The commercial real estate numbers you run on every deal — powered by one calculation engine, tested against known-correct answers. Open to use, no account needed. The Pro Forma Builder is live below, and the model library is growing.
NOI to Cash Flow Waterfall
The full stack below NOI — CapEx, debt service, and estimated tax down to what you keep.
Loan-to-Value (LTV)
LTV on the loan you have, plus the max loan and down payment a target LTV allows.
22 pro forma tools. Each one belongs to a course. Use them in your browser or download the Excel file. Each workbook opens with a How to use tab, and the sample numbers are placeholders for your own. Results are estimates for learning and screening, so check with your CPA, lender or attorney before you act.
Your courses stay yours for good. Buy a course, or a bundle that includes it, and its tool is free here for your first 12 months. After that, a ProForma Tools membership at $79 a year keeps every tool, and we keep adding more. The All-Access Pass includes 12 months of all 22.
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Pick a tool to open it. The site does not save what you type, so use the Download Excel tab to keep a copy.
Multifamily Acquisition Pro Forma
Rents to NOI, a loan sized at the lowest of three tests, year-one cash flow and cash-on-cash. The Key Results block names the test that set the loan.
Comes with 2.1 Multifamily Real Estate: From Duplexes to Apartment Complexes →Value-Add / BRRRR Pro Forma
Your all-in cost, the value after the work, the refinance, and the cash left in the deal. Shows cash flow after the refinance.
Comes with 4.1 Value-Add CRE: Find, Underwrite & Execute →Ground-Up Development Pro Forma
Total cost with construction and lease-up interest, yield on cost, exit value and the spread between them.
Comes with 4.2 CRE Development: From Entitlement to Exit →Debt Sizing & Capital Stack Model
Sizes a senior loan against LTV, LTC, DSCR and debt yield, adds mezzanine debt, then shows equity needed and blended cost of capital.
Comes with 3.4 CRE Finance: Loans, LTV, DSCR & Capital Stacks →Syndication Waterfall Model
One period of distributions: preferred return, GP catch-up, then the split. See LP, GP and promote side by side.
Comes with 4.5 Raising Capital: Syndications, JVs & Private Equity →Industrial / Flex Space Screener
A Year 1 screen for warehouse and flex deals: NNN rent to NOI, a lease-expiry reserve, sized debt and cash-on-cash.
Comes with 2.2 Industrial Real Estate: Warehouses, Flex Space & Manufacturing →Retail NNN Screener
Anchor and inline rents, CAM recovery, TI/LC and replacement reserves, sized debt, plus an anchor-goes-dark stress case.
Comes with 2.3 Retail Real Estate: Strip Centers, Anchored Centers & Triple Net →Office Underwriting Screener
The headline cap rate against the cap rate after leasing costs, with sized debt and cash-on-cash. The gap is what leasing costs you.
Comes with 2.4 Office Real Estate: Class A to Coworking, Post-COVID Reality →Single-Tenant NNN Cap Rate Analyzer
Going-in cap rate, the spread over the Treasury yield you enter, loan payoff against the remaining lease term, and cash-on-cash.
Comes with 2.5 Net Lease (NNN) Properties: The Passive Investor’s CRE →Self-Storage / Hotel Quick Screener
Two tabs. Self-storage runs rent and occupancy to NOI. Hotel runs room rate and occupancy to NOI after the FF&E reserve. Both size debt.
Comes with 2.6 Special Purpose Properties: Self-Storage, Hotels & Medical →Multi-Method Valuation Model
Direct cap, gross rent multiplier and a 5-year DCF side by side. The tool averages them into a value indication and compares it with the asking price. An appraiser sets actual value.
Comes with 3.1 CRE Valuation: NOI, Cap Rates, GRM & DCF Explained →DD Checklist + Red-Flag Tracker
31 due diligence items across 8 categories, with status and risk dropdowns and a weighted risk score. It tracks your diligence and gives no opinion on the deal.
Comes with 3.2 Due Diligence: The A–Z Checklist Before You Close →Lease Abstract + Rent Roll Analyzer
A 6-tenant rent roll with current rent after escalations, weighted average lease term, expired-lease flags and a rollover table.
Comes with 3.3 Reading Commercial Leases: What Every Investor Must Know →Submarket Comp & Absorption Tracker
A 5-comp price-per-SF grid with adjustments and value indications for your subject, plus absorption, vacancy change and rent growth. The sample comps are fictitious.
Comes with 3.6 Market Analysis: How to Read a Submarket Like a Pro →Depreciation, Cost Segregation & 1031 Exchange Calculator
Straight-line against cost segregation, recapture tax on sale, and a 1031 exchange calculator. Bonus depreciation law has changed, so confirm the rate and the tax rates with your CPA.
Comes with 4.3 CRE Tax Strategy: Depreciation, 1031s & Cost Segregation →Property-Level Financial Statement Model
An income statement and balance sheet for one property over 10 years. Shows how positive NOI can produce a net loss. Simplified accounting that skips GAAP rules.
Comes with 4.4 CRE Accounting & Financial Reporting →Leasing Strategy Net Effective Rent and Payback Model
Net effective rent after free rent, TI and commission, and the payback period on what you spend landing the tenant.
Comes with 4.6 Leasing Strategy: Attract, Negotiate & Retain Commercial Tenants →Cash-on-Cash Target Check (One-Page Screener)
The simplest tool here. Enter price, down payment, loan and rent. It returns cash-on-cash, DSCR and break-even occupancy, and tells you whether you meet your target.
Comes with 1.1 CRE 101: What Is Commercial Real Estate? →REIT / DST / Opportunity Zone Comparison Model
Direct ownership, a DST, a REIT and an Opportunity Zone fund on the same cash, with loads, fees and tax. The comparison ranks nothing.
Comes with 5.1 CRE Fund Structures: REITs, DSTs & Opportunity Zones →Phased Development Pro Forma
A four-quarter draw schedule with equity first, loan interest, lease-up carry and the development spread. Shows the effective loan-to-cost.
Comes with 5.2 Ground-Up Development: Site Selection to Stabilization →Portfolio-Level Asset Management Dashboard
Roll a portfolio up to cap rate on value, yield on cost and a forward IRR for holding longer. Flags properties below your target. Up to 8 properties.
Comes with 5.3 Asset Management: Running a Portfolio for Maximum Returns →Distressed / Workout Analyzer (Lender Recovery View)
Foreclosure against a loan modification from the lender's side, by the present value of the cash each path returns. The higher value is the higher modeled recovery.
Comes with 5.4 Distressed Assets: Workouts, Foreclosures & Opportunistic Deals →Pro Forma Builder
A full deal: income to NOI, sized debt, year-by-year cash flow, and a levered IRR.
BRRRR Analyzer
How much capital comes back out on a refinance, and the return on what stays in.
Sensitivity Matrix
How the levered IRR swings with exit cap rate and NOI growth, in one grid.
Members
Make these tools your edge
Unlimited use of every calculator, your saved deals in one place, and lender-ready branded exports. The Pro Forma Builder and Model Library are live now, and more tools get added over time.
$79 a year ($6.58 a month), or $9/mo. Every course or bundle also includes its pro forma templates free for your first 12 months.
- Pro Forma Builder: rent roll to exit, NOI through IRR, saved deals
- Model Library: downloadable pro forma templates by deal type, every formula verified against the same engine that powers the calculators
- Saved deals and branded PDF exports on every calculator
Built on a deterministic calculation core tested against known-correct answers. The IRR is a true dated-cash-flow IRR, not the CAGR shortcut that overstates returns. Educational tools only — not financial, investment, tax, or legal advice.