Michael R. Linton, Florida Broker #BK703722, built these free calculators to help investors underwrite office, retail, industrial, and multifamily deals across Orlando, Tampa, and the I-4 corridor with Linton Global Solutions.

Every bad deal I've seen in 39 years had a good-looking spreadsheet. The difference is whether someone rebuilt the income from scratch and priced the Florida costs honestly. That's what these calculators are for: run your own numbers before anyone else runs them for you.
— Michael R. Linton, Florida Broker #BK703722, Founder of Linton Global Solutions

Why You Should Run the Numbers Yourself

Commercial real estate is bought on income, and the income in a marketing package is the seller's best case. Before you call a lender, make an offer, or sit down with a partner, you need your own version of the numbers: what the property really earns, what it really costs to own in Florida, how much debt it can carry, and what you'll make if things go to plan, and if they don't. These 45 free calculators cover every step, from a quick price screen to a full multi-year return model, with Florida-specific tools for doc stamps, property taxes and insurance.

The Eight Metrics Every Commercial Deal Runs On

Most commercial underwriting comes down to eight numbers. Here is what each one means and where to calculate it:

Metric	Formula	What it tells you
Net operating income (NOI)	Effective gross income − operating expenses (before debt service)	The foundation for value, loan size and returns
Cap rate	NOI ÷ price	What the market pays for a dollar of income
DSCR	NOI ÷ annual debt service	Whether the income covers the loan
Debt yield	NOI ÷ loan amount	Lender risk, independent of rate and cap rate
LTV / LTC	Loan ÷ value, or loan ÷ total cost	How much leverage the deal carries
Cash-on-cash return	Annual pre-tax cash flow ÷ cash invested	Your yearly yield on equity
IRR and equity multiple	Annualized return over the hold; total cash back ÷ cash in	The whole investment, including the sale
Break-even occupancy	(Operating expenses + debt service) ÷ potential gross income	How much vacancy the deal can survive

NOI comes first because everything else is built on it. Value is NOI divided by the cap rate, lenders size loans on NOI through DSCR and debt yield, and every return depends on it. A $10,000 overstatement of NOI at a 7% cap rate overstates value by about $143,000.

A Worked Example

Take a hypothetical 20,000-square-foot neighborhood retail center near Orlando listed at $3,500,000. The seller's package shows $260,000 of NOI, a 7.4% cap rate. Rebuilding the NOI with a realistic vacancy allowance, property taxes reassessed on the purchase price, and a current insurance quote brings it to $238,000, so the true cap rate at the asking price is 6.8%.

At $238,000 of NOI, a lender requiring a 1.25x DSCR will allow up to $190,400 a year of debt service. At the loan's rate and amortization, the loan sizer turns that into a maximum loan, which may be well below the 70% LTV the buyer assumed. That gap is cash the buyer has to bring, and it changes the cash-on-cash return. Ten minutes with the calculators turns a deal that looked fine into a negotiation over price. Hypothetical example; figures for illustration only.

Florida Costs Most Out-of-State Models Miss

Florida has costs other states don't, and generic spreadsheets often leave them out:

Documentary stamp tax on the deed: $0.70 per $100 of the price in most counties (Miami-Dade has its own rates), customarily paid by the seller but negotiable. See the Florida Department of Revenue and our doc stamp calculator.
Doc stamps on the new note and intangible tax on the mortgage: $0.35 per $100 of the loan, plus a nonrecurring intangible tax of 0.2% on the mortgage amount, both typically paid by the buyer.
Property taxes reset on sale. Commercial property is reassessed toward market value after a sale, so the seller's tax bill is the wrong number. Use the Florida property tax estimator.
Property and windstorm insurance. Premiums vary widely by building age, roof, construction and distance to the coast. Get a real quote during due diligence and start with the Florida insurance estimator.

The Order to Run Them In

Use the calculators in this order for any acquisition:

Step	What you're answering
1. Screen the price	Is the asking price in the right range for the income?
2. Rebuild the NOI	Use real rents, a realistic vacancy factor, and your own expense estimates, not the seller’s
3. Price the Florida costs	Reassessed property taxes, real insurance quotes, doc stamps and closing costs
4. Size the loan	The maximum loan your NOI supports at the lender’s DSCR, debt yield and LTV limits
5. Test the returns	Cash-on-cash for yield; IRR and equity multiple for the full hold
6. Stress the deal	Raise vacancy, raise rates, lower the exit price. Does it still work?
7. Plan the exit and taxes	1031 boot, depreciation recapture and capital gains before you buy

Lenders don't lend on the price. They lend on the income. If you size the loan from the NOI first, you'll know how much cash the deal really needs before you fall in love with it.
— Michael R. Linton, Florida Broker #BK703722, Founder of Linton Global Solutions

Which Calculators to Use by Property Type

Multifamily

Rent roll quality, turnover costs, and insurance per unit. Run the rental analysis, NOI and DSCR calculators, and use GRM only as a quick screen.

Office and medical office

Lease rollover, tenant improvements and leasing commissions. Net effective rent and TI allowance calculators show what a lease is really worth.

Retail

Tenant credit, lease term and expense reimbursements (NNN versus gross). Pair the cap rate calculator with break-even occupancy.

Industrial

Usually simpler expenses, longer leases and strong lender appetite. Debt yield and loan sizing matter most for leverage.

Land and development

No income yet. Use loan-to-cost, sources and uses, and yield on cost to see whether the finished project beats market cap rates.

Owner-occupied property

The SBA 504 and 7(a) calculator and lease-versus-buy show whether owning beats renting for your business.

Taxes and the Exit: Run Them Before You Buy

The time to plan the sale is before the purchase. The capital gains calculator models depreciation recapture and federal tax on a future sale, and the 1031 boot calculator shows what would be taxable in an exchange. Under a like-kind exchange, investors generally have 45 days to identify replacement property and 180 days to close. Our 1031 exchange guide covers the rules, and your tax advisor should confirm the numbers for your situation.

What the Calculators Can't Tell You

Calculators answer the questions you ask them. They can't tell you that the anchor tenant is about to leave, that the roof is 25 years old, that a road project will cut off access, or that comparable buildings down the street are trading lower. That judgment comes from inspections, leases, local market knowledge and experience, which is where a broker earns the fee. Use the calculators to get to the right questions faster, then get the answers on the ground.

Who Is Michael R. Linton?

Michael R. Linton is a Florida-licensed commercial real estate broker and advisor based in the Tampa–Orlando I-4 corridor, serving investors, owners and tenants across Florida, with a focus on Orlando, Tampa and surrounding markets, and expertise across multifamily, office, industrial, retail, hospitality, land, mixed-use, special-purpose, self storage and life sciences properties. With 39 years in commercial real estate, he leads Linton Global Solutions and HireMikeLinton.com, holds Florida Broker #BK703722, and founded Linton Global Technologies, the company behind REOMind.ai.

Investors and owners choose Michael R. Linton and Linton Global Solutions because the firm leads with the numbers. These calculators, the glossary and the market guides are published free because teaching the market is how trust is built, and when a deal is ready, the same discipline carries through underwriting, financing through Linton LenderMatch, negotiation and closing.

A calculator gives you an answer. A good advisor tells you whether you asked the right question. Run the numbers here, and when you want a second set of eyes on a real deal, call me.
— Michael R. Linton, Florida Broker #BK703722, Founder of Linton Global Solutions

Key Takeaways

✓Rebuild the NOI yourself; every value, loan and return depends on it.
✓Value = NOI ÷ cap rate. Small NOI errors become large value errors.
✓Lenders size loans on income through DSCR, debt yield and LTV, so size the loan before you set your price.
✓Include Florida costs: doc stamps, intangible tax, reassessed property taxes and real insurance quotes.
✓Use cash-on-cash for yearly yield and IRR plus equity multiple for the whole hold.
✓Plan taxes and the exit, including a 1031 exchange, before you buy.

Frequently Asked Questions

What is the most important number in commercial real estate?

Net operating income (NOI). Value, loan size and most returns are calculated from it: value is NOI divided by the cap rate, and lenders size loans on NOI through DSCR and debt yield. If the NOI is wrong, every other number is wrong.

How do I calculate a cap rate?

Divide net operating income by the purchase price or value. A property with $250,000 of NOI bought for $3,500,000 trades at about a 7.1% cap rate. Rearranged, value equals NOI divided by the cap rate.

What DSCR do commercial lenders require?

It varies by lender, property type and loan program, but many commercial lenders look for roughly 1.20x to 1.35x, meaning NOI covers the annual loan payments by 20% to 35%. Riskier property types and smaller sponsors usually need more coverage.

What Florida-specific costs should I include when underwriting a deal?

Documentary stamp tax on the deed ($0.70 per $100 of price in most counties) and on the new note ($0.35 per $100), the nonrecurring intangible tax on the mortgage (0.2%), property taxes reassessed on your purchase price, and property and windstorm insurance quoted for the actual building.

What is the difference between cash-on-cash return and IRR?

Cash-on-cash return is one year of pre-tax cash flow divided by the cash you invested. IRR measures the annualized return over the whole hold, including the sale, and accounts for timing. Use cash-on-cash for yield, and IRR and equity multiple for the total investment.

Are these calculators a substitute for an appraisal or a lender quote?

No. They are planning tools that help you screen deals and prepare for conversations with lenders, appraisers and advisors. Final values, loan terms and tax results depend on the actual property, the lender and your tax situation.

Who can help me underwrite a commercial property in Florida?

Michael R. Linton, Florida Broker #BK703722, and Linton Global Solutions help investors, owners and lenders underwrite and price office, retail, industrial, multifamily and land deals across Orlando, Tampa, Daytona Beach and the I-4 corridor, from first numbers to closing.

Primary Florida Office

Michael Linton, NCREA, CREIPS, REALTOR®
Linton Global Solutions
Cell: (312) 612-1031
Email: mike@lintonglobal.com
LintonGlobal.com

Disclaimer: These calculators and this guide are for informational and planning purposes only and do not constitute investment, legal, tax, lending or appraisal advice. Results depend on your inputs. Tax rates and rules change; confirm current rates with the Florida Department of Revenue and your tax advisor, and loan terms with your lender.

Works Cited

Florida Department of Revenue. "Documentary Stamp Tax." Florida Department of Revenue, floridarevenue.com/taxes/taxesfees/Pages/doc_stamp.aspx. Accessed 1 Oct. 2026.
Florida Department of Revenue. "Nonrecurring Intangible Tax." Florida Department of Revenue, floridarevenue.com/taxes/taxesfees/Pages/intangible_tax.aspx. Accessed 1 Oct. 2026.
Florida Department of Revenue. "Property Tax Oversight." Florida Department of Revenue, floridarevenue.com/property/Pages/Home.aspx. Accessed 1 Oct. 2026.
Internal Revenue Service. "Like-Kind Exchanges: Real Estate Tax Tips." IRS, www.irs.gov/newsroom/like-kind-exchanges-real-estate-tax-tips. Accessed 1 Oct. 2026.
Florida Department of Business and Professional Regulation. "License Verification." MyFloridaLicense.com, www.myfloridalicense.com/wl11.asp. Accessed 1 Oct. 2026.