TacticScaleWhat Marcus & Millichap Does & How It Makes Money (MMI)
Updated October 2026 · reflects Marcus & Millichap's latest reported financials
Commercial real estate brokerage specializing in investment property sales and financing. It earns commissions and fees mainly when it brokers commercial property sales.
How Marcus & Millichap makes money
It earns commissions and fees mainly when it brokers commercial property sales. It also earns fees for arranging debt and equity financing, and for advisory, consulting and leasing services.
What Marcus & Millichap does
Marcus & Millichap, founded in 1971 and headquartered in Calabasas, California, is an investment brokerage firm focused on commercial real estate in the United States and Canada. Its core business is brokering the sale of investment properties. These cover a wide range of property types, including multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office and manufactured housing. The company also acts as a financial intermediary. It arranges senior and mezzanine debt, joint ventures, preferred equity and securitization, and offers loan sales and due diligence services. Its research, advisory and leasing services, including valuations, market rankings and feasibility studies, support its brokerage relationships with property owners, developers and investors. Its revenue depends on how many commercial property deals happen, so it is closely tied to activity in the property market.
Products & services
- Commercial real estate investment sales brokerage
- Capital markets and financing (senior debt, mezzanine, preferred equity, JV)
- Loan sales and due diligence services
- Research and market analysis
- Advisory and consulting (valuations, portfolio strategy)
- Tenant and landlord leasing services
What is Marcus & Millichap worth?
On an owner-earnings DCF, Marcus & Millichap's most-likely value is about $60 versus a recent price near $28 (114% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$29) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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