Real Estate Investment Calculator

A commercial real estate capital stack calculator. Give it your monthly or annual NOI and it returns a levered IRR on the deal — the engine sizes the debt, funds the equity, runs the hold, and prices the exit.

No projection yet? Enter a single Year 1 NOI and a growth rate and we build the ten-year series for you, including the forward NOI the exit is priced off.

Four values: net operating income, purchase price, exit cap rate, and sale month. The debt starts prefilled — 75% LTV, 6.5%, 360-month amortization — so a new deal reaches a levered IRR immediately.

No. Enter a deal and get a levered IRR without signing in. An account saves deals to your library and unlocks reserves, closing and other costs, and more than one loan.

As many as the stack needs — there's no practical limit. Each loan is sized by LTV, LTC, a dollar amount, or constrained sizing (DSCR, debt yield, or LTV — whichever binds), with its own interest-only period, amortization schedule, and optional mid-hold refinance. Free accounts model one loan.

Yes, per loan. Each loan funds a set percentage of tenant improvements, leasing commissions, and other capital expenditures, capped per category, across all categories, or both. More than one loan can fund the same category; the engine sums them.

Reserves are funded at closing across seven types — RE Tax, OpEx, TI, LC, CapEx, Debt Service, and Other — each sized as a dollar amount, as years of expense coverage, or sized only to cover projected shortfalls. The debt service reserve then draws down month by month to fill negative levered cash flow.

Yes. Copy the integration tab from this workbook into your model — or any workbook — and upload it straight into the app. You can also paste a column of NOI from any spreadsheet, or drop an ARGUS Enterprise .aeex export, which fills in the property address too.

Levered and unlevered IRR, equity multiple, total profit, going-in and exit cap rates, sources and uses, an annual cash flow, a pro forma, and cap rate sensitivity.

Yes — preferred return with a compounding choice, tiered hurdles, GP catch-up, and a residual split. For a waterfall on its own, without the acquisition underwriting, use the Private Equity Waterfall tool.

Share a link to the live deal — whoever opens it sees the same numbers, including any saved Base / Downside / Upside scenarios. You can also export to PDF, or push the deal into the Waterfall tool to split the distributions.

A saved deal is stored under a random identifier and reopens from its own link. Share links are unlisted, not password-protected — anyone holding the URL can open the deal, so treat the link as the key.