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CRE Central Deal Analyzer
CRE Central
Deal Analyzer
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Deals
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New Deal
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CRE Central Deal Analyzer
Property type
Back-of-Napkin Screener
Enter your numbers. Get a quick go/no-go in seconds. Use Full Mode for detailed underwriting.
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Smart Import
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Drop an Offering Memorandum (PDF/Word), Rent Roll (Excel), or Broker Flyer and the tool will auto-fill as many fields as it can. You can review and edit everything before it populates.
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Drop a file here or click to upload
PDF, Excel (.xlsx/.xls), or Word (.docx)
Property Details
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Purchase & Costs
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CapEx as Line of Credit (draw as needed)
Line of Credit mode: Instead of borrowing the full CapEx amount at close (and paying interest on 100% from Day 1), you only draw - and pay interest on - what you've spent. Remaining undrawn balance accrues no interest. Useful for TI allowances, phased renovations, or value-add work performed over time.
Interest savings vs. Day 1 full draw will be shown in the Annual CF output.
Hotel Acquisition Costs
Staff training, soft opening marketing, initial F&B inventory. Added to total equity required.
Recommended: 2-3 months of operating expenses held in reserve at close. Added to total equity required.
Financing
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Points charged at close - added to your equity required.
Cash funded at close into lender-required escrow accounts (tax, insurance, deferred maintenance). Included in equity required but not in loan basis.
Underwriting floor - DSCR cards flag red/yellow when below this threshold.
Cash reserve at close for operations. Added to total equity required.
Number of months of total property expenses (OpEx + debt service + asset mgmt + cap reserves) to hold as reserve.
Upfront reserve fund for future capital expenditures. Included in total basis and equity required.
Lender-Funded Soft Costs (LTC-Based Loan Sizing)
When on, the lender sizes the loan against total project cost - purchase + rehab + closing costs + origination + holdback + op capital + non-cap rehab - instead of just the hard basis. Those soft costs get rolled into the loan so you don't bring them out of pocket at close. Common on value-add and construction loans.
Interest Only Period
Model a Refinance Event
Refi Event: At the specified year, the existing loan is paid off and replaced with a new loan. Any cash-out proceeds are returned to investors and reduce equity in the IRR calculation.
Origination + closing costs on new loan.
Rent Roll
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Lender-required vacancy deducted from GPR every year (typically 5-10%) regardless of actual occupancy.
Parking, antennas, vending, etc.
Second Gen Assumptions
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Applied when a tenant's lease expires and rolls to a new tenant.
Allowance for non-payment or short-term vacancy. Stacks on top of baseline vacancy in the Rent Roll section.
4
Unit Mix
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Enter each unit type. Street rate is current asking rate; in-place rate is what existing tenants pay. Occupancy and rates grow via the ECRI setting in Section 5.
TypeCountSF/UnitStreet $/moIn-Place $/moOcc %+ CC
Unit Mix Summary
Additional Income
Truck rental, late fees, locks, retail sales.
Contents protection program. Applied to occupied units. Typical: $8-15/unit/mo.
5
Operations & Growth
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Self storage is month-to-month - no TI or leasing commissions. Revenue grows through ECRI rate increases and occupancy improvement to target.
Occupancy Ramp
Stabilized goal. Year 1 set in unit mix above.
Time to ramp from current to target occupancy.
Rate Growth
Existing Customer Rate Increase - applied to in-place tenants each year.
Management & Overhead
Third-party operators typically charge 6-10%.
StorEdge, SiteLink, or similar PMS + answering service.
Additional HVAC cost for climate-controlled SF only. Typical: $1-2.50/SF/yr above standard.
Average free months offered per new tenant during lease-up ramp. Applied only to units filling up during ramp period.
Allowance for non-payment and short-term vacancy. Applied to gross revenue each year.
4
Hotel Revenue
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Hotel income is driven by ADR × Occupancy. Revenue ramps from Year 1 occupancy to stabilized occupancy over the months entered below.
Live Revenue Estimate - Year 1
Rooms
Average Daily Rate in Year 1.
Pre-stabilization occupancy.
Target once ramped. Typically 65-75%.
Time from opening to stabilized occupancy.
Year-over-year rate growth post-stabilization.
Seasonality
Seasonality splits annual occupancy into peak and off-peak to reveal worst-month cash flow and debt service risk. The peak + off-peak average must equal your stabilized occupancy.
Occupancy during peak months.
How many months are peak season? (1-11)
Auto-calculated from stabilized occ.
Other Revenue (% of Rooms Revenue)
Restaurant, bar, banquets, room service.
Parking, spa, retail, resort fees.
Flat annual income not tied to rooms.
5
Departmental & Operating Expenses
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Follows USALI format. Departmental costs are a % of their own revenue; undistributed and fixed charges are a % of total revenue.
Departmental Expenses
Payroll, supplies, amenities. Typical: 25-32%.
Cost of sales + labor. Typical: 70-80%.
Undistributed Expenses (% of Total Revenue)
Typical: 6-10%.
Typical: 4-8%.
Maintenance. Typical: 4-7%.
Booking.com / Expedia typically charge 15-25% on bookings they originate. Multiply total commission rate by your OTA booking mix % (e.g. 20% commission × 60% OTA mix = 12% effective rate).
Fixed Charges & Fees (% of Total Revenue)
Typical: 2-4% of total rev.
Furniture, fixtures & equipment replacement.
% of Rooms Rev. 0% for independent hotels.
Property taxes & insurance are entered in Section 6 (Operating Expenses) as usual.
4
Unit Mix
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Enter each unit type with count, size, market rent, and current in-place rent. Loss-to-lease is calculated automatically.
TypeUnitsAvg SFMkt Rent/moIn-Place/mo
Annual concession loss (free rent, specials, etc.)
5
Other Income
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Enter additional income sources. Values are $/unit/month unless noted.
Operating Expenses
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No NNN leases in multifamily - all expenses are the owner's responsibility.
As % of EGI (or switch to $/unit/yr)
Enter each expense category individually. All amounts are annual $.
Controllable Expenses (Annual $)
Payroll / On-Site Staff
Repairs & Maintenance
Turnover / Make-Ready
Utilities (Common Area)
Landscaping / Grounds
Pest Control
Trash / Recycling
Marketing / Advertising
Legal / Professional Fees
General & Administrative
Controllable Expenses Subtotal$0
Non-Controllable & Fixed Expenses
Property Taxes (annual)
Insurance (annual)
Leave at $0 if included in OpEx above
Leave at $0 if included in OpEx above
Value-Add / Renovation
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Model interior unit renovations and exterior/common area improvements. Toggle to Detailed mode for phasing and custom line items.
Interior (Per Unit)
Flooring
Kitchen (Cabinets, Counters, Appliances)
Bathrooms
Paint & Drywall
Lighting & Electrical
Plumbing Fixtures
HVAC / Water Heater
Windows & Doors
Washer / Dryer (In-Unit)
Smart Home / Tech
Interior Cost / Unit$0
Exterior / Common Area (Total $)
Roof
Siding / Exterior Paint
Parking Lot / Paving
Landscaping
Pool / Amenity Area
Fitness Center
Clubhouse / Leasing Office
Laundry Facility
Signage & Branding
Security / Lighting
Total Exterior / Common$0
Rent Comps
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Enter comparable properties to benchmark rents. The tool will show where your property sits vs. market.
Agency & Assumable Debt
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Optional - use these toggles for Fannie/Freddie agency loans or loan assumptions. Standard financing is in Section 2 above.
Model assuming the seller's existing loan. Gap financing covers the difference between assumption + equity and purchase price.
Gap Financing (2nd Loan)
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Development Timeline
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Total months from groundbreaking to certificate of occupancy.
Months from CO to stabilized occupancy.
Target occupancy at stabilization.
Pre-leasing before construction completes (if any).
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Construction Budget
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Land acquisition or lot cost.
Show detailed line items
Site work, vertical construction, TI, etc.
Architecture, permits, legal, etc.
Hard Costs
Site Work
Vertical Construction
TI / Finish-Out
Demolition
Utilities / Infrastructure
Parking / Paving
Custom Hard CostAmount ($)
Total Hard Costs$0
Soft Costs
Architecture & Engineering
Permits & Fees
Legal
Environmental / Geotech
Builder's Risk Insurance
Marketing / Pre-Leasing
Accounting
Custom Soft CostAmount ($)
Total Soft Costs$0
Applied to total hard + soft costs.
Management fee for overseeing development.
Annual increase applied to hard+soft costs over the construction period to account for material/labor inflation.
Additional cost from escalation (auto-calculated).
5b
Pre-Development & Land Carry
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Costs incurred before the construction loan closes - entitlement, rezoning, studies, and land holding costs.
Pre-Development Costs
Zoning applications, hearings, legal, impact studies.
Environmental phase I/II, geotech, survey, traffic.
Schematic & design development before GMP.
Earnest money, option deposits, site due diligence.
Land Carry Costs
If you hold the land before construction starts, these are the monthly costs during that holding period.
Months between land acquisition and construction start.
Property tax + insurance + loan interest on land.
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Construction Loan & Draw Schedule
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Leave blank to auto-calculate from LTC %.
% of total development budget the lender will fund.
Enter the cumulative % drawn at the end of each quarter of the construction period.
Total interest accrued during construction based on draw schedule.
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Pro Forma Rent Roll
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Define the planned tenant mix for the building. Revenue is derived from the rent roll at stabilized occupancy.
Use detailed rent roll (uncheck for quick mode)
Total rental income at stabilized occupancy.
Total annual GPR at stabilized occupancy from the tenant mix above.
Vacancy & Credit Loss
Lender-required structural vacancy applied to GPR every year (even at stabilized occ).
Non-payment / bad debt allowance on top of vacancy.
Operating Expenses
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Second Gen / Renewal Assumptions
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When a tenant's initial lease expires, these assumptions model the vacancy gap and new lease terms. Works the same as the commercial underwriting tool.
Months of downtime between lease expiration and new tenant move-in.
Term length for second-generation leases.
How much higher the new rent is vs. the prior tenant.
Year-over-year rent escalation during the new lease.
Tenant improvement allowance for 2nd gen tenant buildout.
Broker commission as % of gross lease value.
9
Permanent Financing & Reserves
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Leave blank to use construction loan balance at stabilization.
Lease-Up Reserve (Auto-Calculated)
Total estimated TI + LC to achieve stabilized occupancy.
Negative cash flow during lease-up + TI/LC. Fund at closing.
Mezzanine Debt / Preferred Equity
Junior debt or preferred equity filling the gap between senior loan and common equity.
Annual interest/pref return rate (typically 10-15%).
Interest-only period before amortization begins.
Leave 0 for interest-only through hold period.
Tax Abatement / Phase-In
Model tax abatement or PILOT
Full unabated annual property tax amount.
Years the abatement lasts before full taxes apply.
% of full taxes paid in Year 1 of operations.
Non-Operating Expenses
Fee paid to GP/asset manager. Only charged when NOI is positive.
Annual hold-back for future roof, HVAC, parking, major repairs.
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Operating Expenses
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NNN / Tenant-Responsible Leases
NNN Mode: Tenants reimburse OpEx on a pro-rata basis (their SF ÷ occupied SF). For vacant space, the landlord absorbs that portion of expenses. For example, at 50% occupancy the landlord covers 50% of total OpEx - the tenants only reimburse their occupied share. Vacancy + credit loss directly impacts the landlord's out-of-pocket OpEx cost.
For granular control, switch to detailed line items above and check individual expenses.
Show detailed line items
Real Estate Taxes
Model property tax reassessment at purchase
% of purchase price used as reassessed value (varies by jurisdiction)
Local tax rate. Reassessed tax = value × mill ÷ 1000
Note: This overrides the Real Estate Taxes field above in Year 1+
Insurance
Utilities
Trash Removal
Mgmt Fee (% of Net Revenue)
Payroll
Repairs & Maintenance
Janitorial
Landscaping
Pest Control
Security / Access
Advertising / Marketing
Contract Services
Miscellaneous
Custom Line ItemAnnual $Grow %/yr
Total OpEx$0
7
Non-Operating Expenses
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Depreciation & Tax Shield (display only)
Depreciation is a non-cash deduction that reduces taxable income. Not included in cash flow - shown separately in Annual CF for reference.
Land is not depreciable. Typically 70-85% of total value.
Cost Segregation Study
What is a Cost Segregation Study?
A cost seg study is an engineering analysis that reclassifies portions of your building into shorter depreciable lives - accelerating deductions into the early years of ownership when they're most valuable. Combined with bonus depreciation, it can generate a large Year 1 tax deduction that effectively reduces your out-of-pocket cost basis.
Cost of a study: Typically $5,000-$15,000 depending on property size and complexity. ROI is almost always immediate given the tax savings generated.
Typical Ranges -
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5-yr Personal Property
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15-yr Land Improvements
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Remaining 39-yr
Standard straight-line
These are conservative mid-point estimates. A completed cost seg study will give you exact figures. Use the midpoints below as your underwriting assumption.
Fixtures, flooring, equipment wiring. Typically 10-20%.
Parking, landscaping, sidewalks. Typically 5-15%.
2026 = 40%. Steps down 20%/yr (2027=20%, 2028=0%). Applied to 5-yr & 15-yr in Year 1.
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Exit Assumptions
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Applied to outstanding loan balance at exit
Comma-separated: Yr1 penalty, Yr2 penalty, etc. Applied to loan balance.
Used for Make It Work analysis. Leave blank to skip.
Avg annual return including all cash flows + sale proceeds over the hold period. Better than Year 1 CoC for value-add deals.
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Investor Structure
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Select investor structure type. Leave as Sole Ownership for single-owner deals.
All cash flow and profits accrue to a single owner. No split calculations.
Equity Split
GP ownership share of total equity.
Auto-calculated as remainder.
LPs receive this annualized return on their equity first. Unpaid pref accrues to exit.
Promote Hurdles
First IRR hurdle. GP promote kicks in above this.
GP's share of proceeds between Hurdle 1 and Hurdle 2.
Second hurdle. Leave blank for single-tier.
GP's share of proceeds above Hurdle 2.
JV Developer Structure
Developer's equity contribution. Capital partner funds the rest.
Annual preferred return to capital partner.
Developer's promote % of profits above pref + return of capital.
Preferred Equity Layer
Senior equity tranche amount.
Fixed annual return on preferred equity.
Common equity receives all residual cash flow after pref equity is paid its fixed return.
Distribution Summary
PDF
Printout Branding
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Logo and contact info appear on the printed / saved PDF output only.
Deal data (inputs & outputs) is collected anonymously to help improve this tool and identify trends across the CRE Accelerator community.
Ready · —
CRE Central Deal Analyzer
Use Quick Mode for a fast back-of-napkin check,
or switch to Full Mode for a complete 20-year underwriting.
Fill in your numbers and click Calculate Returns.
or switch to Full Mode for a complete 20-year underwriting.
Fill in your numbers and click Calculate Returns.
Workspace / Rent roll
Rent roll
Per-tenant detail · lease terms · rollover schedule
This tab will render the rent roll view in Pass 2.
Workspace / Cash flow
Cash flow
Year-by-year NOI, debt service, and levered cash flow
This tab will render the annual cash flow table in Pass 2.
Workspace / Returns
Returns
IRR · equity multiple · waterfall
This tab will render the returns waterfall in Pass 2.
Workspace / Sensitivity
Sensitivity
Stress tests · IRR matrix · heatmap
This tab will render the stress test heatmap in Pass 2.
Workspace / Memo
Investment memo
Narrative · verdict · key numbers
This tab will render the investment memo in Pass 2.
Save Session
Existing Deal Found