Every floor plate,
a line item.
Mesa underwrites the complexity of mixed-use so investors
see exactly where the yield lives inside the vertical.
Not one investment.
Five interlocking ones.
Select an asset class to reveal per-floor yield assumptions, tenant mix, and repositioning optionality.
Ground-level NNN retail anchored by a national grocer, with inline specialty tenants on the second floor. Below-market rents on 3 of 7 units create mark-to-market upside at lease rollover in 2027.
Mark-to-market upside: +$340K NOI at 2027 rollover
Tenant Mix
Where most see a building,
we read a balance sheet.
We model each asset class on its own income statement before consolidating. A retail podium with a struggling anchor doesn't contaminate the residential tower's yield story — we see the seams.
The Cortez Block.
Floor by floor.
A 310,000 SF mixed-use parcel in a transit-adjacent urban core. Mesa was engaged to validate the developer's pro forma before a $94M equity raise — and found three layers of mispricing the original model missed.
Mesa Finding: $1.9M of mispriced NOI
The developer's pro forma missed the parking lease repricing event (2031), the retail mark-to-market on 3 below-market leases, and the residential 2BR unit mix premium. Mesa's recast increased projected equity IRR from 14.2% to 17.6%.
Assess Your Mixed-Use
Opportunity.
Five questions. Each one surfaces an insight about your deal. Takes less than three minutes.
What stage is your project?
Select the phase that best describes where you are today.
Mesa Insight · Repositioning plays with three or more asset classes see 18% wider IRR variance than single-class assets — the seams between uses are where value hides.
The Mixed-Use Underwriting Checklist
The 47-point checklist Mesa uses on every engagement. Free one-pager — enter your email and download instantly.
Why Mesa