Underwrite Commercial Real Estate Deals in Minutes
A lease, an offering memorandum, a T-12. DealWise reads each one, shows you what it found and waits for you to accept it — then models every month of the hold and tells you whether the deal holds up.
- No credit card
- No credit card to start
- Your first deal is free
From Property Details to Investment Decision
Five stages, in the order a deal actually moves through them. No spreadsheets required.
- Create the dealAddress, building SF, purchase price, loan terms and hold period. The price is an input; nothing under it is.
- Build the rent rollSuites, tenants, SF, lease type, dates and rent steps — typed in, or extracted from a document you upload.
- Upload the paperworkA lease, an operating statement, a comp sheet, an offering memorandum. Each is read on its own terms.
- Read what it computedNOI month by month, the cash flow after debt service, the returns and the rollover schedule.
- Ask the AIA verdict on the underwriting you just built, the risks behind it, and the negotiation asks the evidence supports.
You type the price. Nothing under it is typed.
A deal starts as an address, a building size, a purchase price and a loan. Then you build the rent roll — suite by suite, with each lease's own dates, rate and escalations. From there the numbers stop being things you enter.
- The property, onceAddress, asset class, building SF, purchase price, loan terms, hold period and exit cap rate. The asset class opens the fields that class needs — an industrial deal asks about the site, the yard and the truck court; a multifamily one asks about vacancy and lease-up.
- The rent roll is the system of recordEvery suite carries its own lease type, dates, rate and rent steps, so a bump in 2028 is a fact about that lease rather than a formula somebody has to remember to copy down.
- NOI is derived from it, never enteredThere is no NOI field. It is computed from the roll and the real expenses on every read, which is why nothing on the page can be stale and no two figures can disagree.
3400 Eastport Drive, Memphis, TN
Purchase price
Going-in cap
7.22%
Levered IRR
21.15%
| Status | Suite | Tenant | SF | $/SF/Yr | Exp |
|---|---|---|---|---|---|
| Occupied | Suite 100 | Cardinal Freight Systems | 78,400 | $7.65 | Jun 2031 |
| Occupied | Suite 200 | Meridian Cold Storage | 52,000 | $8.16 | Mar 2029 |
| Occupied | Suite 250 | Halstead Components | 31,600 | $7.06 | Nov 2027 |
| Vacant | Suite 300 | — | 22,500 | — | — |
Rates shown are in force in month one, after the escalations each lease has already taken.
A lease is a contract. An offering memorandum is a pitch.
Upload a lease, an operating statement, a comp sheet or an OM and the app reads it — but not all of them on the same terms. What a document IS decides what the app is allowed to do with what it says.
- Contract terms are proposed and filledRent-roll terms come out of a lease with the sentence they came from and the page it was on. You review every value and edit any of them before a single one is written.
- Reported figures are filled with their sourceOperating-statement lines are proposed the same way, labelled with the statement and the period it covers. Amounts are scaled to twelve months by the engine, not by the reader.
- The seller's claims are captured, never writtenAsking price, stated cap rate, pro-forma NOI, market rent, growth. All of it is transcribed and shown beside your deal, and none of it becomes an input to it.
Suite · tenant · square feet · lease type · commencement · expiration · rent · rent steps
“Tenant shall pay Base Rent of $6.65 per rentable square foot per annum, escalating 2% on each anniversary of the Commencement Date.”
Proposed with the sentence it came from and the page it was on. You edit anything you disagree with, then apply it. Nothing is written until you do.
Property taxes · insurance · CAM · management · utilities · repairs
“Real Estate Taxes — 203,000 (Jan–Dec, actual)”
Proposed the same way, labelled with the statement it came from and the period that statement covers. A line marked pro forma is shown and not filled — it is a projection, not a reported figure.
Asking price · stated cap rate · in-place NOI · pro-forma NOI · market rent · growth
“Offered at an 8.25% capitalization rate on stabilized pro forma NOI.”
Transcribed and shown beside the deal, never written into it. The seller's arithmetic stays the seller's, which is the only reason the check below means anything.
The variance check only works because the seller's numbers stayed out
If the stated cap rate had been written in as an input, the two cap rates in this panel would be the same number and there would be nothing to compare. Keeping the seller's arithmetic out of your model is what turns their brochure into evidence.
- Stated against supported, in pointsThe app computes the cap rate your rent roll and your real expenses support at the price you entered, and says how far the offering is from it in percentage points.
- It says when it cannot answer yetWithout a purchase price or a computable cash flow, the check names the one input it is missing rather than showing a number it cannot stand behind.
Variance check
The seller states
8.25%
On stabilized pro-forma NOI
The rent roll supports
7.22%
On $1,209,604 of year-one NOI
1.03 points worse than advertised at the asking price. The seller’s number lets the dark 22,500 SF from day one at market; yours lets it after the downtime and free rent this deal actually assumes.
- Base rent
- $1,315,139
- Reimbursements
- $405,471
- Credit loss
- ($17,206)
- Operating expenses
- ($493,800)
- Year-one NOI
- $1,209,604
Base rent is the three signed leases plus the vacant suite’s modelled lease-up. Reserves and leasing costs sit below this line, not inside it.
Then read the numbers nobody typed in
Net operating income month by month across the hold, the cash flow left after debt service and reserves, the returns on the equity actually going in, and the schedule of when the income stops being contracted.
- Returns computed on readEquity required, year-one cash-on-cash, DSCR, levered IRR, exit value and net sale proceeds. Nothing is cached, so nothing can disagree with the roll it came from.
- Rollover, stated outright31,600 SF — 19.5% of leased SF — expires in November 2027, and another 32.1% in March 2029. The concentration is a fact about the rent roll, so the app reads it off rather than asking you for it.
- It comes back outThe rent roll, the cash flow and the lease abstracts download as CSV or Excel, and the deal summary as a PDF.
Year-1 NOI
$1,209,604
Going-in cap
7.22%
DSCR (yr 1)
1.50x
Cash-on-cash (yr 1)
6.02%
Net operating income by hold year, with the roll re-leased on your own assumptions
Then ask it what it thinks
The AI Deal Analysis runs on the underwriting you just built, not on the brochure. The verdict and the wording are the model's; every figure it reasoned from was computed by the engine before it ran.
- A verdict, and the evidence for itOne of seven readings from strong buy to pass, an executive summary that has to argue from the actual evidence, the key risks, and the negotiation asks those risks support.
- It is allowed to say it does not knowGiven too little to stand behind a specific verdict, it returns a hold for further review and says plainly what is missing. A vague call stated confidently is worse than an honest gap.
The 7.22% the rent roll supports is a full point short of the 8.25% offered, and the difference is a suite with nobody in it. The in-place income is real and under market, which is the case for the building — but the price is being asked on income that has not been signed yet.
Key risks
- Cardinal Freight Systems is 48.1% of in-place base rent
- 31,600 SF — 19.5% of leased SF — expires in November 2027, inside the hold
- 22,500 SF is dark, and the offering values it as though it were not
Negotiation opportunities
- Price the vacancy at lease-up cost, not at stabilized value
- In-place rents run 10.7% under the market rate this deal states — the upside is real, but it is yours to earn, not to pay for
Everyone else's sequence starts at stage three
The individual steps here are not exotic. What is different is where the sequence begins and where it stops — and that is a claim you can check against any competitor's own description of their product.
The usual shape
- Starts at data entry. You read the lease, you read the operating statement, and then the software begins. The reading is the slow part and it is outside the product.
- Ends at a model. You get cash flows and returns, correct and well-presented, and the judgement about what they mean is entirely yours to form from scratch.
- The seller’s figures become your figures. A stated NOI typed into an input box cannot later be compared against anything, because it is now the thing you would compare against.
This one
- Starts one step earlier. The documents go in first, and the rent roll is an output of reading them rather than an input you prepare. Stages 1 to 3 above are the part most software does not have.
- Stops one step later. Stage 5 is a written position with the risks named and a citation under each one — and then the working files, so the model leaves with you.
- The seller’s figures stay separate on purpose. Captured, displayed, never used as an input, which is the only reason the variance check above can exist at all.
If You Are Listing the Building, Not Buying It
The sell-side path is a different product, and deliberately a smaller one. A listing broker enters what they actually know.
You describe the building and its rent roll
Address, building SF, the specs a buyer asks about first, and the suites. No purchase price, no loan, no hold period, no exit assumptions — none of that is yours to enter on a listing.
You supply one market figure
What comparable buildings are trading at. The app asks you rather than researching it, because a tested AI-sourced cap rate moved the price opinion by roughly a million dollars on identical inputs.
You get a price opinion back
A probable selling price range, how the building is positioned, the cap-rate evidence behind it and the comparable sales, laid out as a document. Every number in it is computed before the AI runs.
Why This Workflow Matters
Traditional commercial real estate underwriting is slow, fragmented, and error-prone. DealWise AI solves each problem.
The Old Way
- Build a custom Excel model for every deal — hours of setup before any analysis begins.
- Manually link rent roll tabs to cash flow sheets. One broken formula cascades errors through the entire model.
- Copy-paste property data between documents, email threads, and financial models. No single source of truth.
- Read the seller's cap rate off the brochure and take it, or rebuild the whole thing yourself to check it.
The DealWise Way
- Enter the property once and build the rent roll. The cash flow, the returns and the summary metrics come from it.
- Nothing is stored as a derived figure, so nothing can go stale. Change a lease expiration or a rent step and every number is computed again on the next read.
- Property details, rent roll, expenses, documents and analysis live on one page, for every deal in your pipeline.
- The seller's claims are transcribed and shown beside what your rent roll actually supports, with the difference in percentage points.
How Commercial Real Estate Underwriting Software Works
What Is CRE Underwriting?
Commercial real estate underwriting is the process of evaluating a property’s financial performance to determine whether it’s a sound investment. This involves analyzing the rent roll, calculating net operating income, modeling debt service, projecting future cash flows, and assessing risk factors like tenant concentration, lease rollover exposure, and market conditions.
Historically, this analysis was performed manually using Excel spreadsheets — a process that required deep financial modeling expertise, hours of setup time per deal, and constant vigilance against formula errors. DealWise AI automates this entire workflow, making institutional-quality underwriting accessible to every commercial real estate professional.
Who Uses DealWise AI?
DealWise AI is built for commercial real estate investors evaluating acquisition opportunities and for brokers pricing a listing before it goes to market. The platform carries real conditional logic for industrial, office, retail and multifamily properties, at NNN, gross, modified gross and full service lease types, and for land, which is modelled on what the parcel has to sell for rather than on a rent roll.
Whether you’re underwriting your first commercial property or managing an active pipeline of investment opportunities, DealWise AI provides the same analytical rigor that institutional funds use — without the overhead of custom financial models, dedicated analysts, or enterprise software licenses.
Questions a First Deal Usually Raises
Do I have to build a model before I can analyze anything?
No. You enter the property basics and the rent roll, and the model is what comes out. There is no template to fill in, no tab to link and no formula to maintain — the cash flow is computed from the rent roll every time the page is read.
Where does NOI come from?
The rent roll. NOI is never a field you type. It is base rent plus reimbursements and other income, less credit loss and less the full operating expenses, computed month by month across the hold — which is why changing a lease expiration or a rent step moves it without you touching anything else. Reserves and leasing costs sit below the line, not inside it.
What does the free plan actually include?
One deal, and on that deal one AI Deal Analysis run and one Listing Price Opinion run. That is enough to take a real property end to end, and there is no credit card. Sign in however you like: a password, or a one-time link emailed to you.
What does it cost after that?
Acquisition Underwriting is $178/mo billed annually, or $195/mo billed monthly.
Which property types does the conditional logic actually cover?
Industrial, office, retail and multifamily, at NNN, gross, modified gross and full service lease types, and land, which is modelled on its sale rather than on a rent roll: the carry, the entitlement milestones and the price the parcel has to reach. Self-storage is not in the product.
Can I get the numbers back out?
Yes. The rent roll, the cash flow and the lease abstracts download as CSV or Excel, and the deal summary downloads as a PDF, from links on the deal page.
I list buildings, I do not buy them. Is any of this for me?
Set the deal up as a listing and the acquisition side disappears. You describe the building, build the rent roll and give one market cap rate, and you get a Listing Price Opinion back — a probable selling price range with the evidence behind it. You never enter a purchase price, a loan or an exit assumption, because none of those are yours to enter.
Learn the Concepts Behind Each Stage
Deep dives into the metrics and processes that DealWise AI automates.
What Is a Rent Roll?
Stage 2 — the document everything else is derived from.
How to Analyze a CRE Deal
Stage 4 — the framework behind the projections.
How to Underwrite a CRE Deal
The full underwriting process, step by step.
What Is NOI?
The metric every projection on this page is built on.
What Is DSCR?
How the engine reads your financing.
Commercial Real Estate Metrics
Every metric in stage 4, explained.
DealWise AI User Guides
These five stages, field by field — plus troubleshooting and a CRE glossary.
Ready to See It in Action?
Create your free account and underwrite your first commercial real estate deal today — no credit card required.
- One deal, one AI analysis and one price opinion, free
- No credit card to start
- Sign in by password or emailed link