How can a broker build a BOV without ARGUS?

Build the underwriting from the seller's rent roll and operating statement in Moraine. It produces a 10-year DCF with lease-level rent steps, recoveries, and rollover, lets you test pricing with scenarios and a sensitivity grid, and exports an XLSX workbook with your logo and house style. It supports office, retail, and industrial.

Do I need an OM to use Moraine?

No. The Rent roll + statement path builds from exactly one current rent roll and one operating statement, which is the right starting point when you are the broker producing the OM rather than reading one.

Can Moraine produce the formatted BOV book?

No. Every export is an XLSX workbook, not a PDF. You take the workbook's valuation, cash flow, and lease tables into your own BOV template.

Will the numbers hold up when buyers underwrite the deal?

Every extracted value links to its source page, and the model flags anything it had to default or infer. Buyers will still run their own diligence, but you will know where your pricing rests on assumptions rather than leases before they do.

What does Moraine cost for a brokerage team?

Individual is $300 per month, month-to-month, for unlimited models, scenarios, Excel exports, the full report catalog, and the modeling agent, after a free 14-day evaluation. Team starts at $1,500 per month for five users, with shared seats and centralized billing.

Can Moraine value a multifamily listing?

No. Moraine supports office, retail, and industrial only.

Build a BOV From a Rent Roll and T-12 Without ARGUS

Short answer: if you are an investment sales or advisory broker who needs pricing guidance or a BOV on an office, retail, or industrial listing and you don’t have an ARGUS analyst on call, Moraine builds the underlying DCF from the seller’s rent roll and operating statement, with every lease-level number linked to its source, then exports a workbook with your logo and house style. Individual is $300 per month after a free 14-day evaluation (no card, no automatic charge). Honest limit: the export is XLSX, not a formatted BOV book, so the presentation layer stays in your template.

Why this is the broker’s bottleneck

A BOV is a pitch with a model underneath it. The pitch is yours; the model is where time disappears. Somebody has to type the rent roll, build the recovery structure, set market leasing assumptions for the rollover, and run pricing at a few cap rates, all before you know whether you’re in the running for the listing.

On bigger teams that’s an analyst with an ARGUS seat. On smaller ones it’s the broker at night. And if the model is loose, the cost shows up later: a buyer’s diligence finds the below-market renewal option you didn’t price, and the deal re-trades.

Who this is for, and who it isn’t

This is for you if:

You are an investment sales broker, advisory director, or deal manager building BOVs or pricing guidance on office, retail, or industrial properties.
You have the seller’s rent roll and a T-12 or operating statement, but no OM yet, because you are the one producing it.
You want a model buyers can’t easily poke holes in, with the lease evidence behind each number.

This isn’t for you if:

The listing is multifamily, hotel, self-storage, or single-family.
You need a finished, formatted PDF BOV out of the tool. Every export is XLSX.
Several people on the team need to edit the same model live. There is no live multi-user editing.

The workflow, step by step

1. Build from the seller’s documents. On the Acquisition pipeline, click Rent roll + statement. Upload 1. Current rent roll (PDF, Excel, or CSV) and 2. Operating statement (T-12, trailing-period statement, current year, or budget). The property name is inferred from the rent roll filename if you leave it blank. Click Build model; it takes a few minutes, and Moraine keeps the page, sheet, and cell evidence from both files.

2. Clean the intake. The intake report shows the census (rent roll rows, MLAs, recovery pools, expense lines), tie-outs against the documents’ stated figures (extracted rent, reconstructed recoveries, NOI), and open items with Jump links. Where a lease’s status isn’t stated, you get an open item rather than a silent assumption. That’s the question the buyer will ask too.

3. Set the leasing story. On Rent Roll (⌘3), check each tenant’s rent steps and options; click an options chip to expand renewal terms. Every lease that can roll needs an assigned MLA; an unassigned vacant suite models $0 forever, and the MLA assigned stat catches it. If your shop has house leasing assumptions for a market, save them as a firm preset and apply them on the next listing.

4. Price it. On Assumptions (⌘1), set the exit cap, hold, growth, and vacancy you’d defend. Scenarios lets you duplicate Base into a buyer-conservative case and an aggressive case and read the spread. Sensitivity gives a two-axis grid where every cell is a full engine run, so you can see where pricing breaks.

5. Pull the tables a BOV needs. In Export, compose a package: Deal Snapshot, Valuation & Returns (DCF value, NPV, going-in and exit caps), Annual Cash Flow, Rent Roll, Lease Expiration Schedule, Expiring Rent vs. Market (how much upside is in the rollover), and Tenancy Summary.

6. Brand it and save the package. Report Controls sets house style, palette, logo, title page, and footer. Save the package and mark it Default so the next BOV starts from it. Click Export Workbook, then carry the tables into your BOV template.

Pricing, integrations, and limits that apply

Trial: 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.
Individual: $300 per month for unlimited underwriting models, scenarios, Excel exports, the full report catalog, and the modeling agent. Month-to-month.
Team: from $1,500/month for five users, with shared seats, centralized billing, and standard onboarding.
Institutional: from $75,000/year for up to 10 users, unlimited first-pass underwriting, 15 diligence transactions, guided onboarding, and two legacy-model conversions. Enterprise: custom annual pricing, including SSO/SAML.
Integrations: XLSX exports drop into existing ARGUS, Excel, and presentation templates. Imports ARGUS Enterprise Excel report exports if the seller has a prior ARGUS model. No native Yardi or MRI connectors; data moves through Excel.
Limits: office, retail, and industrial only. Underwriting exports are XLSX, not PDF. No live multi-user editing. Moraine will not infer lease status the documents don’t state. A qualified underwriter should still review open items, recoveries, and return assumptions.
Security: seller documents are never used to train Moraine’s or third-party models; each firm’s data is isolated at the database level.

How this compares

ARGUS with an in-house analyst. The institutional standard, and what many buyers will run on your listing. It needs a seat, training, and hours of manual entry per property. Moraine gets you to a defensible model from the documents faster; if a buyer asks for ARGUS-compatible cash flows, the Monthly Cash Flow workbook is designed to paste into ARGUS.

An Excel BOV template. Fast for simple single-tenant deals. For multi-tenant properties, the recovery and rollover logic is where templates quietly break, and there’s no link back to the lease.

Outsourced BOV support. Adds capacity at a per-project cost and turnaround. Moraine keeps the model in-house, where you can re-price the same afternoon the seller sends an updated rent roll.

Price the next listing from the rent roll

Build one pitch on the trial and compare it to your last manual BOV.

Start a free trial → 14 days of unlimited underwriting with Excel exports, starting when the first usable model is ready. No card, no automatic charge.