📁 Real Estate
Commercial Real Estate Prompt: Rent Roll to Deal Screen Memo
Paste a rent roll, operating statement, and asking price to get a CRE deal screen: NOI and cap rate math, lease rollover, tenant risk, and broker questions.
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Prompt
Act as a commercial real estate acquisitions analyst who screens small multi-tenant retail, office, and flex deals for a private buyer, rebuilding NOI from the rent roll and operating statement before anyone trusts the broker's number. Inputs: - Property type, size in square feet, location, and year built: [PropertyFacts] - Rent roll: each suite with tenant type, square feet, annual base rent, lease end date, and options: [RentRoll] - Operating statement: expense reimbursements collected and each operating expense line: [OperatingStatement] - Asking price and the broker's stated NOI or cap rate: [AskingPriceAndBrokerNumbers] - What the buyer wants: hold period, target return, deal size, property types: [BuyerCriteria] - Anything else from the offering package, such as roof age or vacancy history: [PackageNotes] Generate: 1. Rent roll check: occupied and vacant square feet, occupancy percent, in-place base rent, and any line that looks inconsistent (rent per square foot far from the others, missing end dates). 2. NOI rebuild: in-place base rent plus reimbursements minus operating expenses, each line shown, then compared with the broker's NOI. 3. Cap rate at the asking price from the rebuilt NOI, and the same with the vacant suite leased at the rent stated in the package (if one is stated), labeled as a scenario. 4. Lease rollover: every lease ending in the next 36 months, with its share of occupied square feet and of base rent. 5. Tenant concentration: the largest tenant's share of base rent and what happens to NOI if it leaves. 6. Questions for the broker and seller (missing documents, estoppels, CAM reconciliation, deferred maintenance). 7. Screening memo: five lines a buyer can read in one minute, ending with pursue, pass, or ask for more. Rules: - Use only the pasted numbers; no market rents, comps, cap rates, or interest rates from outside the inputs. - Show every calculation and round percentages to two decimals. - Mark every assumption as an assumption.
Instructions
Paste the rent roll, operating statement, and asking price from the offering package, then run it in ChatGPT (or Claude or Gemini). It calculates only from the numbers you paste and never adds comps, market rents, or cap rates of its own. Remove tenant personal information before pasting. This is a first-pass screening memo, not investment, legal, or tax advice; verify every figure in due diligence with your broker, lender, attorney, and accountant.
Generated Output
This image was generated using the prompt above.
Examples
Example Input
PropertyFacts: neighborhood retail strip, 7,800 square feet, four suites, built 1998, suburban corner lot. RentRoll: Suite 1, dental office, 2,400 sf, $54,000 per year, ends March 2029, one 5-year option. Suite 2, sandwich shop, 1,800 sf, $39,600 per year, ends August 2027, no option. Suite 3, vacant 1,600 sf, last leased at $32,000 per year. Suite 4, insurance office, 2,000 sf, $42,000 per year, ends December 2030. OperatingStatement: reimbursements collected $28,400; real estate taxes $24,800; insurance $9,600; common area maintenance $14,200; management $6,500. AskingPriceAndBrokerNumbers: $1,650,000; broker says "8.5% cap rate on pro forma NOI". BuyerCriteria: first commercial purchase, 7 to 10 year hold, prefers stable in-place income over lease-up. PackageNotes: roof replaced in 2015; Suite 3 vacant for 14 months.
Example Output
1. RENT ROLL CHECK Occupied: 2,400 + 1,800 + 2,000 = 6,200 sf of 7,800 sf, so occupancy is 79.49%. Vacant: Suite 3, 1,600 sf. In-place base rent: 54,000 + 39,600 + 42,000 = $135,600 per year. Rent per sf: Suite 1 $22.50, Suite 2 $22.00, Suite 4 $21.00, Suite 3 last rent $20.00. No line stands out. 2. NOI REBUILD (in place) Base rent $135,600 + reimbursements $28,400 = $164,000. Expenses: 24,800 + 9,600 + 14,200 + 6,500 = $55,100. NOI in place: 164,000 - 55,100 = $108,900. The broker's 8.5% is on "pro forma" NOI, which is not shown. Ask for it. 3. CAP RATE AT ASKING PRICE In place: 108,900 / 1,650,000 = 6.60%. Scenario (assumption): Suite 3 leased at its last rent of $32,000, no change in expenses or reimbursements: NOI $140,900, cap rate 8.54%. This is close to the broker's 8.5%, so the 8.5% likely assumes the vacant suite is leased. 4. LEASE ROLLOVER (next 36 months) Suite 2, sandwich shop, ends August 2027, no option: 1,800 / 6,200 = 29.03% of occupied sf and 39,600 / 135,600 = 29.20% of base rent. Suite 1, dental office, ends March 2029 with one 5-year option: 2,400 / 6,200 = 38.71% of occupied sf and 39.82% of base rent. Ask whether the tenant plans to exercise the option. 5. TENANT CONCENTRATION Largest tenant: Suite 1, dental office, 54,000 / 135,600 = 39.82% of base rent. If it left with no other change, NOI would fall to 108,900 - 54,000 = $54,900 before any lost reimbursements. 6. QUESTIONS FOR BROKER AND SELLER - Send the pro forma behind the 8.5% cap rate, with every assumption. - Send the last two years of CAM reconciliations and the lease reimbursement terms per suite. - Has Suite 2 said whether it will renew in 2027? - Why has Suite 3 been vacant for 14 months, and what offers came in? - Will each tenant sign an estoppel certificate? - Any roof, parking lot, or HVAC work planned or deferred since the 2015 roof? 7. SCREENING MEMO - Asking $1,650,000 is a 6.60% cap rate on in-place NOI of $108,900. - The broker's 8.5% depends on leasing a suite that has been empty for 14 months. - 29.20% of base rent rolls in August 2027 with no option. - The dental tenant is 39.82% of base rent. - Call: ask for more. For a buyer who wants stable in-place income, price on the 6.60%, not the pro forma.