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Rent Roll Mark To Market Gap Calculator
In-place vs market gap drives value-add returns.
Mark-to-market value uplift
$15,384,615
Annual rent gap
$1,000,000
Average roll year
2
How the math works
Annual gap = SF × (market − in-place). Value uplift = gap / cap rate. Average roll year ≈ WALE / 2.
125,000 SF × $8/SF gap = $1M annual. At 6.5% cap = $15.4M upside — captured over ~2 years on average. Classic value-add thesis math.
How to Use
- Enter total rentable SF.
- Enter average in-place rent PSF.
- Enter market rent PSF.
- Enter average remaining term years.
- Enter cap rate %.
- Read mark-to-market upside.
Frequently Asked Questions
What is mark-to-market?
Revenue upside captured as in-place leases expire and renew at current market rents. Common business plan for value-add office, retail, and industrial where long-dated leases signed at lower rents trail today's market. Drives Year-3 to Year-7 NOI growth.
How to estimate the gap?
Pull rent roll; compute weighted average in-place PSF. Survey comparable new leases signed in last 12-18 months for market PSF. Gap × SF = annual uplift at full roll. Weighted by lease expiration schedule gives timing.
Risks?
Market softens before rollover. Tenant downsizes or exits at renewal. TI/LC required to capture uplift. Concessions (free rent) erode face rent gain. Underwrite haircuts for renewal probability, downtime, and net effective rent drag.
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