Commercial deal analyzer.
A pro forma that starts with the market. Benchmark price against real South Florida sale medians, then run a quick year-one screener or a full multi-year projection with IRR, equity multiple, a sensitivity grid, and a downloadable PDF.
Have the deal checked before you commit.
Send me the property and your assumptions. I'll test them against recorded comps and tell you what the seller's broker is likely holding back.
Estimates are for planning only and use simplified assumptions — not tax, legal, or investment advice. Verify with your lender, CPA, and a full broker analysis before acting.
The assumptions matter more than the model
Any deal model is three or four inputs wearing a lot of arithmetic. Change the exit cap rate, the rent growth or the vacancy factor and the answer moves further than any refinement of the maths ever will.
The two that do the most damage are the exit assumption and the rent growth. Underwriting an exit at the cap rate you bought at assumes the market is unchanged in five years; underwriting rent growth from the last three years assumes a run continues. Across recorded tri-county sales, median price per square foot rose about 46% between 2021 and 2025 while volume fell about 46% — a combination that should make anyone cautious about extrapolating.
What the seller's numbers leave out
Expect a pro forma to show zero vacancy on a full building, no management fee where the owner self-manages, and no capital reserve. All three come back in during a lender's underwriting, and the gap is routinely 10–20% of NOI.
Then the things outside the spreadsheet: roof and mechanical age, open permits, deferred maintenance, the current-year insurance figure rather than last year's, and whether the tenants have any purchase option or termination right buried in their leases. Every one of these is knowable before you go hard on a deposit.
Common questions
What return should I underwrite to?
There is no single answer; it depends on asset type, leverage, hold period and your alternatives. What matters more is testing the deal against a range of exit assumptions rather than a single optimistic one, since the exit cap rate usually drives the result.
What is usually wrong with a seller's pro forma?
Zero vacancy on a fully leased building, no management fee where the owner self-manages, no capital reserve, and rent growth extrapolated from the strongest recent years. A lender will correct all of it, so a buyer should correct it first.
What should I check outside the numbers?
Roof and HVAC age, open permits, the current-year insurance figure, deferred maintenance, and whether any tenant holds a purchase option or termination right. These change value and they are all discoverable before the deposit goes hard.
What's the difference between Quick and Full mode?
Quick mode is a back-of-napkin screener — enter price, financing, rent, and expenses for an instant year-one NOI, cap rate, DSCR, and cash-on-cash with a go/no-go read. Full mode adds a multi-year pro forma with rent and expense growth, an interest-only period, an exit sale, levered IRR, equity multiple, and a sensitivity grid.
How is the exit sale value calculated?
Full mode projects one more year of NOI past your hold period and divides it by the exit cap rate to estimate a forward sale price, then subtracts sale costs and the remaining loan balance to get net sale proceeds. That exit, plus each year's cash flow, drives the IRR and equity multiple.
What does the sensitivity grid show?
It re-runs the whole projection across a range of exit cap rates and rent-growth assumptions and shows the resulting levered IRR for each combination — so you can see how much your return depends on assumptions you don't control, like where cap rates are when you sell.
Tools: deal analyzer · DSCR · IRR · all calculators · Justin Crow, South Florida commercial broker