Shopping Center Underwriting Calculator
Build a tenant level operating estimate. Keep vacant rent, recurring expenses and one time leasing costs separate before evaluating proposed debt.
Have a live deal to finance?
Use this estimate to prepare, or request a financing review when you are ready to share the property, requested proceeds, and timeline.
Rent roll
Enter tenant income
Vacant spaces contribute no base rent or reimbursement. Collection loss applies to occupied base rent only.
Center income and expenses
Complete the annual operating case
Owner operating expenses are inclusive of expenses reimbursed by tenants. Do not deduct reimbursements again from expenses.
Enter the total expense amount, including reimbursable expenses.
Shown below NOI and deducted from cash after debt service. Lender treatment varies.
Separate capital need. It is not treated as a recurring operating expense or added to value.
Value and debt assumptions
Add a cap rate and proposed loan terms
Every entered rate, cap rate and loan term is a planning assumption, not program criteria, approval or a valuation guarantee.
Shopping center underwriting view
Waiting for inputsComplete the required fields with valid values to see the estimate. Results recalculate as you edit.
Reconcile tenant income before calculating NOI
Enter each suite's annual scheduled base rent and whether the space is occupied. Vacant rows remain in scheduled rent but contribute no current rent or reimbursements. The collection loss percentage applies only to occupied base rent. Enter reimbursements as the annual amount you expect to collect, not the maximum recovery written in a lease. Other collected income is separate from those tenant amounts, so do not repeat the same recovery in both places.
Include all owner paid operating expenses, including reimbursable costs, in the expense total. Otherwise adding reimbursements to income would overstate NOI. The recurring reserve is shown below NOI so its treatment stays visible. A lender may deduct reserves differently. The one time tenant improvement and leasing budget is a separate capital requirement, not a recurring operating expense. It is not deducted again in annual NOI or financed automatically by entering a proposed loan.
Review the lease risks outside the calculator
The entered cap rate produces an income based planning value, not an appraisal or current sale price. DSCR uses fully amortizing debt at your entered rate and term. The tool does not assign an approval threshold, size a committed loan or determine whether an occupied tenant will keep paying. A negative NOI remains visible without producing a positive income valuation. If you enter no debt, coverage and debt yield are undefined rather than evidence of qualification.
Read the shopping center lease and vacancy guide for issues the arithmetic cannot decide, including lease expirations, tenant concentration, renewal rights and co tenancy provisions. Prepare the actual leases, collection records and vacant suite budget for a shopping center financing review. CapitalAx acts as a broker. The lender and its reviewers determine acceptable income, lease risk, reserves, value and terms. Do not replace current collections with future fully leased rent when presenting this result.