Apers for Industrial & Logistics
Industrial underwriting that starts with the building, not the lease.
Apers is the AI system for industrial real estate underwriting — tying clear height, dock count, and power capacity to rent assumptions, because the building specs determine the value.
Your Excel template treats every warehouse the same
Your fund closed 8 industrial deals last year. You're looking at 30 this year. The pipeline is a mix of single-tenant NNN warehouses, multi-tenant distribution centers, cold storage conversions, and last-mile flex facilities. Each has different operating characteristics — but your Excel template treats them all like the same box.
In industrial, the building is the underwriting. Clear height, column spacing, dock configuration, truck court depth, power capacity — these aren't footnotes, they're the assumptions that determine rent per square foot and tenant demand. A 36-foot clear warehouse commands a different rent than a 28-foot clear building in the same submarket. Your model doesn't capture that. The appraisal does, buried on page 47.
E-commerce penetration rates, nearshoring trends, cold chain demand — the macro story drives industrial tenant demand in ways that don't apply to other asset classes. When your single tenant's lease rolls in 4 years, the renewal probability isn't a generic 70% assumption. It depends on whether the building fits the tenant's logistics network. Modeling that requires understanding the tenant's operations, not just their lease terms.
Industrial is the simplest asset class to operate and the most nuanced to underwrite correctly. The deals that generate outsized returns are the ones where the buyer understood the building's functional utility — not just its rent roll. Apers models industrial assets the way industrial investors think about them.
What changes with Apers
Clear height, dock count, power — in the model
Physical characteristics extracted from the appraisal and mapped to rent assumptions. 36' clear vs 28' clear isn't a footnote — it's a rent differential that flows through the entire cash flow. Apers captures the building specs that determine tenant demand and achievable rent.
Single-tenant NNN to multi-tenant gross
NNN with annual bumps, modified gross with expense stops, multi-tenant with staggered lease rolls. Each tenant's lease structure modeled individually. Renewal probability tied to building functionality, not a blanket assumption.
Model the demand drivers, not just the lease
Absorption tied to e-commerce penetration, nearshoring activity, and cold chain expansion in the submarket. Sensitivity analysis that connects macro logistics trends to your specific building's tenant demand and achievable rent growth.
From appraisal to model automatically
Upload the appraisal, environmental report, and lease abstracts. Apers extracts building specs, tenant terms, and operating expenses. The clear height is on page 47 of the appraisal — Apers finds it and puts it in the model.
A deal, start to finish
A 400,000 SF multi-tenant distribution center in the Inland Empire. 3 tenants, staggered lease expirations. 32' clear height, 40 dock doors. $68M acquisition.
Upload the documents
Appraisal, lease abstracts for all 3 tenants, and the T-12. Apers extracts building specs — clear height, dock configuration, truck court depth, power capacity — alongside tenant terms and operating expenses.
Tenant-by-tenant model built
Each tenant modeled individually: NNN lease structures with annual escalations, expense recovery terms, and renewal probability tied to building functionality fit. Market rent assumptions calibrated to the building's physical specifications.
Rollover scenarios modeled
Tenant A (150,000 SF, expires Year 2) — 75% renewal probability, 6-month downtime if vacated, TI at $5/SF. Tenant B (120,000 SF, expires Year 4) — renewal at market with 3% bumps. Tenant C (130,000 SF, expires Year 7) — hold-period exit risk assessment.
E-commerce sensitivity analysis
Rent growth and absorption scenarios tied to Inland Empire logistics demand — e-commerce penetration at 22%, 25%, and 28%. Nearshoring impact on tenant demand. Cold chain expansion driving specialized space premiums.
IC-ready output
Excel model with building spec summary, tenant-by-tenant cash flow, rollover scenarios, e-commerce sensitivity, debt sizing, and return analysis. Every building spec traces to the appraisal page number.
Models built for industrial
A growing collection for every industrial strategy — from credit-tenant NNN to multi-tenant distribution.
Pocket Model: Industrial Warehouse
Single-sheet screener for NNN or multi-tenant industrial. Rapid credit and lease assessment on one page.
Industrial Warehouse / Distribution Center
Cash flow model for modern logistics facilities — single-tenant NNN and multi-tenant flex/distribution with building spec integration.
Single-Tenant NNN Lease Model
Simplified model for credit tenant triple-net lease properties with lease term valuation and renewal analysis.
Ground-Up Development Pro Forma
Development model from land acquisition through construction, lease-up, and stabilization for new industrial facilities.
Frequently Asked Questions
Does Apers model building specs like clear height and dock count?
Yes. Apers ties physical building characteristics — clear height, column spacing, dock configuration, truck court depth, and power capacity — directly to rent assumptions and tenant demand modeling. A 36-foot clear warehouse is underwritten differently from a 28-foot clear building in the same submarket.
Can Apers handle single-tenant NNN and multi-tenant industrial deals?
Yes. The Model Collection includes templates for single-tenant NNN warehouses, multi-tenant distribution centers, and flex facilities. Each handles the lease structure specific to the tenant type — NNN with annual escalations, modified gross, or percentage rent on flex space.
How does Apers model cold storage and specialty industrial?
Cold storage conversions and specialty facilities have different operating cost profiles — higher power consumption, specialized HVAC, and different maintenance reserves. Apers models these operating characteristics at the facility level rather than applying generic industrial assumptions.
Does Apers factor in e-commerce and logistics demand trends?
The models account for tenant demand drivers specific to industrial — e-commerce penetration, nearshoring trends, and supply chain reconfiguration. Renewal probability isn't a generic assumption; it reflects whether the building fits the tenant's logistics network.