comparable belongs in the set and which differences affect interpretation.
Read through the headline consideration
Review the reported price, supporting record, parties, and available financing context. Distinguish verified consideration from estimates and portfolio allocations. Avoid turning missing income or an assumed cap rate into an apparently observed transaction metric.
Show the basis for your conclusion
Bring selected sales into a report with source dates, adjustment considerations, and excluded candidates. Make the reasoning inspectable. A strong comparison set gives reviewers enough context to disagree productively, rather than simply presenting a point estimate.
Make the comparison reproducible
Retain the recorded consideration, transaction scope, property-area basis, and their originating records. Show the arithmetic behind a unit-price comparison. A multi-parcel transfer with no allocation should not be silently converted into a single-building price. AI can help explain exclusions and expose the assumptions behind an adjusted comparison.
YOUR RESEARCH AGENDA
Define the subject and comparison criteria.
Screen candidate transactions for scope and relevance.
Inspect terms, dates, participants, and evidence.
Document the comparison set and your adjustment rationale.
GO A LEVEL DEEPER
Questions worth asking.
How should portfolio transactions be compared?+
Treat the reported portfolio price separately from any property-level allocation. An allocation may be estimated or negotiated for a particular purpose and needs its own explanation.
Is a reported cap rate always comparable?+
No. The income period, expense treatment, occupancy assumptions, and price basis must align before cap rates provide a meaningful comparison.
