per door

Definition

A valuation metric for multifamily properties calculated by dividing price by number of units, because apparently 'per unit' wasn't jargony enough. It's the real estate equivalent of price per ounce.

Example Usage

The 24-unit building sold for $3.6 million, or $150,000 per door, slightly above market average.

Origin

Multifamily investment slang that became standard terminology by the 1990s

Fun Fact

Investors obsess over per-door pricing like stamp collectors obsess over perforations, often ignoring that a studio and three-bedroom both count as one door.

Source: Multifamily investment and valuation terminology

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