A Sample Institutional-Grade CRE Underwriting Report
This is a complete underwriting report generated by UpsideIQ for an industrial acquisition — the same depth of analysis the platform runs on every deal. It grades the deal on the merits — a strong B+, earned on a ~7.5% going-in cap, 1.45x DSCR, and a deliberately conservative flat exit cap — separates the broker-quoted cap rate from the true cap rate, and tests every number against institutional benchmarks. (It's an illustrative example built on synthetic data, not a real listing.) Download it, or see what each section does below.
What's inside this report
Broker cap vs. true cap. The report restates the deal on a true, reserves-and-vacancy-adjusted basis instead of the broker's headline number — usually the single biggest gap between a pitch and reality.
Criteria grading against your targets. Set your own hurdles — minimum cap rate, DSCR, target IRR, cash-on-cash, and price-to-value — and each factor is graded against your threshold, with our institutional benchmark as the fallback for anything left blank (location is always scored on market fundamentals). This sample uses the institutional fallback and earns a B+ — strong but not flattered: the report shows exactly which factors carry it (a 7.5% cap, 1.45x coverage) and where it falls short (a projected IRR below the 14% institutional target), which is the point.
Full financial pro forma to cash-on-cash. A complete hold-period P&L from gross potential rent down to levered cash flow and exit, mirroring a canonical underwriting model.
Reserves done right. Pre-reserves NOI for valuation and cap-rate comparison; post-reserves for cash-flow returns — the convention that keeps the analysis honest.
AI qualitative analysis + quantitative quick-flags. A written read on the deal's strengths and risks, alongside deterministic flags on the numbers.
This sample is industrial — go deeper on the industrial & warehouse underwriting hub or the broader underwriting fundamentals hub for the guides, calculators, and definitions behind every number in the report.
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