Neuruh - Evidence-first underwriting - Engine E5

Commercial Underwriting Engine

Retail, office, industrial, and mixed-use commercial property. NOI, lease abstraction, tenant exposure, cap rate, stabilized value vs owner-user value, MAO, and lease-up cost.

Versionv1.0
Date2026-11-04
StatusEngine E5 of 12 - Active
LineageCodex V2 App. B, E5 + Residential v1.1 gates + E1 pattern
Not an appraisal. Not legal, tax, or lending advice. Public-data underwriting only. Verify leases, rent rolls, expenses, and title with the seller documents, the county, and a licensed professional before closing. No offer without Jeramie. Offer authorized is false on every run unless a human approval record is attached.

00Try it in 60 seconds

Three steps. No sign-up, no data leaves your browser.

  1. Step 1: Load Sample A with the button below.
  2. Step 2: Change the cap rate in section 05.
  3. Step 3: Watch stabilized value and MAO move in the sticky results panel at the top.
NOI (actual)N/A
Stabilized valueN/A
MAO (investment)N/A
RecommendationHOLD
Completeness 0 percent
Missing: address, parcel, cap rate, lease rows, stabilized inputs, buy percent.

01Subject property

Address / parcel gate. Confirm the property from at least 2 public sources before any lease or rent number is used. Unverified means HOLD.

02Income and expenses, actual

Gross potential rent comes from the lease table in section 03. Other income is stated separately. Vacancy loss applies to gross potential rent only, never to other income. Operating expenses are the sum of the five lines below. No line is estimated silently: a blank line is zero in the sum and is named in the receipt as unentered.

EGI = Gross Potential Rent x (1 - Vacancy %) + Other Income
NOI = EGI - Operating Expenses
Operating Expenses = Taxes + Insurance + Maintenance + Management + Other OpEx
Gross potential rent (from section 03)N/A
Less vacancy and credit lossN/A
Plus other incomeN/A
Effective gross income (EGI)N/A
Less operating expensesN/A
NOI, actualN/A
NOI per rentable SFN/A
Operating expense ratio (OpEx / EGI)N/A
Figure 1. NOI waterfall, actual year Gross potential rent Effective gross income Operating expenses NOI, actual Bars scale to the largest of the four values. N/A values draw no bar.
Figure 1. From gross potential rent to NOI. Vacancy loss and expenses are subtractions, not adjustments hidden inside the rent.

03Lease abstraction

One row per tenant. A row counts toward rent only when annual base rent is entered. Rent per SF is computed, never typed. Years remaining is the math input; lease end date is the evidence that backs it. A lease row marked Unverified contributes rent to the math but fires the lease-terms-unverified kill in section 09, so the run ends PASS, not READY. TI and LC are dollars per SF of that tenant's space, spent at signing or renewal.

TenantSFAnnual base rent ($)Rent $/SF (auto)Years remainingLease endEscalation %/yrRenewal optionTI $/SFLC $/SFVerifiedSource
N/A
N/A
N/A
N/A
N/A

Need more than 5 tenants: add the rest as one combined row only with a note in Assumptions naming each tenant, or run a second copy of this tool for the remaining tenants. Do not silently drop a tenant from the rent total.

Tenants with rent entered0
Leased SF (rent rows only)N/A
Occupancy (leased SF / rentable SF)N/A
Weighted average lease term, WALT (rent-weighted years remaining)N/A
Rent-weighted average escalationN/A
Verified lease rows / rent rows0 / 0

04Tenant exposure and rent schedule

Exposure is the top tenant's share of gross potential rent. A single tenant over 50 percent is a concentration flag on its own, and a kill when combined with under 2 years remaining and no renewal evidence. The 5-year schedule grows gross potential rent at the rent-weighted escalation rate only. It assumes no rollover, no vacancy change, and no new leasing. It is a schedule, not a forecast.

Top tenant % = Top tenant annual rent / Gross Potential Rent x 100
WALT = Sum(rent x years remaining) / Gross Potential Rent
Year N rent = Year 1 rent x (1 + weighted escalation)^(N - 1)
Top tenantN/A
Top tenant annual rentN/A
Top tenant % of gross potential rentN/A
Second tenant % of gross potential rentN/A
Figure 2. Tenant exposure, share of gross potential rent Top tenant All other tenants Red bar over 50 percent means the top tenant is more than half the income.
Figure 2. Concentration at a glance. The 50 percent line is a kill threshold only when term and renewal also fail.
YearGross potential rent (escalated)Math

05Cap rate, stabilized value, owner-user value

Stabilized NOI uses stabilized vacancy and stabilized operating expenses, not the actual year. If either stabilized input is blank, stabilized NOI and stabilized value are N/A. The cap rate must carry a source: a comparable sale, a broker opinion with a named source, or a published market survey with a date. A cap rate with no source is a HOLD. Owner-user value is a separate answer from investment value: comparable sales price per SF times rentable SF. The two values answer different buyers.

Stabilized EGI = Gross Potential Rent x (1 - Stabilized Vacancy %) + Other Income
Stabilized NOI = Stabilized EGI - Stabilized Operating Expenses
Stabilized Value = Stabilized NOI / Cap Rate
Owner-User Value = Comparable Sales $/SF x Rentable SF
Stabilized EGIN/A
Stabilized NOIN/A
Stabilized NOI per rentable SFN/A
Stabilized value (investment)N/A
Owner-user valueN/A
Value gap (stabilized minus owner-user)N/A
Implied value per rentable SF (stabilized)N/A
Figure 3. Stabilized value vs owner-user value Stabilized (investment) Owner-user Two different buyers, two different values. Neither is the MAO.
Figure 3. The higher value does not win. The exit in section 01 decides which value the MAO is built on.

06Lease-up cost

The cost to fill vacant space. Tenant improvements and leasing commissions are dollars per SF of vacant space. Free rent is vacant SF times market rent per SF per month times free months. Broker commission is a percent of first-year gross rent on the vacant space. Vacant SF is rentable SF minus leased SF when both are known, or the typed vacant SF below. If the two disagree, the typed value is used and the disagreement is listed in Data conflicts.

Lease-Up Cost = Vacant SF x (TI $/SF + LC $/SF) + Vacant SF x Market Rent $/SF/mo x Free Rent Months + Commission % x (Vacant SF x Market Rent $/SF/mo x 12)
Vacant SF usedN/A
TI + LC costN/A
Free rent costN/A
Broker commission costN/A
Total lease-up costN/A
Lease-up cost per vacant SFN/A

07MAO

Two MAOs, one per value basis. The investment MAO uses stabilized value. The owner-user MAO uses owner-user value. Buy percent is applied to value, then lease-up cost and the assignment buffer are subtracted. The assignment buffer default is $15,000. If either value is N/A, its MAO is N/A. A MAO on a PASS run is a held number only, never a usable offer number.

Investment MAO = (Stabilized Value x Buy %) - Lease-Up Cost - Assignment Buffer
Owner-User MAO = (Owner-User Value x Buy %) - Lease-Up Cost - Assignment Buffer
Investment MAON/A
Owner-user MAON/A
MAO used for the recommendationN/A

08Gates, fail closed

Any gate at fail or hold shows HOLD. Do not round a hold up to a pass. The lease verification gate is separate from the tenant table: it is the operator stating the leases were seen and matched to the rent roll.

Gate statusHOLD - gates not verified
Gates passedNone
Gates failed or heldAll
Missing for a GO: address, parcel, at least 1 verified lease row, cap rate with source, stabilized vacancy and expenses, buy percent.

09E13 Risk / Kill-Switch

Every engine ends here. The first two kills are computed from the lease table and cannot be unchecked away: if the math fires them, they fire. The remaining kills are operator-checked. A kill is a successful run, not a failed one. Recommendation on a kill is PASS. Do not soften it.

Kill-switch activeNo
Kill reasonsNone
Risk flags (not kills)None
RecommendationHOLD

10One-page summary, print this

The deal on one page. Print this section for the file copy. It updates live from the inputs above.

AddressN/A
Parcel IDN/A
Commercial typeN/A
Rentable SF / leased SFN/A
Gross potential rentN/A
NOI, actualN/A
Top tenant % / WALTN/A
Cap rateN/A
Stabilized valueN/A
Owner-user valueN/A
Lease-up costN/A
Investment MAON/A
Confidence0.50
GatesHOLD
RecommendationHOLD

11Receipt

Generated from the inputs above. Offer authorized is always false in this tool. The receipt is evidence, not an offer.

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12System prompt

The full E5 system prompt text is embedded in this file for copying. Use the Copy system prompt button above. It is not sent anywhere by this tool.

Show system prompt text

13How it works / What this is not

Read this before relying on any number on this page.

How it works: confirm the property from at least 2 public sources, abstract every lease into the table in section 03, let the tool sum gross potential rent, apply vacancy, subtract the five expense lines to get NOI, then stabilize vacancy and expenses, divide stabilized NOI by the sourced cap rate for investment value, and price owner-user value separately from comparable sales per SF. Lease-up cost prices the vacant space. MAO applies buy percent to the chosen value basis and subtracts lease-up cost and the assignment buffer. Every number carries its source or is marked N/A. A share link encodes the whole deal in the URL so someone else can open the same numbers.

What this is not: not an appraisal, not a survey, not legal, tax, or lending advice, and not a replacement for reading the actual leases, a title commitment, an inspection, or a licensed professional. It does not invent tenants, rents, lease terms, cap rates, or prices. If a field cannot be verified, it stays N/A. A high MAO does not mean a deal is good, and a PASS does not mean a property is bad. It means the evidence in this run does not support proceeding on the stated exit. No offer is quoted without Jeramie.

Honest gaps and limits. This tool does not underwrite debt: there is no DSCR, loan-to-value, or amortization math here, so a deal that passes this engine still needs lender underwriting. It does not read leases for you: co-tenancy clauses, exclusivity, percentage rent, CAM caps, assignment language, and guarantor strength are not modeled, and any of them can change the value. It does not verify tenant credit: a signed lease from a weak tenant is not the same as a signed lease from a strong one. It caps the lease table at 5 tenant rows. It uses one cap rate for the whole property, not a blended rate by tenant credit. It does not model rollover risk beyond WALT and top-tenant exposure. Layout was not eyeballed in a real browser. All sample deals are synthetic and labeled as such.

Related modules. Real Estate Agent hub: real-estate-agent-c03.pages.dev. Residential Underwriting Engine: residential-underwriting-engine.pages.dev. E1 Land and Zoning Unlock: land-zoning-unlock-engine.pages.dev.