Key Factor in Direct Real Estate Investment Success

A portfolio manager is evaluating a direct investment in commercial real estate properties for a high-net-worth client. The investor is particularly interested in the potential cash flow generation and appreciates the stability provided by income from long-term leases with reliable tenants. The manager summarizes the investment's attributes, including projected net operating income (NOI), capital appreciation potential, and risks such as tenant vacancy and market fluctuations.

Considering this context, which of the following factors is MOST critical for the success of this direct real estate investment?