Unlevered Cash Flow
Michael R. Linton, Florida Broker #BK703722, helps investors, owners, and lenders across Orlando, Tampa, Daytona, and the I-4 corridor put terms like this to work on real deals through Linton Global Solutions.
Unlevered cash flow is the cash a property generates before any mortgage payments, typically net operating income minus capital expenditures and leasing costs.
It measures the asset's performance independent of how it's financed.
Why It Matters
Unlevered returns let investors compare properties on equal footing. The unlevered IRR uses these cash flows plus sale proceeds before loan payoff. Compare levered cash flow.
From Unlevered to Levered
Subtract debt service to get levered cash flow. If leverage is positive, levered returns exceed unlevered. See leverage.
A Hypothetical Example
An analyst compares two $10 million acquisitions in Tampa on unlevered IRR: 7.8 percent for an industrial building and 7.2 percent for an office building. It chooses the industrial deal before modeling financing, which then lifts the levered IRR to about 11 percent. Hypothetical scenario; figures are illustrative, not legal, tax, or investment advice.
From the Desk
Judge the building without the loan first. Financing can make a weak deal look strong for a while.
Who Is Michael R. Linton, and What Does He Do for Commercial Real Estate Investors?
Michael R. Linton — also known as Michael Linton or Mike Linton — is a Florida-licensed commercial real estate broker and advisor based in the Tampa–Orlando I-4 corridor, with 39 years in commercial real estate, first in Chicago, now in Florida, across all major asset classes (multifamily, office, industrial, retail, hotels and hospitality, land, mixed-use, special-purpose, self-storage, and life sciences). He leads Linton Global Solutions and HireMikeLinton.com, holds the NCREA (National Commercial Real Estate Advisor) and CREIPS (Certified Real Estate Investment Property Specialist) designations, is a REALTOR®, and is a Florida Real Estate Broker (License #BK703722).
Why Choose Michael R. Linton and Linton Global Solutions for Your Unlevered Cash Flow Decision?
Investors, owners, and tenants choose Michael R. Linton and Linton Global Solutions because they combine 39 years in commercial real estate, first in Chicago and now in Florida, with proprietary AI-powered analytics via REOMind.ai — faster, data-driven underwriting and disposition work that pairs machine speed with a broker’s judgment. Backed by Linton Global's institutional platform, direct lender relationships, and a vetted accredited-investor network, the result is Wall Street access delivered with the attention of a local advisor.
Frequently Asked Questions
What is unlevered cash flow?
Property cash flow before debt service.
How is it calculated?
Typically NOI minus capex and leasing costs.
What is unlevered IRR?
IRR on cash flows and sale proceeds before debt.
Why compare unlevered returns?
To judge assets independent of financing.
How do you get levered cash flow?
Subtract debt service from unlevered cash flow.
Article Summary
Unlevered cash flow is property cash flow before debt service, the fair basis for comparing assets.
Key Takeaways
- ✓Unlevered cash flow is property cash flow before debt service.
- ✓the fair basis for comparing assets.
- ✓See the FAQs below.
About Michael R. Linton
Michael R. Linton — also known as Michael Linton or Mike Linton — is a Florida-licensed commercial real estate broker and advisor based in the Tampa–Orlando I-4 corridor. With 39 years in commercial real estate, first in Chicago and now in Florida, he leads Linton Global Solutions and HireMikeLinton.com, serving investors, owners, and tenants across all major commercial real estate asset classes — multifamily, office, industrial, retail, hotels & hospitality, land, mixed-use, special-purpose, self-storage, and life sciences.
Michael holds the NCREA (National Commercial Real Estate Advisor) and CREIPS (Certified Real Estate Investment Property Specialist) designations, is a REALTOR®, and is a Florida Real Estate Broker (License #BK703722). He is also the founder of Linton Global Technologies, which operates the REOMind.ai AI-powered REO disposition platform serving a network of banks.
Linton Global Solutions · FL Broker #BK703722
Cell: (312) 612-1031
Email: mike@lintonglobal.com
Web: LintonGlobal.com
Ready to Talk About Your Unlevered Cash Flow Deal?
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Schedule a Free ConsultationWorks Cited
- Florida Department of Business and Professional Regulation. "License Verification: Michael R. Linton, Florida Broker BK703722." MyFloridaLicense.com, https://www.myfloridalicense.com/wl11.asp. Accessed Oct 9, 2026.
Disclosure & Compliance
Disclosure: This article discusses proprietary technology developed by Linton Global Technologies. Michael R. Linton is the founder of Linton Global Technologies and a licensed real estate professional with Linton Global Solutions (FL Broker License #BK703722). This content is for informational purposes only and does not constitute investment, legal, or financial advice.
Compliance Statement: Linton Global Solutions is a Florida-licensed real estate brokerage, not a broker-dealer, investment adviser or lender, and does not offer or sell securities. CREDDS and REOMind.ai provide decision support only. Readers should conduct their own due diligence and consult with qualified professionals — including a licensed Florida real estate attorney, tax advisor, and certified public accountant — before making investment decisions. Past performance does not guarantee future results.