Analyst-as-a-Service for Commercial Real Estate
The CRE analyst you don't have to hire.
Better, faster, cheaper than the analyst you'd hire — because the one we built doesn't sleep, and a principal still signs the work.
The Buyer-Side Math
Three ways to staff the analyst function.
Hire In-House
- $140–170K all-in per year.
- 18-month average tenure.
- No system left behind when they leave.
Outsource to a Creative Shop
- Polish on top of someone else's analysis.
- Doesn't replace the analyst function.
- You still own the underwriting.
The Capistrano Answer
Capistrano
- Better: Schema-driven. CHECKS panel validates every assumption live. Principal review on every deliverable before it ships.
- Faster: BOV in 2 days. Lease abstract in 24 hours. IC memo in a week. The system reads, structures, and drafts — Cody reviews.
- Cheaper: Per-deliverable or fractional retainer. No headcount cost. No tenure problem. The system stays with you after every engagement.
Fraction of the cost of an analyst hire.
The buyer-side math — on your numbers
What does the analyst function cost you at your volume?
An in-house analyst is a fixed cost whether you feed them one deal or fifty. Capistrano scales with your workload — move the sliders to see where you land.
Assumptions — illustrative, editable
Illustrative figures — every assumption is shown and editable. Final pricing is always scoped per deal.
Services
Four production lines.
Underwriting
10-year proforma, financings sheet, sensitivities, debt sizing, deal memo.
2–5 business days, from BOV to complex multi-tenant.
For principals, brokers, and owners evaluating acquisitions.
Lease Abstracts & Strategy
20-field abstract per lease plus strategic overlay.
24–48 hours single · 7–14 days for portfolios. Strategic overlays per asset.
For brokers prepping listings, principals doing acquisition diligence, operators managing portfolios, owners reviewing holdings.
Investment Memos
IC memo, decision memo, lender memo. Executive summary, market thesis, business plan, sensitivities, risk framework.
3–10 business days, from decision memo to portfolio IC.
For principals raising capital, owners deciding to sell, brokers pitching listings to institutional buyers.
Capital-Raise & Marketing Materials
Schema-driven offering pages, OMs, pitch decks, investor outreach kits.
2–4 weeks for offering pages · 1–2 weeks for OMs and decks. System Build & License available.
For principals raising capital and brokers running structured marketing on listings.
See the work before you ask for a quote
Four production lines — a sample of each.
For an analytical service, showing the artifact beats describing it. Click through a redacted sample of what ships.
| Levered IRR (base) | 17.8% |
| Equity multiple | 1.9x |
| Avg cash-on-cash | 7.1% |
| Going-in cap | 0.00% |
| Exit cap | 6.75% |
Illustrative sample — client deal terms redacted.
Illustrative sample — 6 of 20 fields shown; tenant redacted.
Illustrative sample — full memo runs exec summary, thesis, business plan, sensitivities, risk.
Target IRR
Equity mult.
Illustrative sample — produced on the client brand. Not an offer to sell securities.
Transparent enough to self-qualify
What it costs — scoped per deal, no surprises.
Indicative bands so you can size a budget before you ever call. Every engagement gets a one-page scoped quote — fixed fee, fixed timeline.
Underwriting
2–5 business days- 10-yr proforma + financings sheet
- Sensitivities + debt sizing
- Deal memo, principal-reviewed
Lease Abstracts
24–48 hrs · portfolios 7–14 days- 20-field abstract per lease
- Strategic overlay per asset
- Mark-to-market + rollover flags
Investment Memos
3–10 business days- Exec summary + market thesis
- Business plan + sensitivities
- Risk framework, in your voice
Capital-Raise
1–4 weeks- Schema-driven offering page
- OM + pitch deck + outreach kit
- Produced on your brand
Indicative bands shown as placeholders — final pricing scoped per deal.
How We Work
Four steps. No drift.
Introductory Call
Thirty minutes, confidential. We learn the deal. You learn how we work. No pricing yet.
Scoped Quote
One page. Deliverable, fee, timeline, terms. No surprises.
Production
Schema-driven, founder-reviewed, delivered on the cadence we promised.
Handoff
Written deliverable, thirty-minute review call. The system stays with you.
Introductory Call
Thirty minutes, confidential. We learn the deal. You learn how we work. No pricing yet.
Scoped Quote
One page. Deliverable, fee, timeline, terms. No surprises.
Production
Schema-driven, founder-reviewed, delivered on the cadence we promised.
Handoff
Written deliverable, thirty-minute review call. The system stays with you.
The Chain
One typed input. Four artifacts. Zero re-keying.
Input
Lease PDF
Artifact 1
Lease Abstract
Artifact 2
Underwriting Model
Artifact 3
Deal Email
Recipient
Buyer
Each step is automated by a custom production skill — read by the system, structured by the schema, reviewed by Cody before it ships.
How the Work Actually Gets Done
The system reads. The principal signs.
The system reads, structures, drafts.
Custom production systems — the same code that runs on Cody’s own deals — read the OM, abstract the lease against the 20-field schema, build the model from the lease handoff, and draft the deal email. Every standard enforced automatically.
A principal reviews every deliverable.
Nothing leaves the building without Cody’s review. Models get spot-checked at the assumptions that matter. Abstracts get re-read against the lease. Memos get rewritten in the sponsor’s voice. The system makes the first 80% fast. The principal makes the last 20% right.
The result: three axes at once.
Better, faster, cheaper than the junior analyst doing this work without the system. The traditional rule says you can pick two. AI leverage plus principal review is what makes three possible.
Meet the principal who signs the work
Founder & Real Estate Advisor · Principal at Bluebird
Every workflow Capistrano sells is one Cody runs on his own deals — the underwriting model, the IC-memo voice, the lease-abstract schema. The system makes the first 80% fast; the principal makes the last 20% right. Nothing leaves the building without his review.
Member: NAIOP · ULI · Chapman YEAC
“The system reads. The principal signs.”
Who We Serve
Four buyers. One analyst function.
Brokers
Faster OMs, BOVs, and lease abstracts than your team can produce in-house. We work behind the scenes — your client never sees us.
Principals & Sponsors
Institutional-grade underwriting and IC memos on every deal, without staffing an analyst bench.
Operators
The analytical layer underneath your operations team — lease-abstract libraries, rent-roll analyses, hold-vs-sell memos.
Owners
Institutional analysis on the consequential decisions — acquisitions, dispositions, refis, generational transitions.
Proof, not promises
What the work has done — on real deals
Engagements are confidential, so these are anonymized to the deal. The deliverables and outcomes are real.
A 32-page IC memo, brand system & deal site for a flex-storage acquisition
A sponsor under PSA on a $6.0M flex-storage buy — well below replacement cost — needed an IC-ready package fast.
- 32-page IC memo on the sponsor’s brand
- Gated investor microsite on their domain
- Delivered inside the diligence window
A $2M friends-and-family raise on an off-market note acquisition
An institutional sponsor’s first retail raise — $2M on an off-market West Coast note deal.
- Full brand kit: book, tokens, voice guide
- Preliminary underwriting alongside Bluebird
- SOPs + training — raise #2 ships in-house
26 findings across five years of statements for a boutique resort
Five years of statements that didn’t reconcile. Capistrano rebuilt them from the ground up.
- 26 findings documented (3 critical, 6 high)
- $5.5M appraisal pressure-tested to $4.0–4.5M
- Recap + exit scenarios on corrected numbers
In their words
Proof at every level.
The model came back in two days and flagged a rollover risk our broker had glossed over. It re-priced our bid.
It reads like our in-house analyst wrote it — except it shipped overnight and we’re not carrying the salary.
The system is fast; the judgment is Cody’s. His review is the part I’m actually paying for.
Testimonials are illustrative placeholders pending client approval. Metrics and memberships are real.
Guarantees
Two promises.
Founder review.
Every page, model, memo, or deliverable that leaves the building is reviewed by Cody Leivas. No exceptions in Year 1.
On-time delivery.
If we miss the cycle time we promised in the engagement letter, the express premium is refunded automatically. Without an express premium, we refund 10% of the engagement fee.
Frequently Asked
Questions we hear at the intro call.
Start Here
Request a Quote
One page back to you. Deliverable, fee, timeline, terms.