Definition:
An analysis which projects
income and expenses for the first full calendar year of
ownership of the property after the indicated sale date,
and which results in a projected net operating income that
is then divided by the sale price to obtain an estimated
going-in cap rate. Note that projection of revenue relies
largely on a rent roll that Reis estimates based on rents,
vacancies and expenses observed during several years of
surveys at the property or at nearby properties.