Model Every Dollar. From NOI to Owner Cash Flow.
Map the cash flow cascade from gross potential rent through debt service, reserves, and owner distributions. Inputs are editable and results update live.
Jump to calculatorBuild Your Cash Flow Waterfall
Annual property-level inputs. NOI, DSCR, and owner cash flow recalculate live.
Annual Inputs
Net Operating Income
$1.82M
$1,824,000
DSCR
2.21x
NOI / debt service
OpEx ratio
38.0%
OpEx / EGI
Owner cash flow
$784K
Available to equity
Gross Potential Rent
Scheduled rental income at 100% occupancy
$3,200,000
Less Vacancy
8.0% vacancy & credit loss
-$256,000
Less Operating Expenses
Taxes, insurance, mgmt, maintenance
-$1,120,000
Less Debt Service
Annual P&I to lender
-$824,000
Less CapEx Reserve
Capital expenditure reserve
-$96,000
Less TI/LC Reserve
Tenant improvements & leasing commissions
-$72,000
Less Tax Escrow
Property tax escrow deposits
-$48,000
= Owner Cash Flow
Cash available to equity
$784,000
Cash Flow Allocation
Each category as % of Gross Potential Rent
What the Calculator Models
Annual property-level cash flow modeling built for deal screening, IC pre-reads, and quick scenario checks — no spreadsheet required.
Full property-level cascade
GPR → vacancy → OpEx → debt service → reserves → owner cash flow, with NOI, DSCR, and OpEx ratio recalculated on every change.
DSCR stress-check
DSCR tile flags red when coverage falls below 1.25x — the threshold most lenders use for cash trap or lockbox provisions.
Reserve tier modeling
CapEx, TI/LC, and tax escrow are each their own line — see exactly how much reserve deposits eat into distributable cash flow.
Who Uses It
Same waterfall, different seats at the table — the calculator answers a different question for each one.
Acquisitions
Screening a multifamily or office deal — run GPR, vacancy, OpEx, debt service, and reserves to get owner cash flow in minutes rather than waiting on the model.
Fund managers
Answering the “what does the sponsor actually take home?” question for IC — all tiers visible, all inputs editable, no spreadsheet to pass around.
Lenders
Stress-testing DSCR under downside operating assumptions — the DSCR tile flags red below 1.25x, the threshold for most lockbox provisions.
Asset managers
Projecting distributable cash flow under different rent growth and expense assumptions to spot where coverage gets tight before it becomes a problem.
Frequently Asked Questions
Common questions about the CRELYTIC Waterfall Calculator and cash flow waterfall modeling.
What Is a Real Estate Waterfall Calculator?
A real estate waterfall calculator models the distribution of cash flows between partners in a commercial real estate investment. The term "waterfall" refers to how money flows downward through tiers of distribution — from senior debt obligations through preferred returns to promote splits between limited partners (LPs) and general partners (GPs).
In a typical CRE equity waterfall, cash distributions follow a priority structure: first, return of capital to LPs; second, a preferred return (commonly 8-10% IRR); third, a GP catch-up provision; and fourth, a promote split where the GP receives a disproportionate share of profits above certain return hurdles. Multi-tier waterfalls may include 3-4 hurdle rates with escalating promote percentages.
The CRELYTIC Waterfall Calculator supports three distinct modeling modes. Standard Waterfall maps the full flow from gross potential rent through vacancy, operating expenses, debt service, reserves, and owner distributions. Lockbox / Cash Trap mode models lender-controlled cash sweeps triggered by DSCR or LTV covenant breaches. Equity Waterfall mode focuses on LP/GP distribution mechanics with configurable preferred returns, catch-up provisions, and multi-tier promote structures.
Unlike downloadable Excel waterfall templates that require manual formula construction and are prone to circular reference errors, the CRELYTIC Waterfall Calculator runs entirely in your browser with real-time recalculation as you adjust assumptions. It is free to use with no signup required — try it above or visit crelytic.ai/waterfall-calculator.
Related Tools & Resources
- Real Estate Waterfall Model Guide — Understand equity distribution structures
- IRR Calculator — Model investment returns
- Cap Rate Calculator — Analyze property values
- NOI Calculator — Calculate Net Operating Income
Stop Building Waterfalls in Excel
Your deal team is spending hours building custom waterfall models for every acquisition, refi, and investor presentation. Every manual formula is a risk — one broken cell reference and your entire distribution analysis is wrong. CRELYTIC Waterfall Calculator gives you institutional-grade waterfall modeling with real-time scenario analysis built in.