Processing your model...

Create New Property

Set up your property to start modeling

SF
Live Model

ยท

Calculation Errors

Unlev IRR

-

Unlevered IRR measures return on total investment (all-cash basis, no debt). Calculated using XIRR on property-level cash flows: initial cost, operating cash flows, and sale proceeds. Isolates property performance from financing.

Unlev Multiple

-

Unlevered Multiple (MOIC) = Total distributions / Total cost. A 2.0x means you doubled your money. Doesn't account for timing - use with IRR for full picture. Good deals: 1.5-2.5x over 5-10 years.

Lev IRR

-

Leveraged IRR measures return on equity (after debt service). Higher than unlev IRR when returns exceed cost of debt. Shows impact of financial leverage on investor returns. Target: 15-25% for value-add.

Lev Multiple

-

Leveraged Multiple = Total equity distributions / Equity invested. Higher than unlev multiple due to debt magnification. Shows how much your equity grows. Typical targets: 1.8-2.5x.

LP IRR

-

LP IRR is the Limited Partner's return after waterfall splits. LP receives preferred return first, then shares remaining profits with GP. Lower than project IRR due to promote to GP.

GP IRR

-

GP IRR is the General Partner/sponsor's return. Includes pro-rata equity returns plus promote (carried interest) above the preferred return hurdle. Higher than LP IRR due to performance incentive.

No return metrics calculated yet. Click Calculate to run the analysis.

Property Details

Acquisition

months

Revenue

$ /SF/yr
%
%/yr

Operating Expenses

$ /SF/yr
%

$ /SF/yr
%/yr

Exit Strategy

%
%

Partnership Structure

%
%
%

Rent Roll

Manage your tenant leases

Total SF

0

Total Square Feet across all leases in the rent roll. Sum of RSF for all tenant spaces. Compare to building NRA to identify vacant space.

Occupied SF

0

Occupied Square Feet currently leased. Sum of RSF for all active leases. Difference from Total SF indicates vacancy.

Occupancy

0%

Physical Occupancy = Occupied SF / Total SF. Measures how much space is leased. Stabilized properties target 90-95%+. Lower occupancy presents lease-up opportunity.

Avg Rent/SF

$0

Average Rent per SF = Total annual rent / Total leased SF. Weighted average across all tenants. Compare to market rent to assess mark-to-market opportunity.
Space Tenant RSF Rent/SF Annual Rent Escalation Lease End Type

No tenants yet

Get started by adding your first tenant lease

Financing Structure

Configure your capital stack

Total Cost

$0

Total Project Cost = Purchase price + closing costs + any CapEx. This is your total cost basis and denominator for LTC calculations.

Total Debt

$0

Total Debt across all loan tranches. Sum of senior, mezzanine, and any other debt. Higher debt = more leverage and higher equity returns (if profitable).

Total Equity

$0

Total Equity = Total Cost - Total Debt. The cash investment required from LP and GP. This is the denominator for levered return calculations.

LTC Ratio

0%

Loan-to-Cost Ratio = Total Debt / Total Cost. Measures leverage level. Conservative: 50-60%. Aggressive: 70-80%. Lenders cap based on DSCR and property type.

No financing configured

Add debt to see leveraged returns

Cash Flow Projections

View your projected returns over time

Year Revenue Expenses NOI Debt Service Unlev CF Lev CF
Period Date Revenue NOI Unlev CF Lev CF

No projections yet

Click Calculate to generate cash flow projections

Return Analysis

Comprehensive view of investment performance

Unleveraged Returns

All-cash basis

IRR -
Equity Multiple -
Total Profit $-

Leveraged Returns

With debt financing

IRR -
Equity Multiple -
Total Profit $-

LP Returns

Limited Partner

IRR -
Equity Share 90%

GP Returns

General Partner / Sponsor

IRR -
Equity Share 10%

225 Worth Ave Benchmark

Reference model targets

Unlev IRR

8.54%

Lev IRR

11.43%

LP IRR

10.59%

GP IRR

17.15%

Deal Analysis

Monthly NOI

$

Monthly Debt Service

$

DSCR

LTC Ratio

Deal Economics

Annual NOI $
Going-In Cap Rate
Total Debt $
Exit Cap Rate
Total Equity $
Exit Value $