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NNN Deal Underwriting
Lease abstracting, rent roll verification, and scenario modeling tailored to hands-off exchange buyers.
NNN deal underwriting provides comprehensive analysis of single tenant net lease properties for Orange County investors completing 1031 exchanges. This service includes lease abstracting to verify rent terms, escalations, and tenant obligations. Rent roll verification confirms current occupancy and payment history. Scenario modeling helps investors understand cash flow projections, debt replacement impacts, and boot calculations. The underwriting process is tailored to hands-off exchange buyers who need confidence in replacement property quality before the 45 day identification deadline. We coordinate with qualified intermediaries to ensure all documentation supports compliant exchange structure.
What is included
- Lease abstracting and rent term verification
- Rent roll verification and payment history review
- Tenant credit analysis and corporate guarantee review
- Cap rate benchmarking against market comparables
- Cash flow projection modeling
- Debt replacement and boot scenario analysis
- Property condition assessment coordination
- Qualified intermediary documentation support
Common situations
- Orange County investor needs fast underwriting to meet 45 day identification deadline
- Family office evaluating multiple NNN properties across different markets
- CPA requiring detailed underwriting before client identifies replacement property
Frequently asked questions
What does NNN deal underwriting include in Orange County, CA?
Our underwriting service includes lease abstracting to verify rent terms and tenant obligations, rent roll verification to confirm payment history, and scenario modeling for cash flow projections. Orange County investors receive comprehensive analysis before committing to replacement property identification.
How do identification rules affect underwriting timing?
Underwriting must be completed within the 45 day identification window. We prioritize fast turnaround on lease abstracts and rent roll verification so Orange County investors can make informed identification decisions before the deadline.
What boot scenarios are modeled in underwriting?
We model debt replacement scenarios to identify potential boot. If replacement property debt is less than relinquished property debt, the difference may be taxable boot. Our scenario modeling helps Orange County investors structure exchanges to minimize boot.
How do you verify tenant credit for NNN properties?
We review tenant financial statements, credit ratings, and payment history. For national credit tenants, we verify corporate guarantees and lease terms. Orange County investors receive credit analysis reports before identification decisions.
What happens if underwriting reveals property issues?
We present findings transparently and can source alternative replacement properties if needed. Orange County investors have time within the 45 day window to identify different properties if underwriting reveals concerns.
Do you coordinate with qualified intermediaries during underwriting?
Yes, we coordinate with qualified intermediaries to ensure underwriting documentation supports compliant exchange structure. Orange County investors benefit from synchronized communication between underwriting, identification, and closing phases.
Example of the type of engagement we can handle
Example capability
Service type:
NNN Deal Underwriting
Location:
Orange County, CA
Scope:
Underwrite three single tenant pharmacy properties in Texas and Florida for $3.5 million exchange
Client situation:
Investor closing on Irvine office building with tight 45 day identification window needing credit tenant verification
Our approach:
Completed lease abstracts within 48 hours, verified tenant credit ratings, modeled cash flow projections, identified debt replacement boot scenarios, coordinated with qualified intermediary
Expected outcome:
Comprehensive underwriting reports delivered within 5 days, investor identified two properties within deadline, closing coordination in progress
Contact us to discuss your situation in Orange County, CA. We can share references upon request.
Educational content only. Not tax, legal, or investment advice.
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Identification rules
Three Property Rule
Identify up to three candidate properties anywhere in the United States, regardless of value, within 45 days.
Two Hundred Percent Rule
Name more than three properties as long as the combined value stays within 200 percent of the relinquished sale price.
Ninety Five Percent Rule
If you exceed those limits, acquire at least 95 percent of the total value identified to keep the exchange compliant.
Identification letter helper
Identification Letter 11/16/2025 Qualified Intermediary, Please accept this written identification for my pending Section 1031 exchange in Newport Beach, CA. Replacement properties: 1) ____________________ 2) ____________________ 3) ____________________ I confirm these properties meet the like-kind and value requirements as of today. Signature ____________________
Timeline tracker
Day 0
Close relinquished property in Newport Beach, CA.
Day 15
Secure intermediary receipts and wire instructions.
Day 30
Begin physical and financial due diligence on preferred assets.
Day 45
Submit identification letter with up to three properties.
Day 90
Lock financing, finalize PSA adjustments, order closing docs.
Day 180
Complete closing with escrow and intermediary coordination.
1031 Exchange Orange County
Kick off NNN Deal Underwriting today.
Share your timeline and we will deliver compliant identification support within one business day.