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Apartment Valuation Tutorial Using the Real Estate Acquisition Model

I promised a how-to video for my real estate apartment acquisition model, and so I thought I’d use an actual property to do so. I grabbed a property from Loopnet that is currently for sale, and dropped the information from the listing into the model. I’m not at all familiar with the property or the sub-market, and thus many of the assumptions are made up. So take the resulting value with a big grain of salt. Nevertheless, the exercise should be more interesting and valuable this way than how I’ve done previous tutorial videos where I’ve simply walked you through the inputs and mechanics of the model.

Download the Excel Model

A few quick notes:

  1. This multifamily financial model includes 15 tabs, of which three are input tabs, four are output tabs, two are organization tabs, and six are calculation module tabs.
  2. The model allows for up to 34 unit types.
  3. The debt module is not overly sophisticated, only allowing for senior debt and not displaying monthly amortization. If you need a more complex debt module, try our advanced real estate amortization table.

If you have any questions, comments, or requests, please don’t hesitate to contact me. I do my best to respond to every inquiry and as promptly as my schedule permits. Happy modeling!


Frequently Asked Questions about the Apartment Valuation Tutorial Using the Real Estate Acquisition Model

The tutorial demonstrates how to use the A.CRE Real Estate Acquisition Model to value a multifamily property by inputting real listing data (sourced from LoopNet) into the Excel model. It walks through the valuation process with a real example, making it more practical than generic walkthroughs.

The valuation is not meant to be precise. The author explicitly states that many assumptions are fabricated, and he is unfamiliar with the property or submarket. The tutorial’s purpose is educational, showing the model’s functionality, not providing an actual valuation.

The multifamily acquisition model supports up to 34 unit types, making it suitable for properties with diverse unit mixes.

There are 15 tabs total in the model:

3 input tabs

4 output tabs

2 organization tabs

6 calculation module tabs
This structure helps users efficiently navigate inputs, outputs, and behind-the-scenes calculations.

No. The debt module is not overly sophisticated—it supports only senior debt and does not show monthly amortization. For more complex debt modeling, users are encouraged to try the Advanced Real Estate Amortization Table.

The Excel model can be downloaded via the link provided in the tutorial. Look for the “Download the Excel Model” section near the top of the post.

Yes, but with caution. While the model is functional for first-pass underwriting, the author notes it is not as robust as more advanced models and lacks detailed debt features. For sophisticated analyses, users should consider other tools like the A.CRE All-in-One model.

The author welcomes questions, comments, and requests. Users are encouraged to contact him directly through the information provided in the tutorial. He tries to respond to all inquiries promptly.


About the Author: Spencer Burton is Co-Founder and CEO of CRE Agents, an AI-powered platform training digital coworkers for commercial real estate. He has 20+ years of CRE experience and has underwritten over $30 billion in real estate across top institutional firms.

Spencer also co-founded Adventures in CRE, served as President at Stablewood, and holds a BS in International Affairs from Florida State University and a Masters in Real Estate Finance from Cornell University.