Commercial Real Estate Underwriting Software
Build the property cash flow, size the debt, test lease rollover and downside scenarios, and determine whether the deal meets your investment or credit targets.
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Model leases, recoveries, expenses, and lease rollover
Size debt and track DSCR and debt yield
Run DCF, sensitivity, and waterfall analyses
Export branded reports and share one live model
Underwrite complex deals without complex software
PropertyMetrics is browser-based commercial real estate underwriting software built for property-level deal analysis. Model the assumptions that drive cash flow, debt coverage, value, and returns in one shared application, with calculations built, tested, and maintained by our team.
Easy to learn
Move from assumptions to results without weeks of training.
Works in your browser
Works on any Mac, PC, or tablet. No installs, downloads, or VPN hassles, ever.
One shared model
Co-edit with your team or send free read-only links to clients and partners. Everyone sees the same model.
Presentation-ready reports
Export branded PDF and Excel report packages for lenders, investors, and clients.
Straightforward pricing
Choose a monthly or annual plan without implementation fees or expensive desktop licenses.
Tested and maintained
Our team builds, tests, and updates the calculation engine, so your team does not have to maintain custom spreadsheet logic.
Underwriting gets hard when every assumption affects the rest
Each tenant can have different rent steps, recovery structures, expiration dates, renewal assumptions, downtime, tenant improvements, and leasing commissions. Add operating expenses, capital expenditures, market leasing assumptions, financing terms, and exit assumptions, and a single change can ripple through NOI, DSCR, value, and returns.
In a spreadsheet, those relationships become custom formulas and tabs your team has to build, test, debug, and maintain. PropertyMetrics brings them into one integrated model, so you can change an assumption and see the effect across the deal.
Start your free 7‑day trial
Cancel anytime. No demo required.
Looking for an ARGUS Enterprise alternative?
PropertyMetrics covers many of the property-level underwriting workflows teams use ARGUS Enterprise for, including lease-by-lease cash flow modeling, detailed recoveries, DCF analysis, debt sizing, development costs, and scenario testing.
It runs in your browser and is designed to be easier to learn, use, and share. ARGUS may remain the better fit for certain specialized institutional or portfolio-level workflows.
What others are saying
Your product is great, very intuitive and easier to use than Argus.
John Dickerson
Valuewize
I’m a 30+ year seasoned veteran in shopping center development. PropertyMetrics is an excellent source of information with professional grade software for analysis and presentation. I highly recommend it.
Frank C. Guess
Partner, Barnhart Guess Properties
I am not only an MAI appraiser, but also an investor and syndicator. I find your information and tools invaluable.
Craig A. Schumacher, MAI
Managing Partner, IRV Consultants
Start your free 7‑day trial
Cancel anytime. No demo required.
Underwriting for every side of the deal
Decide whether the deal meets your return targets
- Build acquisition, development, and hold-period cash flows
- Model leases, recoveries, operating expenses, capital costs, and financing
- Compare levered and unlevered IRR, equity multiple, and cash-on-cash return
- Run DCF and sensitivity analyses
- Calculate multi-tier partnership waterfalls
- Share the live model with partners and decision-makers
Underwrite the cash flow behind the value
- Build lease-by-lease proformas and DCF models
- Model complex leases, recoveries, and market leasing assumptions
- Import multi-tenant rent rolls in bulk
- Review lease audits and present value calculations
- Test valuation assumptions with sensitivity analysis
- Export supporting schedules to PDF and Excel
Give buyers a model they can review
- Build proformas for complex commercial properties
- Present cash flows, assumptions, values, and returns
- Share a live read-only model with prospective buyers
- Export branded PDF and Excel reports
- Send the analysis to PMX Publisher
- Create flyers, brochures, and offering memorandums
Test feasibility before committing capital
- Build detailed hard and soft cost budgets
- Time development costs by month
- Model construction loan draws and interest carry
- Forecast lease-up and stabilized property cash flow
- Estimate value and development returns
- Calculate partner-level waterfall returns
See whether the property can support the loan
- Model contractual lease cash flows through maturity
- Calculate DSCR, debt yield, and maximum loan proceeds
- See how lease rollover affects cash flow and coverage
- Review amortization and loan draw schedules
- Test downside assumptions before approval
- Export PDF and Excel schedules for credit review
Built for the decisions that make or break a CRE deal
Build the property cash flow from the lease level up
Enter or import the rent roll, other income, operating expenses, capital expenditures, development costs, and financing assumptions. Model rent steps, recoveries, expirations, renewals, downtime, tenant improvements, and leasing commissions tenant by tenant.
PropertyMetrics rolls that detail into monthly and annual cash flows. Change an assumption and immediately see the impact on NOI, value, debt coverage, and returns.
Test the downside before it becomes the outcome
Run DCF and sensitivity analyses to see how changes in key assumptions affect property value and investment returns.
Compare scenarios and watch IRR, NPV, equity multiple, DSCR, breakeven occupancy, and other metrics update without rebuilding the model.
Calculate partnership waterfalls period by period
Define preferred returns, IRR-based hurdles, and custom LP/GP splits. PropertyMetrics calculates contributions, distributions, unreturned capital, XIRR, and equity multiples period by period.
Export the full waterfall to PDF or Excel alongside the proforma and DCF.
Turn your underwriting into a review-ready package
Create branded PDF and Excel packages containing the proforma, rent roll, sources and uses, market leasing assumptions, development budget, draw schedule, maps, and supporting schedules.
Send the analysis to PMX Publisher to create a flyer or offering memorandum without copying the model into another file.
Share one live model, not another attachment
Invite teammates to co-edit the underwriting or send partners, lenders, consultants, and clients a secure read-only link.
Everyone sees the current assumptions and results, without stale attachments, conflicting files, or uncertainty about which version is current.
Create value, not spreadsheets
Start your free 7-day trial. Cancel anytime.
Frequently Asked Questions
Commercial real estate underwriting software turns property, lease, operating, development, and financing assumptions into projected cash flows, debt metrics, valuations, and investment returns.
PropertyMetrics is browser-based underwriting software for multi-tenant properties, acquisitions, existing assets, development projects, and partnership structures.
PropertyMetrics can be used to underwrite office, retail, industrial, multifamily, self-storage, and other income-producing commercial properties.
Use it to evaluate acquisitions, analyze existing assets, underwrite new developments, review potential loans, or support a property valuation.
Enter or import the rent roll, operating expenses, other income, development costs, and loan assumptions. Add vacancy, capital expenditures, market leasing, renewal probabilities, and inflation assumptions.
PropertyMetrics calculates monthly and annual cash flows and supporting schedules, including the proforma, lease audit, rent roll, loan amortization, loan draws, sources and uses, DCF, and sensitivity analysis.
When the underwriting is complete, share a live read-only model or export the report package to PDF or Excel.
Yes. PropertyMetrics models cash flow lease by lease, including rent steps, recoveries, expiration dates, renewal assumptions, downtime, tenant improvements, leasing commissions, and market leasing assumptions.
The tenant-level cash flows roll up into one complete property cash flow forecast.
Yes. Lenders can model contractual property cash flows through maturity, calculate DSCR and debt yield, estimate maximum loan proceeds, review amortization, and see how lease rollover affects coverage.
The resulting schedules can be exported to PDF or Excel for use in credit review and loan underwriting.
Yes. Model the property cash flow, acquisition assumptions, financing, sale assumptions, and hold period. Calculate levered and unlevered IRR, equity multiple, cash-on-cash return, DCF value, and other investment metrics.
You can also test scenarios and calculate partnership-level returns when multiple investors are involved.
Yes. Add hard and soft costs, time development expenses by month, and model interest-only construction loans that fund selected cost line items.
PropertyMetrics produces a monthly loan draw schedule and detailed sources-and-uses report. You can also model lease-up, stabilized cash flow, value, and partnership returns.
For property-level underwriting and valuation, PropertyMetrics covers many of the workflows people use ARGUS Enterprise for, including lease-by-lease cash flow modeling, recoveries, DCF analysis, debt, development costs, and sensitivity analysis.
PropertyMetrics runs in your browser, is designed to be easier to learn and share, and includes development costs, construction loan draws, partnership waterfalls, live sharing, and branded reports. ARGUS may remain the better fit for certain specialized institutional or portfolio-level workflows.
Yes. Define multi-tier waterfall structures with preferred returns, IRR-based hurdles, and custom LP and GP splits.
PropertyMetrics calculates distributions period by period, tracks unreturned capital, and reports XIRR and equity multiples for the partners and the property. The complete waterfall can be exported to PDF or Excel.
Yes. Paste your rent roll into the PropertyMetrics Excel template, then drag and drop the completed file into the application.
PropertyMetrics maps tenant names, suite numbers, lease dates, rent steps, recovery structures, and market leasing profiles so you do not have to enter each tenant manually.
Yes. The free 7-day trial includes the core modeling, DCF, sensitivity, waterfall, reporting, and sharing features.
You can use your own project during the trial. If you subscribe, the work you completed during the trial remains in your account.