Evaluating a small bay flex property, NNN, 4 units. I come from self-storage so I want to hear from people who know this product type before I move. Here's the situation: - 4 tenants, 4 spaces - One tenant is month-to-month. I'm underwriting them as gone at takeover and pricing accordingly. The deal still breaks even at my offer price assuming they leave. - One lease expires 12/31/26, about 7 months out - The other two are solid with active leases The MTM tenant and the December lease are both paying well below market. I'm gauging market rate off the other two tenants. My main question is around demand. I want to gauge how quickly I could re-lease the MTM space before I have to sit down with the tenant whose lease expires in 7 months. If I can demonstrate demand and get that space re-leased at market, it strengthens my position going into that renewal conversation. What expense ratio do you typically underwrite for small bay flex NNN? Coming from self-storage I have a feel for that side but don't want to carry the wrong assumption here. I'm sure a lot of this is covered in the 6 modules, I just haven't gotten through them yet. Happy to be pointed there. Appreciate any input.