Commercial Real Estate · Institutional Underwriting
The modern alternative to spreadsheet underwriting. Model cash flows, stress-test assumptions, and generate institutional-quality analysis in under a minute.
LP Syndicators
Model waterfall structures, generate investor-ready memos, and stress-test deal assumptions before you raise a dollar.
Acquisition Teams
Underwrite new deals in minutes, compare financing scenarios, and share standardized analyses across your team.
Family Offices
Evaluate direct investments with institutional rigor — cap rates, cash flow projections, and sensitivity analysis without a dedicated analyst.
Net Operating Income
$768,000
Cap Rate
5.20%
Cash-on-Cash
7.85%
DSCR
1.42x
IRR
17.40%
Equity Multiple
2.11x
< 1s
Recalculation
10yr
Hold period
49
Rate scenarios
3
Debt structures
Capabilities
Professional-grade analysis tools that replace hours of spreadsheet modeling with real-time, interactive deal evaluation.
NOI, cap rate, cash-on-cash, DSCR, IRR, and equity multiple recompute instantly. Change an assumption and watch the deal reshape.
Stress-test 49 scenarios across exit cap and interest rate. See exactly where returns break down before committing capital.
Model LP/GP splits with preferred returns, promote tiers, and IRR hurdles. Know how distributions flow before the JV is signed.
One-click export of a PE-quality tearsheet with deal summary, cash flow projections, sensitivity, and waterfall. Ready for investors.
Compare three financing scenarios side-by-side. See how rate, term, amortization, and IO period affect DSCR and levered IRR.
Year-by-year projections with rent escalation, expense growth, debt service, and exit reversion over hold periods up to 10 years.
The CapStack thesis
“A deal is only as good as the assumptions behind it. We make those assumptions visible, testable, and defensible — the way institutional capital has always worked.”
Why CapStack exists
CapStack started with a downtown redevelopment model I had to rebuild for an OSR solo pitch. The template I inherited looked fine — until I opened it. A circular reference cascade, PMT sign-convention errors, zeroed construction costs, and disposition months that didn’t line up with the hold period.
Fixing it by hand produced a clean deal: a 15.4% levered IRR, 2.07x MOIC, and DSCR holding above 1.25x through every year of the hold. But it took days of cell-by-cell surgery to get there.
CapStack is the tool that wouldn’t have required any of that.
15.4%
Levered IRR
2.07x
MOIC
1.25x+
DSCR
100+ hrs
Rebuilt by hand
Why CapStack
Pricing
No credit card required. Full access to core underwriting metrics immediately.
Free
Core metrics, 3 deals max
Pro
Most PopularFull analysis suite
Team
For small acquisition teams
Enterprise
For funds & institutional LPs
Yes. CapStack uses Supabase for authentication and data storage. Your deal data is encrypted and never shared with third parties.
Absolutely. You can cancel your Pro subscription at any time from your account settings. No contracts, no cancellation fees.
The free plan gives you full access to NOI analysis, cap rate calculations, cash-on-cash returns, and basic cash flow projections for up to three deals.
Yes. Pro users can generate and export institutional-quality PDF investment memos with a single click — including deal summary, cash flow projections, sensitivity analysis, and partnership waterfall.
CapStack replaces hours of manual Excel modeling with real-time, interactive analysis. Change any assumption and every metric, chart, and projection updates instantly. Plus you get features like IRR sensitivity matrices and waterfall modeling that would take days to build in a spreadsheet.
No signup required. Open the analyzer, plug in your numbers, and get a full investment analysis in under a minute.
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