For brokers, appraisers & investors

Income Proforma Calculators

Underwrite any commercial property in seconds. Pick a property type below — each calculator runs a full proforma (income, vacancy, OpEx, NOI), capitalizes value at your market cap rate, and adds an optional debt section for DSCR and cash-on-cash return.

Multifamily / Apartments Income Proforma

Valued by · Per unit (per door)

Apartment buildings, garden complexes, mid- and high-rise rentals. NOI, cap-rate value, value per door, DSCR, and cash-on-cash.

Hotel / Hospitality Income Proforma

Valued by · Per key

Limited- and full-service hotels valued by ADR × Occ × Keys. RevPAR, room revenue, F&B, NOI, and value per key.

Retail / Shopping Center Income Proforma

Valued by · Per square foot

NNN single-tenant, strip centers, and shopping centers. Base rent PSF, CAM recoveries, percentage rent, and value per SF.

Office Building Income Proforma

Valued by · Per square foot

Class A towers, suburban office, and medical office. Rent PSF, expense stops, parking income, NOI, and value per RSF.

Industrial / Warehouse Income Proforma

Valued by · Per square foot

Bulk distribution, last-mile, flex/R&D, and cold storage. NNN rent PSF, recoveries, NOI, and value per SF.

How commercial real estate is valued

Every income-producing commercial property is valued the same way: NOI ÷ cap rate. The differences are in how income is generated and which secondary metric the market uses to compare deals.

Per-unit / per-key assets — multifamily and hotels — are valued largely by the count of income-producing units. A 24-unit apartment building or a 120-key limited-service hotel is benchmarked against price per door or price per key in the submarket.

Per-square-foot assets — retail, office, and industrial — are valued on rent PSF and priced PSF, with cap rates that reflect tenant credit, lease term, and submarket fundamentals.

All five calculators share the same underlying engine, so you can change a cap rate or LTV in one tool and see how it would flow through the others. None of this is investment advice — these are quick underwriting tools, not appraisals.

Red flags to watch on any proforma

The most common proforma manipulation is understated vacancy. A seller who shows 5% vacancy in a submarket running 12% is either cherry-picking a lucky trailing quarter or assuming perfect management. Always cross-check physical occupancy, economic occupancy (net of concessions and bad debt), and market vacancy from a third-party source like CoStar, REIS, or the local apartment association.

Another warning sign is deferred maintenance buried in operating expenses. If repairs and maintenance are $200 PSF lower than comparable properties, the seller may have stopped spending to boost NOI before sale. Capital expenditures are not part of NOI, but they affect cash flow. Ask for a 5-year history of actual CapEx, not just the reserve line item.

Finally, verify that the cap rate reflects the actual risk profile, not the broker's marketing materials. A 5% cap rate on a Class B office with 18 months average lease term and a single tenant above 40% of rent is aggressive. Compare to recent trades in the same submarket, same property type, and similar vintage. When in doubt, underwrite to a higher exit cap rate than the going-in cap rate — markets rarely compress forever.

Frequently asked questions

What is a commercial real estate proforma?

A proforma is a forward-looking statement that projects a property's gross income, vacancy, operating expenses, and net operating income (NOI), then capitalizes NOI at a market cap rate to estimate value. Lenders and investors use it to underwrite acquisitions, refinances, and ground-up development.

How is commercial property value calculated?

Income-producing commercial property is valued as NOI ÷ cap rate. NOI is gross income minus vacancy and operating expenses (but before debt service, depreciation, and capital expenditures). The cap rate is set by the market for the property type, location, and tenant credit.

Which proforma calculator should I use?

Pick by property type: multifamily for apartments (per-door valuation), hotel for hospitality (per-key, ADR × Occ), retail/office/industrial for commercial leased space (per-square-foot rent and value).

What's the difference between cap rate and cash-on-cash return?

Cap rate is NOI ÷ purchase price — an unlevered yield. Cash-on-cash return is annual pre-tax cash flow ÷ equity invested — a levered yield that depends on loan terms. Both calculators report each metric.