Apers for Mixed-Use
Mixed-use underwriting in one model, not three.
Apers is the AI system that integrates retail, office, and residential into a single mixed-use pro forma — with shared costs allocated and component debt sized correctly.
Three asset classes, one building, one model
You're underwriting a mixed-use development: 15,000 SF retail podium, 80,000 SF office (floors 2-6), and 120 residential units (floors 7-20). Three asset classes, three different lease structures, three different tenant types — and one shared parking garage, one shared lobby, and one building engineer. The question that kills your analyst: how do you allocate shared operating costs across uses?
Your analyst builds the retail model, the office model, and the residential model in three separate workbooks. The retail uses NNN with CAM. The office uses modified gross with expense stops. The residential uses gross rent with no pass-throughs. Each model has its own operating expense assumptions — but they share a building. The HVAC system serves all three. Security covers all three. The property tax bill is one bill. Reconciling three models into one building-level cash flow is a week of manual work.
The construction lender underwrites the whole building, but the permanent lender wants to see the debt service coverage by component. The residential floors support a different loan constant than the office floors. The retail podium might have a separate ground lease. One building, three capital structures, and every sensitivity analysis needs to show the interaction between them.
Mixed-use is the most structurally complex deal type in CRE — not because any single component is hard, but because the components interact. The model that prices a mixed-use deal correctly is the one that connects the revenue streams, allocates the costs, and shows how each component supports (or undermines) the others. That's what Apers builds.
What changes with Apers
Shared costs, properly split
Operating cost allocation by use: square footage pro rata, direct metering, management fee by component. One building budget, properly allocated to retail, office, and residential — not three disconnected expense assumptions.
Three lease types, one cash flow
Retail NNN, office gross with stops, residential gross — each modeled with its own lease structure, but flowing into a single building-level cash flow. The revenue from all three components is visible in one model.
Loan sizing by use and building
Permanent debt sized by component — different LTV and DSCR constraints by use — with a construction loan sized for the whole building. The model shows which component carries the debt and which provides the cushion.
Leases across all uses, one upload
Upload retail leases, office leases, and the residential rent roll. Apers categorizes by use, extracts terms, and builds the integrated model. No manual sorting — the system recognizes lease type by structure.
A deal, start to finish
A 15,000 SF retail podium, 80,000 SF office mid-rise, and 120 residential units. Ground-up development. $95M total development cost. Construction loan with permanent takeout by component.
Upload across all uses
Retail lease LOIs, office pre-lease terms, and the residential market study. Apers categorizes each document by use and extracts terms — NNN for retail, modified gross for office, market rents for residential. One upload builds all three components.
Integrated model built
Retail revenue (NNN with CAM at $12/SF), office revenue (modified gross at $38/SF with 2021 base year expense stops), residential revenue (gross at $2,400/unit average). Each component modeled with asset-class-appropriate lease structures and assumptions, all flowing into a consolidated building cash flow.
Shared costs allocated
Total shared operating costs: $1.8M annually. HVAC allocated by SF (retail 7%, office 37%, residential 56%). Security allocated equally. Property tax pro rata by assessed component value. Each use's expense load reflects its actual building share.
Debt sized by component
Retail permanent debt at 65% LTV ($6.3M). Office at 60% LTV ($28.8M). Residential at 70% LTV ($42.0M). Construction loan at 65% of total development cost ($61.8M). The model shows which component's debt service is covered and where the cushion sits.
IC-ready output
Excel model with component-level P&L, integrated building cash flow, cost allocation schedule, construction draw schedule, component and blended return analysis. One workbook that shows the building as a whole and each use independently.
Models built for mixed-use
Integrated models for multi-component properties — connecting revenue streams and cost allocations that other tools treat separately.
Mixed-Use Acquisition Pro Forma
Component-level underwriting combining residential, retail, and office with individual pro formas rolling up into consolidated property-level cash flows and return metrics.
Ground-Up Development Pro Forma
Development model for ground-up mixed-use — construction, phased delivery by component, integrated lease-up, and stabilization.
Construction-to-Permanent Loan Transition
Tracks transition from construction financing to permanent financing by component, including burn-off analysis and equity requirements.
Frequently Asked Questions
Does Apers model retail, office, and residential in a single workbook?
Yes. Apers generates one integrated model with component-level cash flows for each use type — NNN for retail, modified gross for office, gross rent for residential — plus a consolidated building-level summary. Shared operating costs are allocated across uses automatically.
How does Apers handle shared cost allocation in mixed-use properties?
Apers allocates shared operating costs — HVAC, security, property taxes, common area maintenance — across uses based on configurable methods: pro rata by SF, by assessed value, or by custom allocation. The model shows both component-level and building-level economics.
Can Apers size debt by component for mixed-use buildings?
Yes. The model sizes debt service coverage by component — residential floors support a different loan constant than office or retail — while also showing the consolidated building-level DSCR. Construction-to-permanent transitions model each component's stabilization timeline independently.
What lease structures does Apers support across different use types?
Each component uses its own lease structure: NNN with CAM for retail, modified gross with expense stops for office, and gross rent for residential. Apers handles the different pass-through mechanics and reconciles them into a single building-level operating statement.