A Commercial Real Estate Podcast

Commercial real estate, deal by deal.

Working broker Troy Muljat breaks down real transactions — the markets, the money, the operators, and how AI is rewriting the way deals get done.

Listen to the Show Pitch a Deal
35–50
Min Episodes
1
Deal Per Show
PNW
Grounded
2026
Launching
About the Show

For people who actually do deals.

The Cap Rate is a commercial real estate podcast built around one real transaction per episode — what was bought, how it was financed, how the deal was structured, and what the operator would do differently.

Between teardowns, the show reads the bigger picture: which markets are booming, which are busting, where capital is headed, and how AI is changing the way commercial real estate gets underwritten, marketed, and sold.

It's a Pacific Northwest perspective with a national lens — hosted by an actively transacting broker, not a coach and not a corporate brand. The numbers, not the noise.

The Teardown
A real deal — purchase price, cap rate, financing, returns, structure.
Boom or Bust
A quick read on the markets that matter this week.
AI Corner
One tool, one use case, one way it's changing the business.
What's the Play?
Closing question — where would the guest put $1M today?
Where to Listen

Subscribe wherever you get podcasts.

New episodes every other week. Follow on your platform of choice — and if you've got a deal worth breaking down, pitch it below.

Apple Podcasts
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YouTube
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The First Season

Coming this season.

Ten episodes built around one rule: real numbers, real operators, real deals.

01

How a $2M Warehouse Beat the Stock Market

Industrial · Value-Add
Coming Soon
02

Buying Below Replacement Cost: A Value-Add Multifamily Teardown

Multifamily · Basis
Coming Soon
03

The Office Reset: Who's Actually Buying Distressed Towers

Office · Distress
Coming Soon
04

Seller Financing 101: Structuring a Deal When the Bank Says No

Capital · Creative Finance
Coming Soon
05

Boom or Bust: The 2026 Market Map

Markets · National
Coming Soon
06

Retail Is Back: The Strip-Center Comeback

Retail · Counter-Narrative
Coming Soon
07

AI in the Underwriting Seat: The Tools Changing CRE Now

AI · Proptech
Coming Soon
08

The 1031 Exchange That Erased a Six-Figure Tax Bill

Tax · Structure
Coming Soon
09

Self-Storage: The "Boring" Asset That Prints Cash

Self-Storage · Niche
Coming Soon
10

The Deal That Went Wrong — and the $300K Lesson

Failure · Lessons
Coming Soon
The Host

Troy Muljat

CCIM CPM
Troy Muljat, host of The Cap Rate

Working Broker. Operator. Pacific Northwest.

Founder Muljat Group Commercial
Managing Partner FWD Development
CEO Landmark Real Estate Management

Troy Muljat is an actively transacting commercial real estate broker based in Bellingham, Washington. He founded Muljat Group Commercial, is a managing partner at FWD Development, and runs Landmark Real Estate Management — along with creating the CREE (Commercial Real Estate Expert) course.

Beyond brokerage, Troy is also an owner — with a portfolio of properties across Washington, Arizona, Florida, Tennessee, and Kentucky. That's the lens the show is built on: not theory from the sidelines, but lessons from writing real checks across real markets.

He started The Cap Rate because the highest-traffic CRE channels are run by coaches and corporate brands — not by people closing deals. This show is the broker's-eye view: the numbers, the structure, the calls that actually got made, and the lessons most podcasts won't share.

Landmark Real Estate Muljat Group Commercial FWD Development CREE Class
Properties in WA AZ FL TN KY
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