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CRE Valuation Software
Commercial Real Estate Valuation Software For Analysts, Brokers, and Appraisers
DCF, direct cap, terminal value, leveraged IRR, and 15-factor risk scoring — the same valuation engine institutional teams use, without the $5,000–$15,000-per-seat ARGUS price tag.
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Valuation Tools That Match How You Actually Work
Commercial property valuation has two extremes. On one side, quick-and-dirty cap rate calculators that ignore time, debt, and rollover risk. On the other, ARGUS Enterprise — institutional-grade, but priced for institutions.
Solsten closes the gap. You get the full DCF engine, recovery modeling, leveraged returns, terminal value, and risk scoring that lenders and equity partners expect — in a cloud tool you can open in a browser.
See how Solsten compares to Excel-based valuation workflows and the underlying proforma engine.
What Your Valuation Includes
- ✅DCF present value across the full hold period
- ✅Direct capitalization (NOI ÷ cap rate)
- ✅Terminal value at exit using terminal cap rate
- ✅Leveraged and unleveraged IRR
- ✅NPV at your chosen discount rate
- ✅Equity multiple and cash-on-cash
- ✅DSCR, debt yield, and LTV at every year
- ✅15-factor risk score with quantified drivers
Every Valuation Method, In One Tool
Built around the income approach that drives institutional CRE.
📐
Discounted Cash Flow (DCF)
Project up to 30 years of NOI, discount each year plus reversion value to present using your required rate of return. The institutional standard for income-property valuation.
🎯
Direct Capitalization
Year-one NOI divided by market cap rate — the quick snapshot every broker, appraiser, and lender expects to see alongside the DCF.
🏁
Terminal Value Modeling
Calculates exit value by dividing final-year NOI by your terminal cap rate. See the reversion impact on total return separately from operating cash flow.
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Leveraged & Unleveraged Returns
Both views computed automatically: unleveraged IRR for property-level performance, leveraged IRR for equity returns after debt service.
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ML-Calibrated Expense Forecasting
Expense projections learn from your property's actual payment history. Confidence-weighted blending of observed escalation rates and your assumptions.
⚖️
15-Factor Risk Scoring
Quantified risk assessment covering WALT, tenant concentration, debt maturity, break-even occupancy, NOI growth, and 10 more factors lenders care about.
Built for Every Commercial Property Type
Office, retail, industrial, multifamily, mixed-use, and special purpose — one engine, all sectors.
Office
Multi-tenant or single-tenant office buildings with Base Year Stop or NNN leases.
Retail
Strip centers, anchored retail, and pad sites with NNN recovery structures.
Industrial
Warehouse, distribution, flex, and manufacturing with long-term NNN leases.
Multifamily
Apartment communities with unit-level rent rolls and gross-lease modeling.
Mixed-Use
Properties combining retail, office, and residential under one valuation.
Special Purpose
Self-storage, medical office, senior housing, and other niche product types.
Solsten vs. Excel vs. ARGUS
A side-by-side look at how the three most common valuation approaches stack up.
| Capability | Solsten | Excel | ARGUS |
|---|---|---|---|
| Discounted Cash Flow (DCF) | Full 30-year engine | Manual formulas | Full engine |
| Direct Capitalization | Automatic | Manual | Automatic |
| Terminal Value | Auto-calculated | Manual | Auto-calculated |
| Leveraged IRR | Yes | Manual XIRR | Yes |
| Recovery Modeling (NNN/BYS/MG) | Yes | Manual | Yes |
| ML Expense Calibration | Yes | No | No |
| Fluid Timeline Projections | Auto-adjusts | No | No |
| 15-Factor Risk Score | Yes | No | No |
| AI Assistant | Saga AI | No | No |
| Excel/ARGUS Import | Yes | N/A | Export only |
| Cloud Access | Yes | OneDrive | On-prem default |
| Starting Price | Free | "Free" | $3,000+/yr |
How Solsten Calculates Property Value
1. Project NOI Across the Hold Period
The proforma engine projects PGI, vacancy, EGI, operating expenses, and NOI year by year. Expenses use ML-calibrated escalation rates blended with your assumptions. Tenant rollovers apply market rent and re-leasing costs at each anniversary.
2. Apply Your Discount Rate
Each year of NOI is discounted to present value using your required rate of return. The result is the operating income component of property value — separate from the eventual sale. See the discount rate definition for guidance on selecting a rate.
3. Calculate Terminal Value
At the end of your hold period, Solsten divides the final-year NOI by your terminal cap rate to estimate the sale price. That reversion value is also discounted back to today and added to the operating PV.
4. Layer in Debt
For leveraged returns, the engine subtracts annual debt service from cash flow and the loan payoff from reversion. The result is leveraged IRR, NPV, equity multiple, and cash-on-cash — exactly how equity partners and lenders expect to see them.
5. Cross-Check with Direct Cap
Year-one NOI divided by market cap rate gives you the quick snapshot every broker leads with. Solsten shows it alongside the DCF so you can sanity-check the long-form model against market signals.
Want the deeper version? Read our guide to
real estate DCF analysis or learn about
IRR and NPV.
Frequently Asked Questions About CRE Valuation
What is commercial real estate valuation software?
Commercial real estate valuation software calculates the fair market value of income-producing properties using methods like discounted cash flow (DCF), direct capitalization, and sales comparison. Solsten generates institutional-grade valuations by projecting NOI over a hold period, applying a discount rate to derive present value, and computing terminal value using a terminal cap rate — the same methodology used by ARGUS Enterprise.
What is the best commercial appraisal software?
ARGUS Enterprise is the institutional standard but costs $3,000–$15,000 per seat per year. Solsten provides the same core valuation engine — DCF, direct cap, terminal value, leveraged and unleveraged IRR, NPV, and equity multiple — at $0–$179/month. For appraisers, brokers, and analysts who need defensible, lender-ready valuations without the ARGUS price tag, Solsten is the leading alternative.
How does Solsten calculate property value?
Solsten uses three industry-standard approaches: (1) Discounted Cash Flow — projects annual NOI, discounts each year plus terminal value to present, (2) Direct Capitalization — current year NOI divided by market cap rate, (3) Dual-metric returns — separate Going-Forward (from analysis date) and Since Acquisition (from purchase date) valuations. The proforma engine handles recovery income, fluid timeline projections, and ML-calibrated expense forecasting automatically.
Can Solsten replace a commercial appraisal?
Solsten provides the financial modeling that appraisers use as the income approach in their valuations. A formal appraisal for lending or tax purposes still requires a licensed MAI or state-certified general appraiser, who will combine the income approach with market comparables and cost approach. Solsten gives you the institutional-grade DCF and direct cap models that match what appraisers, lenders, and acquisitions teams expect.
Does Solsten support office, retail, industrial, and multifamily valuations?
Yes. Solsten handles all commercial property types — office, retail, industrial, multifamily, mixed-use, and special-purpose. The recovery engine supports NNN, Base Year Stop, and Modified Gross lease structures common in office and retail. Multi-tenant rent rolls support step increases, free rent, TI allowances, and renewal probability modeling.
How long does a valuation take in Solsten?
About 10 minutes for a typical property. Solsten's guided workflow walks you through property details, market assumptions, expenses, recoveries, tenant data, financing, and investment structure. The valuation generates automatically — DCF, direct cap, terminal value, IRR, NPV, equity multiple, and 15-factor risk score — the moment your inputs are complete.
How is Solsten different from a cap rate calculator?
A cap rate calculator gives you a single-year snapshot — NOI divided by purchase price. Solsten's valuation engine projects 30 years of cash flows, applies inflation to expenses and rents, models rent rollovers and vacancy, calculates debt service and reversion value, and produces leveraged and unleveraged returns. It's the difference between a back-of-the-envelope estimate and an institutional underwriting model.
Run Your First Valuation Today
Enter your property data once. Solsten produces a full DCF, direct cap, leveraged IRR, NPV, equity multiple, and risk score automatically — with Saga AI on standby to explain any number.
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