Commercial real estate underwriting: a buyer's reference
ARGUS Enterprise is now part of ARGUS Intelligence: the renewal question people search Reddit for
Why this page mentions Reddit. People add "reddit" to a search like this because they want an answer from someone with nothing to sell them. We do have something to sell, and we say so plainly below. We also did not read Reddit while writing this and we quote no post, user or thread. What follows is the straight answer to the question you were actually asking, with our conflict of interest stated up front and every vendor claim linked to the page we read it on.
Disclosure: this page is published by Altyst, which makes commercial real estate underwriting software and is one of the tools discussed below. Altyst is not affiliated with, endorsed by, or sponsored by Altus Group, ARGUS, or Reddit. Everything attributed to a vendor below was read on that vendor's own public pages on 16 September 2026, and the pages are listed at the end.
Two separate things are happening, and they get conflated. First, Altus Group now sells ARGUS Enterprise inside the ARGUS Intelligence Platform subscription, priced by tiers that scale with your business rather than by user count. Second, Altus has published a dated technical transition for existing ARGUS Enterprise accounts, covering user administration, how the application is launched, and which versions keep working. The first changes what you negotiate at renewal. The second has deadlines that apply whether or not you renew. Check your own situation against Altus's own support page rather than against a summary like this one.
What Altus Group publishes about the bundle
On the ARGUS Enterprise product page, a section heading reads "ARGUS Enterprise, now part of ARGUS Intelligence Platform," and the page's own pricing answer says that every tiered, asset-based subscription to ARGUS Intelligence Platform includes ARGUS Enterprise alongside ARGUS Asset Manager, ARGUS Portfolio Manager and ARGUS Assist. On price it says only that pricing is "flexible, tiered and scales with your business," and asks you to contact Altus. No figure and no tier table is published.
The ARGUS Intelligence Platform page adds detail that matters at renewal:
- Asset Manager, Portfolio Manager and Assist are included as standard for every platform customer on tiered asset-based pricing, alongside access to ARGUS Enterprise for DCF and traditional valuation methods.
- ARGUS Benchmark Manager is not in that standard set. Altus's page describes it as available as an add-on.
- Tiers scale with your business rather than with the number of users, and Altus states that seats are unlimited.
- There is an exception to that. Altus says brokers and service providers can retain a seat-based model, with ARGUS Assist credits allocated per seat.
Altus describes the modules briefly: Asset Manager connects ARGUS Enterprise models to real-time performance data, Portfolio Manager is positioned around performance and risk across a portfolio, Assist is AI-powered chat to query, update and analyse a model, and Benchmark Manager turns platform data into portfolio-to-market benchmarking. Altus also calls ARGUS Enterprise the industry standard for property valuation, cash flow forecasting, budgeting and reporting. That is the vendor's own characterisation, not a measured market share.
The dates Altus publishes
Altus runs a support page headed "ARGUS Enterprise - 2026 platform updates," reached from an "action may be required" banner across the ARGUS site. It is worth reading in full, because the actions differ by how your organisation uses the product. The published milestones:
| Your situation | What Altus says happens | Date |
|---|---|---|
| You administer ARGUS Enterprise user accounts | User administration for ARGUS Enterprise moves into ARGUS Intelligence Platform; verify your admin access there | From May 2026 |
| ARGUS Enterprise is installed on a computer | ARGUS Intelligence Platform authentication becomes mandatory to connect to the database; Altus names AE 14.5.0.930 or AE 15.0.1.1170 as the versions required first | January 2027, with May to June 2026 recommended |
| You launch ARGUS Enterprise via ARGUS Cloud and Citrix | Browser launch from ARGUS Intelligence Platform becomes available in September 2026; Citrix access then ends | October 2026 |
| You are on ARGUS Enterprise version 13 | Support ended 15 May 2026; Altus says the product will be removed from ARGUS Cloud by 31 December 2026 and that access to version 13 on ARGUS Cloud is permanently discontinued from 1 January 2027 | 31 December 2026 |
| You also run ARGUS Developer or ARGUS Taliance | Altus says it plans to migrate both to ARGUS Intelligence Platform, on a different timeline from ARGUS Enterprise | Not published |
Two readings of this are wrong. It is not the retirement of ARGUS Enterprise: Altus's stated upgrade path is to ARGUS Enterprise version 14 or 15 inside the platform, and it says data, models and workflows are unchanged. Nor is it something you can ignore because you are mid-term. The version 13 and authentication dates are about access to your own data, not about your commercial agreement.
As of 16 September 2026, the May 2026 milestones have already passed and the Citrix retirement is next.
What the bundling does not mean
- ARGUS Enterprise is not discontinued. Altus sells it, supports versions 14 and 15, and positions the platform as including it.
- Bundling is not automatically a price increase. What changed is what you are buying, which is a separate question from whether the number went up. Compare like for like before you argue about either.
- There is no public ARGUS price. Altus publishes none. Treat any figure you see quoted anywhere else as unverified until it appears in your own quote.
Why your renewal is now a bundle negotiation
The unit of purchase changed. You used to buy a modeling product. You now subscribe to a platform that contains it, and modules that were once a separate decision are in the base.
The price driver changed. Altus states that tiers scale with the business rather than with the number of users, and that seats are unlimited. That is a real change in how you model your own cost: adding people no longer moves the number, and growing the portfolio does. If you are a broker or service provider, ask about the seat-based model Altus says remains available to you.
The scope changed. You are also getting an asset management module, a portfolio module and an AI assistant. Each needs an internal owner if it is going to be used, and the AI features are the kind of thing a security or data-handling review covers, if your firm runs one. Procurement and IT may want to see this renewal even if they skipped the last one.
Questions to ask Altus at renewal
Ask for written answers, not reassurance.
- Is standalone ARGUS Enterprise still available to us, or only inside the platform subscription? Put the answer on the order form.
- What defines a tier: asset count, units, square footage, AUM or entities? How is an asset counted, and when does a sold asset leave the count?
- Show the tier table, not one price. What do we pay at today's count, at plus 25 percent, and at plus 50 percent?
- If we cross a tier mid-term, is it a true-up invoice, a repricing at renewal, or a hard block?
- Seats are described as unlimited. Confirm that in the agreement, and confirm whether the seat-based broker and service provider model applies to us.
- Is Benchmark Manager in our tier or priced as an add-on, and at what?
- Is ARGUS Assist usage included, metered or capped, and what happens at the cap? Altus mentions Assist credits allocated per seat in the seat-based model, so ask how credits work in ours.
- For the AI features, where does our model data go, is it used for training, and can we disable them without losing the rest?
- What is the renewal uplift cap for years two and three, as a percentage, in writing?
- On termination, can we still open historic models, and in what format can we export them?
- What is the non-renewal notice period, and does the agreement auto-renew?
- Which of the published 2026 and 2027 transition steps apply to us, what does Altus do, and what do we do?
Question 11 is worth looking up before the meeting. Whether your agreement auto-renews, and how much notice it needs, is in your own contract. Find that clause and diary the date rather than taking a number from a page like this one.
Working out whether you need the whole bundle
Count three numbers first.
- Seats in real use. How many people opened ARGUS in a normal month, not how many licenses you hold. Note that this matters less than it used to if seats are genuinely unlimited on your tier.
- Externally required deliverables. How many outputs last year had to be in ARGUS form for a lender, LP, appraiser or auditor? This decides everything. If it is high, you are buying a format your counterparties require, not just a calculator, and nothing else substitutes.
- Assets nobody models. Stabilized holds that sit in the asset count but generate one model a year are the expensive part of an asset-based tier.
| Your situation | Reasonable stance |
|---|---|
| Your counterparties require native ARGUS files | Keep the platform. Negotiate the tier, the uplift cap and the notice period. |
| Office, retail or industrial, lease-by-lease, complex recoveries | Keep the modeling engine. Ask what the lowest tier that covers your asset count includes. |
| Stabilized portfolio, few models a year, no external ARGUS requirement | Price the lowest tier, and price a lighter tool for day to day work, before you renew as-is. |
| Most hours go to screening deals you never buy | Screen somewhere cheaper. Reserve ARGUS for deals that reach a lender or investment committee. |
| Multifamily-heavy | ARGUS handles multifamily, but much of what you pay for is commercial lease-by-lease and recovery logic. Ask yourself how much of it you use, then check number 2 before acting on the answer. |
| One or two deals a month, strong Excel skills on the team | A maintained template can be cheaper than any subscription and is fully auditable. Adding a tool is not automatically the answer. |
| Development-heavy | ARGUS Developer, ARGUS EstateMaster and ARGUS Taliance are separately named products, and Altus says Developer and Taliance move to the platform on their own timeline. Confirm what your quote covers. |
If the bundle is more than you need
There is no single replacement, because ARGUS does several jobs. What follows is each vendor's own description of its product, read on that vendor's site, with the thing you should check yourself. None of it is a test result. If your counterparties require a native ARGUS file, ask each vendor in writing whether its tool can produce one, because reading an ARGUS file and writing one are different things.
| Tool | How the vendor describes it | What to check yourself |
|---|---|---|
| ARGUS Enterprise inside ARGUS Intelligence | Property cash flow modeling, valuations and yield analysis, budgeting and forecasting, scenario and risk management. Altus calls it the industry standard for that work | No published price. The tier, the add-ons and the uplift are all negotiated |
| Rockport VAL | Cloud-based CRE valuation software with lease-by-lease modeling and recoveries, across office, retail, industrial, multifamily, hospitality and mixed-use | No price figures on its product page; you contact sales. Rockport does say pricing is transparent and predictable, so ask for that in writing |
| U-Rite | Modeling in an Excel-based interface with cloud calculation, positioned as an ARGUS alternative. U-Rite publishes plan pricing, including a free tier, and runs a page headed "Unlock any Argus file instantly into U-Rite" | Test that ARGUS import claim on your own files before it influences a decision. The model still lives in a workbook, so version control stays your problem |
| redIQ, becoming Radix Underwriting | redIQ says Radix acquired it and that the cutover to Radix Underwriting is coming soon. Described as multifamily underwriting with scenario stress-testing, rehab and repositioning analysis, forecasting and Excel-ready exports | Multifamily. Confirm what the rebrand changes for your account, and confirm depth on your waterfall |
| Archer | Underwriting automation and pipeline tracking, with rent roll and T12 parsing into your own model | Multifamily. No figures published; the pricing page offers a custom proposal |
| AcquiOS | Turns offering memorandums, T-12s and rent rolls into models in your own Excel template, with assumptions checked against market comps | No figures published; plans are quoted. The output is your template, so the quality ceiling is your template |
| Apers | Reads deal documents, including rent rolls, T-12s and ARGUS exports, and builds Excel models; institutional positioning | Apers publishes plan pricing, including a free start. Check the credit limits against your deal volume |
| IntellCRE | Positions itself as AI-powered CRE marketing, and also lists automated underwriting from rent rolls, T-12s and operating statements across many property types | Decide whether you want the marketing and listing side at all |
| Altyst | Reads an offering memorandum, rent roll, T-12, lease or listing link and builds an editable model. Pricing is published. Our own product, described in full below | New in 2026 and small. No free tier or trial |
| A maintained Excel template | Cheap, transparent, and every formula is inspectable | You own maintenance, version control and audit risk forever |
| General ChatGPT or Claude workflows | Reading documents, sanity checks and drafting, cheap and flexible | Unless you have it produce a spreadsheet you can open, you get an answer rather than a model, with no cells to audit and nothing to hand a reviewer |
Dealpath and Juniper Square come up in the same conversations but solve different problems. Dealpath describes itself as an operating system for real estate investing focused on pipeline, deal execution and reporting. Juniper Square describes itself as a fund operating system covering fund administration, investor reporting and investor relations. Neither is a replacement for property-level cash flow modeling.
Where Altyst fits, and where it does not
Altyst is commercial real estate underwriting software. Give it an offering memorandum, rent roll, T-12, lease PDF or a pasted listing link and it extracts the figures and builds a live, editable model. The calculation engine is deterministic and the AI does extraction, not arithmetic. Extraction can misread a scan or an unusual layout, so every extracted figure is editable and should be checked against the source document before you rely on the model.
Coverage includes unit and tenant-level rent roll, T-12 normalisation, growth and vacancy, lease rollover with TI and leasing commissions, debt sizing, equity waterfall, DCF, IRR, equity multiple, DSCR, cash-on-cash, exit, scenarios and sensitivity tables, across multifamily, office, retail, industrial, self-storage, hotel, medical office, mixed-use, land and ground-up development. Exports are Excel, PDF and PowerPoint. Pricing is public: Individual $12 a month for 5 deals and $4 for each extra deal, Professional $24 for 15 deals and $3 for each extra, Team $99 for 75 deals across 5 seats and $3 for each extra.
The limits decide whether it is relevant to you. Altyst is new in 2026, bootstrapped and small. There is no free tier and no free trial. It cannot open or produce an ARGUS file, so if your counterparties require one, Altyst does not solve that. It does no property management, lease administration, CRM, brokerage listings or debt origination, and it is not a portfolio, fund or benchmarking system, which is what the surrounding ARGUS Intelligence modules are for, on Altus's own description of them.
The honest use case is the front of the funnel: deals you screen and pass on, where a platform rate per model is hard to justify, with ARGUS kept for deals that reach a lender or investment committee. If your answer to number 2 above was "nearly all of them," stay on ARGUS.
Free, no account needed: calculators, embeddable calculators, a free multifamily Excel model and a glossary. Questions: hello@altyst.ai.
Frequently asked questions
Is ARGUS Enterprise being discontinued?
No. Altus Group sells it inside the ARGUS Intelligence Platform and its published upgrade path is to ARGUS Enterprise version 14 or 15. What is being retired is version 13 and the older ways of logging in and launching the application, not the product.
Is there a migration deadline?
Yes, and Altus publishes dates on its ARGUS Enterprise 2026 platform updates support page. User administration moves into ARGUS Intelligence Platform from May 2026. Browser launch replaces Citrix, with Citrix access ending in October 2026. Support for version 13 ended on 15 May 2026, and Altus says version 13 is removed from ARGUS Cloud by 31 December 2026. ARGUS Intelligence Platform authentication becomes mandatory to connect to the database in January 2027. Check that page for your own situation, because the required action differs.
Can I still buy ARGUS Enterprise on its own?
Altus Group's public pages describe it as included in tiered platform subscriptions and do not advertise a standalone purchase. Whether one is available to your organisation is a question for your account team, and the answer belongs on the order form.
How much does ARGUS Intelligence cost?
Altus publishes no figure, saying only that pricing is flexible, tiered and scales with your business. It does say tiers scale with the business rather than with the number of users, that seats are unlimited, and that brokers and service providers can keep a seat-based model with ARGUS Assist credits allocated per seat. Ask for the tier table rather than a single number.
Is everything in the platform included?
Altus's platform page says Asset Manager, Portfolio Manager and Assist are included as standard, alongside access to ARGUS Enterprise. It describes Benchmark Manager as an add-on. Get the inclusion list, and the price of anything outside it, on the order form.
What are the alternatives if the bundle is too much?
There is no single replacement. Rockport VAL is cloud-based valuation software covering the same lease-level work, U-Rite runs modeling in an Excel-based interface, redIQ, which is becoming Radix Underwriting, and Archer are multifamily-focused, AcquiOS and Apers build models from deal documents, Dealpath handles pipeline and Juniper Square handles fund administration, a maintained Excel template is cheap and transparent if you accept the upkeep, and Altyst does first-pass underwriting from documents. The deciding question is usually whether your counterparties require a native ARGUS file. If they do, ask each vendor in writing whether its tool can produce one before you change anything.
Sources
All fetched 16 September 2026.
- Altus Group, ARGUS Enterprise: altusgroup.com/solutions/argus-enterprise/
- Altus Group, ARGUS Intelligence Platform: altusgroup.com/solutions/argus-intelligence/
- Altus Group, ARGUS Enterprise 2026 platform updates: altusgroup.com/support/argus-enterprise-platform-updates/
- Altus Group, ARGUS product index: altusgroup.com/argus/
- Rockport VAL: therockportgroup.com/products/rockport-val
- U-Rite: u-rite.com, u-rite.com/argus-compatibility, u-rite.com/pricing
- redIQ: rediq.com
- Archer: archer.re, archer.re/pricing
- AcquiOS: acquios.ai, acquios.ai/pricing
- Apers: apers.app, apers.app/pricing
- IntellCRE: intellcre.com
- Dealpath: dealpath.com
- Juniper Square: junipersquare.com
A note on sources. We tried to review public discussion threads for this page. Reddit's public endpoints returned access errors on every attempt, so nothing here is drawn from forum posts, and no forum claim is repeated. We describe a tool only where we could load that company's own site; where a site blocked automated access, we left the claim out rather than guess. Vendor descriptions are what the vendor says about itself. We have not benchmarked these products against each other, and you should not treat this table as a test.