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.
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Address / parcel gate. Confirm the property from at least 2 public sources before any lease or rent number is used. Unverified means HOLD.
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.
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.
| Tenant | SF | Annual base rent ($) | Rent $/SF (auto) | Years remaining | Lease end | Escalation %/yr | Renewal option | TI $/SF | LC $/SF | Verified | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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.
| Year | Gross potential rent (escalated) | Math |
|---|
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.
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.
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.
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.
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.
The deal on one page. Print this section for the file copy. It updates live from the inputs above.
Generated from the inputs above. Offer authorized is always false in this tool. The receipt is evidence, not an offer.
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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.
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.