Resolved distressed commercial real estate properties sell at substantial discounts. Using filtered distressed and non-distressed sale transactions since 2001 from the Real Capital Analytics CRE transaction database, and a repeat sales methodology, we estimate the average price discount for the five main types of CRE properties. Inter alia, we estimate Bayesian unobservable components models with smooth trends which can handle time periods with limited transactions. For all property types, the estimated average price discounts are large and surprisingly robust to the choice of model. The estimates discounts should serve as useful benchmarks for stress testing CRE portfolios.