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CRE Proforma Software
Best Commercial Real Estate Proforma Software for Underwriting Teams
Build commercial real estate proformas faster with annual and monthly operating statements, DCF-ready outputs, recovery modeling, and scenario testing in one workflow. Solsten helps acquisition teams move from raw inputs to defendable deal decisions.
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External Validation for Proforma Buyers
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Spreadsheet Proformas Are Holding You Back
Most CRE professionals still build proformas in Excel — copying formulas between tabs, manually adjusting for time passage, and hoping nobody breaks a cell reference.
ARGUS Enterprise solves this, but at $3,000–$10,000 per seat. That prices out individual investors, small firms, and emerging operators.
See how Solsten compares to Excel workflows and ARGUS Enterprise.
Solsten gives you ARGUS-grade proforma modeling with ML intelligence that ARGUS doesn't have — at 90% less cost.
What Your Proforma Includes
- ✅Potential Gross Income (PGI) with contract-rate vacancy
- ✅Effective Gross Income (EGI) with recovery income
- ✅Operating expenses by category with inflation escalation
- ✅Net Operating Income (NOI)
- ✅Debt service with multi-loan support (IO + amortizing)
- ✅Cash flow before and after debt
- ✅Terminal value and reversion analysis
- ✅Leveraged and unleveraged IRR, NPV, equity multiple
Everything You Need in a CRE Proforma
Built by a CRE professional, for CRE professionals.
📊
Annual Operating Statement
Year-by-year PGI, vacancy, EGI, operating expenses, NOI, debt service, and cash flow — exactly how institutional underwriters expect it.
📅
Monthly Operating Statement
Drill into any year to see month-by-month cash flows. Track seasonal expense patterns, partial-year lease events, and mid-month tenant rollovers.
📈
Rent Roll Timeline
Visual timeline showing every tenant, vacancy period, and projected renewal across your hold period — with color-coded lease status bars.
🎯
Exit Scenario Analysis
IRR, NPV, and equity multiple for every possible exit year. See which year maximizes returns with a star-highlighted optimal exit.
🤖
ML-Powered Expense Forecasting
Your proforma learns from actual payment history. Confidence-weighted blending of observed rates and assumptions — better than static ARGUS assumptions.
⚡
Fluid Timeline Engine
Proforma projections auto-adjust as time passes. Vacancies extend, leases expire, inflation compounds — without manual updates.
Build a Proforma in 10 Minutes
10 guided input pages take you from empty to institutional-grade proforma.
1
Property Details
Address, size, purchase price, ownership status
2
Rates & Assumptions
Hold period, cap rate, discount rate, inflation
3
Expenses & Recoveries
Operating/capital expenses, NNN/BYS/Mod Gross
4
Tenants & Market
Rent roll, step increases, vacancy, renewals
5
Financing & Reports
Loan modeling, IRR, NOI, exit scenarios
See What Your Proforma Looks Like
Annual operating statement with full PGI → EGI → NOI → Cash Flow breakdown.
How Solsten Proformas Compare
| Capability | Solsten | Excel | ARGUS |
|---|---|---|---|
| Annual + Monthly Statement | ✅ | Manual | ✅ |
| ML Expense Forecasting | ✅ | — | — |
| Auto-Adjusts Over Time | ✅ | — | — |
| Excel Import | ✅ | N/A | — |
| Team Collaboration | ✅ | — | — |
| Exit Scenario Analysis | ✅ | Manual | ✅ |
| 15-Factor Risk Scoring | ✅ | — | — |
| Starting Price | Free | "Free" | $3,000+/yr |
Choose Your Fastest Proof Path
Different teams buy for different reasons. Start with the strongest proof for your role.
Acquisitions Teams
Validate one live deal end to end and compare underwriting speed against your current workflow.
Start a free live deal model → See a 5-min workflow demo first →Syndicators and GPs
Focus on waterfall outputs and investor-ready reporting for current raise and IC discussions.
See GP/LP waterfall capabilities →Excel-Centric Teams
Run a side-by-side check to uncover assumption drift and formula risk before submission.
Compare Excel vs Solsten →Frequently Asked Questions About CRE Proformas
What is a proforma in commercial real estate?
A proforma is a forward-looking financial model that projects a property's income, expenses, and investment returns over a defined hold period (typically 5-10 years). It includes revenue projections, operating expense escalations, net operating income (NOI), debt service, cash flow, and return metrics like IRR, NPV, and equity multiple. The proforma is the foundation of every CRE investment decision.
What is the best proforma software for commercial real estate?
ARGUS Enterprise is the institutional standard but costs $5,000-$15,000 per seat per year. Solsten provides the same core proforma engine (annual and monthly operating statements, rent roll timelines, recovery modeling, and exit scenarios) with additional capabilities like ML-powered forecasting, an AI assistant, and auto-adjusting projections — starting at $0/month for the Free plan.
How long does it take to build a proforma in Solsten?
About 10 minutes for a typical property. Solsten uses 10 guided input pages that walk you through property details, rates, expenses, recoveries, market assumptions, tenants, revenues, financing, and investment structure. Excel T-12 import can speed up expense entry. The proforma generates automatically from your inputs.
Can I import my Excel proforma into Solsten?
Yes. Solsten has a 4-step Excel import wizard that accepts T-12 operating statements in Excel or CSV format. It uses smart auto-detection to map columns to expense categories, then bulk-imports expenses with proper frequency, inflation, and recovery settings.
What return metrics does a CRE proforma include?
A complete CRE proforma should include leveraged and unleveraged IRR (Internal Rate of Return), NPV (Net Present Value), equity multiple, cash-on-cash return, cap rate, NOI, and DSCR. Solsten calculates all of these automatically, plus dual-metric returns (Going-Forward and Since Acquisition) and exit scenario optimization across every possible exit year.
How does Solsten compare to ARGUS for proforma modeling?
Both Solsten and ARGUS generate institutional-grade annual and monthly operating statements with recovery modeling and exit scenarios. Solsten adds ML-powered expense forecasting, a grounded AI assistant, fluid timeline projections that auto-adjust over time, 15-factor risk scoring, and web-based team collaboration — at $0-$179/month vs. ARGUS's $3,000-$15,000/year per seat.
Should I use a proforma template or purpose-built software?
Templates are useful for quick one-off analysis but tend to break as assumptions get more complex across leases, recoveries, debt layers, and scenario runs. Purpose-built software provides repeatable, auditable outputs with less formula risk and faster iteration for active deal teams.
Build Your First Proforma Today
Start with our guided workflow — enter your property data, and Solsten generates a complete institutional-grade proforma automatically, with Saga AI assistant available to explain your assumptions and results.
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