Short answer: a rent roll lists every unit in a multifamily building, what each tenant pays, when each lease ends and what deposit is on file. I read it before the brochure. I look for rents far below the rest, month to month tenants, leases that end at the same time, free rent concessions and past due balances. Then I tie every rent to the bank deposits and the T12. Price per door only means something once the rent roll checks out.
The brochure is written to sell the building. The rent roll is where the income actually comes from. So when a new multifamily package lands on my desk, whether it is a fourplex in Hollywood or a larger building in Palm Beach, the rent roll is the first page I open. Here is how I go through it.
Start with rents that sit far under the rest
If most of the one bedrooms are close to the same number and one is a few hundred dollars lower, I want to know why. Sometimes it is a long time tenant who has been there for years. Sometimes it is a relative of the owner. That rent might be upside for a new owner, or it might be hard to raise without turnover. Either way, it changes how I value the income.
Look for month to month tenants and lease bunching
A tenant with no lease term can leave on short notice. That is fine for one or two units, but it adds up. I also look at when the leases end. Five leases ending in the same two months can mean a lot of vacancy at once, plus the cost of turning those units and filling them again.
Check for free rent and concessions
A 12 month lease with two months free does not pay what the face rent says. Recent move ins with concessions can make a rent roll look stronger than the cash flow really is. I ask for the lease start dates and any concessions on each unit, so I know what the building actually collects.
Look at past due balances
Rent on paper is not rent collected. I want to see how much is owed, by which units, and how old it is. A few days late is normal. Balances that go back several months tell me something about the tenants and about how the building is managed.
Tie the rent roll to the bank deposits and the T12
After that, I tie the rent roll to the bank deposits and the T12, which is the trailing 12 months of income and expenses. The numbers should tell the same story. I check that the unit mix matches what is advertised and that the security deposits line up with the leases. If the rent roll and the deposits do not match, the price should not be based on the rent roll.
At closing, tenant estoppels should confirm all of it. An estoppel is a signed statement from each tenant confirming their rent, lease term, deposit and that there are no side deals.
Why price per door comes second
This is also why price per door only means something once the rent roll checks out. In Hallandale and Hollywood, I typically see multifamily trade around $210,000 to $230,000 a door. A building inside that range with a weak rent roll is not the same deal as one with clean, collected rents.
The same thinking applies to every asset class I work in. The income is only as good as the leases and the tenants behind them. If you also look at retail, read my breakdown of NNN vs gross vs modified gross retail leases. On the industrial side, here is what makes a warehouse tenant creditworthy and what I check on every warehouse tour. For the bigger market picture, see South Florida multifamily in 2026.
FAQ
Q: What is a rent roll?
A rent roll is a list of every unit in a building showing the tenant, the rent, the lease start and end dates and the security deposit on file.
Q: What are red flags on a multifamily rent roll?
Rents far below the rest of the building, many month to month tenants, several leases ending at the same time, free rent concessions on new leases and past due balances that go back months.
Q: How do you verify a rent roll?
Tie it to the bank deposits and the T12, the trailing 12 months of income and expenses. Confirm the unit mix and security deposits, and get tenant estoppels at closing.
Q: Is price per door a good way to value a multifamily building?
It is a useful comparison, but only after the rent roll checks out. Two buildings at the same price per door can be very different deals depending on how clean and collected the rents are.
I always have multifamily at different budgets, from 4 units up to 200, across Miami-Dade, Broward and Palm Beach. Reach out to me directly, browse my current listings, or ask about off-market opportunities.
Igor Presman
Commercial Broker · Trybal Group
