REAL ESTATE UNDERWRITING

Cash-on-cash return

Also called: CoC return · cash yield

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PLAIN-ENGLISH DEFINITION

Annual pre-tax cash flow divided by the investor’s cash invested.

What it means in practice.

Cash-on-cash return is sensitive to leverage, reserves, capital expenditures and what the analyst includes as cash invested.

Why it matters.

It is useful for comparing income profiles but does not capture appreciation, sale proceeds or taxes by itself.

Additional notes.

Cash-on-cash return is sensitive to leverage, reserves, capital expenditures and what the analyst includes as cash invested.

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