How does the CoStar Alternative Free calculate investment returns?

This calculator models net cash flows, cap rates, debt service coverage ratios (DSCR), and internal rate of return (IRR) by accounting for gross revenue, vacancy allowances, operating expenses, and debt amortization.

What expense ratios are recommended for rental underwriting?

Standard real estate underwriting reserves 5%–8% for property management, 5% for economic vacancy, and 5%–10% for ongoing maintenance and capital expenditure (CapEx) reserves.

Can I export these pro-forma financial schedules?

Yes, you can export your complete pro-forma underwriting model directly to CSV, Excel, or printable PDF format for lender presentation.

100% Free CoStar Alternative

Commercial Cap Rate & NOI Valuation Engine

Underwrite commercial multifamily, retail strip centers, and industrial warehouses without paying thousands per year for CoStar licenses. Calculate true NOI and market cap valuations.

Income & Capitalization

Gross Scheduled Annual Rental Income ($)

Vacancy & Credit Loss (%)

Annual Operating Expenses ($)

Market Cap Rate (%)

Annual Debt Service / Loan ($)

Valuation & DSCR Metrics

Valuation $2,681,481 At 6.75% Cap Rate

Net Operating Income $181,000 True annual NOI

DSCR Ratio 1.45x > 1.25x Bank pass

Effective Gross $266,000 After 5% vacancy

Cash After Debt $56,000 Pre-tax annual cash flow

Expense Ratio 32.0% OpEx / EGI ratio

Structuring Triple Net (NNN) Leases?

Calculate tenant property tax, building hazard insurance, and CAM pass-throughs.

NNN Leases

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