What does ARGUS software do?
ARGUS® Enterprise is Altus Group’s commercial property valuation and cash flow modeling software. Altus offers it through the ARGUS Intelligence Platform, which also includes portfolio analysis, collaboration and AI assistance. Other ARGUS products address development feasibility and valuation management.
The useful buying question is which workflow your team needs to complete: property valuation, acquisition underwriting, source-document review, development feasibility or portfolio reporting. Start with that requirement, then test the current product and edition on a representative deal.
This guide is published by Moraine, an independent underwriting and diligence software provider. Product descriptions below are based on the linked Altus pages, reviewed October 26, 2026; they are not a feature-by-feature product test.
What ARGUS Enterprise covers
Altus describes ARGUS Enterprise as software for property valuation, cash flow modeling, budgeting and investment analysis. Its published capabilities include lease-level cash flows, scenario and sensitivity analysis, reporting and portfolio analysis.
Altus also describes shared models and dashboards within the ARGUS Intelligence Platform. ARGUS Assist provides AI assistance for querying, updating and analyzing models. Evaluate these current capabilities directly rather than relying on a comparison of older desktop versions.
Your lender, appraiser, buyer or internal investment committee may require a particular model or report format. Confirm the required product, version and deliverable before choosing a workflow. A spreadsheet report and a native model file serve different purposes.
Other products to distinguish
| Product | Published focus | What to verify |
|---|---|---|
| ARGUS Enterprise | Property cash flow modeling, valuation and investment analysis | Asset coverage, model conventions and required deliverables |
| ARGUS Developer | Development feasibility and project analysis | Construction timing, funding and project requirements |
| ARGUS ValueInsight | Valuation management and portfolio reporting | Valuation review and reporting workflow |
Use Altus’s current product directory to confirm other products, editions and availability. A capability in one product should not be assumed to exist in another.
How much does ARGUS cost?
Altus’s Enterprise product page describes tiered, asset-based subscriptions to the ARGUS Intelligence Platform and directs buyers to request pricing. Historical per-seat figures are not a reliable substitute for a current quote.
For a useful comparison, request the same scope from each vendor:
- Number and type of assets, users and legal entities covered.
- Included products, reporting capabilities and support.
- Data migration, training and implementation services.
- Contract term, renewal terms and expansion costs.
- Rights and restrictions covering the intended data-sharing and import workflow.
Compare total cost for your actual workflow. A lower subscription price alone does not show whether a change will save money once training, review and deliverable preparation are included.
ARGUS vs. Excel
Excel is a general-purpose spreadsheet. ARGUS Enterprise provides a property-specific modeling environment. Both still require a reviewer to understand the leases, assumptions, calculation conventions and output.
An Excel model gives a team control over its formulas and presentation, along with responsibility for maintaining and testing them. A dedicated property model provides a defined workflow for leases and assumptions. The right fit depends on the model’s complexity, the team’s skills and the deliverable the recipient will accept.
Do not assume two tools produce identical results because they display similar input fields. Timing conventions, recoveries, vacancy, leasing costs and reversion can change cash flow. Reconcile a representative deal at the cash-flow level before comparing headline IRRs or values.
What to test before choosing software
A useful evaluation uses your files and an agreed review checklist:
| Area | Evaluation question |
|---|---|
| Lease economics | Can the model represent your rent steps, options, recoveries, caps, stops and rollover assumptions? |
| Scenarios | Can reviewers see which assumptions changed and how those changes affect returns? |
| Source review | Can an analyst check the supporting lease, rent roll or financial statement for a disputed input? |
| Team workflow | How are access, revisions, review status and shared work handled in the edition being purchased? |
| Deliverables | Does the recipient accept the actual file produced, in the version they use? |
| Migration | Which inputs transfer, which require review and which need to be rebuilt? |
These are evaluation questions, not claims that ARGUS or another product lacks a feature. Ask the vendor to demonstrate each requirement.
Where Moraine fits
Moraine combines acquisition underwriting and diligence for office, retail and industrial properties. A team can build an editable DCF from deal documents, test scenarios and sensitivities, review lease abstracts and compare financials with the underwriting. Source references help reviewers check extracted terms and findings.
For teams receiving broker models, Moraine’s report-import workflow accepts supported ARGUS Enterprise Excel report packages that the user is authorized to upload and process. The result is a separate Moraine model that needs review. Importing spreadsheet reports does not establish native-file compatibility, calculation equivalence or a lossless round trip.
Moraine also exports XLSX reports for spreadsheet review. Confirm the recipient’s required format before treating those reports as a substitute for a requested native model. See the report-import workflow and Moraine vs. ARGUS Enterprise for the specific evaluation steps.
How to make the decision
- Write down the required output. Include the file type, recipient and review process.
- Use a representative deal. Include the lease and recovery terms that are difficult for your team.
- Check the work. Reconcile inputs and cash flows, document unresolved differences and measure review time.
- Compare the full workflow and quote. Include onboarding, document review, modeling and delivery.
If your counterparty requires ARGUS-native deliverables, preserve a workflow that meets that requirement. If your goal is to review more acquisitions and their supporting documents, evaluate Moraine on the time and effort required to reach a reviewed investment case.
See Moraine’s underwriting and diligence workflow →