Underwriting & analysis
CREmodel
CREMODEL is browser-based commercial real estate underwriting software. A deal is either typed in or read in from a document, and the model builds the rent roll, runs the discounted cash flow, sizes the debt, tests DSCR and debt yield covenants, prices the exit and prints an investment report. It covers retail, multifamily, mixed use, net lease and ground lease deals, and positions itself as an alternative to ARGUS.
The model itself is free and runs in the browser with no install: every assumption is a cell, and returns re-run as the cell changes. Outputs include levered and unlevered IRR, equity multiple, cash-on-cash, DSCR, debt yield, NPV, yield on cost, cap rate sensitivity, WALT, a ten-year cash flow and the sale, along with sensitivity grids, scenario lines and break points. A paid tier adds CRE Deep Read, a document reader that takes an offering memorandum, rent roll, T-12 or broker package and fills the model from it, tying each figure to the page it came from and leaving blank and flagging anything it could not verify.
The site states that the sheet carries 160+ assumptions, 30+ fields on every lease, 150+ checks on every build and a report of 20+ pages, and that a flyer reads in about a minute while a 90-page institutional book takes five to ten minutes. Reports and Excel workbooks can be produced on a firm's own letterhead with its logo and colors, and deals are saved, versioned and compared side by side in a portal. Uploaded documents are processed and not stored; only a one-way fingerprint is kept, which makes re-running the same document free.
CRE Deep Read is a subscription from $129 a month that renews until cancelled, with payments handled by Stripe, and includes twenty document reads a month and up to five a day. The site states plainly that the output is a screening tool, not an appraisal, audit, valuation or advice, and that every figure is an estimate until the user verifies it. CREMODEL also notes that it is not affiliated with or endorsed by Altus Group, which owns the ARGUS trademarks.
Best for
Brokers, lenders, family offices and acquisitions teams screening retail, multifamily, mixed-use or net lease deals who want institutional-style outputs without institutional software; not a substitute for an appraisal or valuation.
What they do
- Commercial real estate underwriting model
- Discounted cash flow and ten-year cash flow projections
- Tenant-by-tenant rent roll modeling
- Debt sizing by DSCR, LTV and debt yield
- Sensitivity grids and scenario analysis
- Offering memorandum document reading
- White-labelled investment reports
- Excel workbook export
- Saved and versioned deal portal
Details
| Attribute | Value |
|---|---|
| How they charge | The model is free with no card required; CRE Deep Read is a subscription from $129 a month, including twenty document reads, renewing until cancelled. |
What stands out
- The underwriting model is free to use with no card; the document reader is the paid add-on.
- The site states the sheet carries 160+ assumptions, 30+ fields per lease and 150+ checks on every build.
- CRE Deep Read includes twenty document reads a month and up to five a day, with re-runs of the same document free.
- Uploaded documents are processed and not stored, with only a one-way fingerprint retained.
- States that its output is a screening tool, not an appraisal, audit, valuation or advice.