Commercial Real Estate Calculators
Screen property cash flows, model capital stacks, stress-test coverage ratios, and pinpoint the binding loan constraint across 14 institutional-grade underwriting tools.
Calculate verified in-place income after vacancy, opex, and capital reserves.
Determine annual principal and interest payments based on rate and amortization.
Stress-test debt yield against DSCR coverage and collateral leverage limits.
Solve for the lowest supportable proceeds and required sponsor equity checks.
Quick Deal Screener & Sizing Matrix
Select a commercial asset profile below to inspect typical lender hurdles and calculate the binding loan proceed constraint in real time.
Multifamily Underwriting Profile
Core Risk Focus: Concession burn-off & tenant collection velocity
Underwriting Insight: LTV in low-rate periods; DSCR in high-rate environments. The tighter constraint limits proceeds by $1,264,706.
Flagship Underwriting Tools
Measure NOI against loan amount and estimate the max loan supported by a lender debt-yield floor.
Free DSCR calculator for CRE loans. Calculate debt service coverage, annual debt service, max loan amount, monthly payment, and loan constant.
Size commercial real estate loans across DSCR, LTV, and debt yield. Calculate the exact binding constraint, maximum proceeds, and hurdle gaps instantly.
Browse All 14 Financial Models
Debt Yield Calculator
Measure NOI against loan amount and estimate the max loan supported by a lender debt-yield floor.
DSCR Calculator
Free DSCR calculator for CRE loans. Calculate debt service coverage, annual debt service, max loan amount, monthly payment, and loan constant.
LTV Calculator
Free commercial loan-to-value calculator. Calculate LTV, maximum loan amount, equity required, and lender leverage cushion.
Cap Rate Calculator
Calculate commercial real estate capitalization rate (Cap Rate = NOI ÷ Value). Compare implied market values, debt yield, and LTV hurdles instantly.
CRE Loan Sizing Calculator
Size commercial real estate loans across DSCR, LTV, and debt yield. Calculate the exact binding constraint, maximum proceeds, and hurdle gaps instantly.
CMBS Debt Yield Calculator
Calculate CMBS debt yield and the loan supported by your quoted target. Defaults are illustrative and do not verify eligibility.
Multifamily DSCR Calculator
Calculate multifamily DSCR, annual debt service, loan constant, and maximum loan amount from NOI and loan terms.
Commercial Mortgage Payment Calculator
Estimate commercial mortgage monthly payment, annual debt service, loan constant, and total payments during the loan term.
NOI Calculator
Calculate net operating income from gross income, vacancy, other income, operating expenses, and reserves.
Max Loan Amount Calculator
Calculate maximum commercial mortgage proceeds from NOI, debt yield, DSCR, LTV, value, rate, and amortization.
Loan-to-Cost (LTC) Calculator
Calculate commercial loan-to-cost, total cost basis, and equity required for value-add and construction properties.
Cash-on-Cash Return Calculator
Calculate commercial real estate cash-on-cash return, pre-tax cash flow, and total equity invested.
Loan Constant Calculator
Free loan constant calculator for CRE. Convert rate and amortization into a mortgage constant, annual debt service, monthly payment, DSCR, and debt yield.
Debt Yield to DSCR Converter
Convert debt yield to DSCR (or DSCR to debt yield) using rate and amortization. Free CRE calculator shows the implied loan constant behind the conversion.
California Cap Rate Calculator
Free California commercial real estate cap rate calculator. Benchmark capitalization rates across Los Angeles, Bay Area, Inland Empire, and San Diego with Prop 13 tax adjustments.
CRE Underwriting Benchmarks by Property Sector
Commercial lenders calibrate debt yield, DSCR, and leverage constraints based on tenant stability, lease duration, and cash flow volatility.
| Asset Class | Benchmark Debt Yield | Minimum DSCR | Maximum LTV | Primary Risk Focus | Recommended Model |
|---|---|---|---|---|---|
| Multifamily (Agency) | 8.00% – 9.00% | 1.20x – 1.25x | 70% – 80% | Rent growth plateau & turnover costs | Multifamily DSCR → |
| Industrial (Core / Logistics) | 8.50% – 9.50% | 1.25x – 1.30x | 60% – 70% | Tenant concentration & renewal terms | Loan Sizing → |
| Retail (Grocery-Anchored) | 9.50% – 10.50% | 1.30x – 1.35x | 60% – 65% | Anchor occupancy & health ratios | CMBS Debt Yield → |
| Office (Class A Core) | 11.50% – 13.50%+ | 1.35x – 1.50x | 50% – 60% | Work-from-home demand & heavy TI/LC | Max Loan Amount → |
| Hospitality (Select Service) | 12.50% – 15.00% | 1.40x – 1.60x | 50% – 60% | Macro recession & seasonality | Debt Yield → |
| Self-Storage | 9.00% – 10.00% | 1.25x – 1.35x | 65% – 75% | New construction supply saturation | LTV Calculator → |
Key Principles of Commercial Loan Sizing
Master the mathematical relationships that dictate lender underwriting approvals, capital costs, and refinance risk.
1. Normalizing Underwritten NOI
Lenders never accept raw trailing accounting income without adjustments. Underwriters impose minimum vacancy floors (typically 5% even on 100% occupied assets), deduct management fees (3-5%), and deduct replacement reserves ($250-$350/unit for multifamily). This underwritten NOI is typically 5% to 15% lower than marketing packages.
2. Positive vs Negative Financial Leverage
Compare the property's Cap Rate to the lender's Loan Constant (Annual Debt Service ÷ Loan Amount). If Cap Rate exceeds the Loan Constant, you have positive leverage, and borrowing debt increases your equity Cash-on-Cash return. If the Loan Constant exceeds the Cap Rate, debt destroys equity return (negative leverage).
3. Amortization vs Interest-Only Leverage
Switching from a 25-year to a 30-year amortization schedule lowers annual debt service, immediately elevating the DSCR and unlocking more proceeds under payment tests. However, Debt Yield remains completely unaffected by amortization length or interest rate changes because it isolates NOI against loan balance.
4. Refinancing & Exit Sizing Risk
When structuring short-term bridge or construction debt, underwriters stress-test the exit debt yield. If a debt fund issues a 75% LTC loan on transitional property, the borrower must verify that projected stabilized NOI divided by the permanent loan balance will satisfy a future 9.5% or 10.0% takeout hurdle.
Frequently Asked Questions on CRE Underwriting
Detailed answers on debt yield, DSCR coverage, cap rate dynamics, and mortgage proceeds sizing.
While both metrics divide Net Operating Income (NOI) by a dollar amount, Cap Rate divides NOI by the total property value (or purchase price) to measure overall asset return, whereas Debt Yield divides NOI by the loan balance alone. Debt yield measures the lender's cash-on-cash return if they were to foreclose and seize the asset, completely independent of market interest rates or property appraisals.