After posting the construction draw module a few weeks back that demonstrates how to calculate the true LTC of a development loan, I decided that since we have yet to publish a condo development model, to build upon that module to create one. This condominium model has a lot of really great functionality that will allow the user to get a solid understanding of the financial feasibility of their for-sale condominium project.

The goal, as with all my models, was to make it powerful and comprehensive, while being as simple and user friendly as possible. The model includes five, easy to navigate tabs: 1) Summary, 2) Inputs, 3) Budget, 4) Cash Flow, and 5) Custom Cash Flow.

What’s In The Condo Model and How to Use It – A Brief Tab By Tab Overview


1) The Summary Tab

The summary tab contains all of the high level relevant information for review and is designed to be easy to read, print, and save to pdf. It includes general info, a sources and uses summary, square footage and unit info, timing, dollar per sellable square foot analysis, and unlevered and levered project level returns.

What the User Needs to Do in This Tab

Input name, address, and project start date

2) The Inputs Tab

The Inputs tab contains workboxes for 1) timing of sales, 2) unit programming, 3) a stacking plan, 4) pre-sales expense calculations for calculating tax payments and HOA fees before sellout, and 5) financing assumptions.
There is a dialogue box next to the financing assumption box that will walk you step-by-step through how this works. If you’d like a deeper understanding of the mechanics around the financing function, please see the True LTC post and video here.

3) The Budget Tab

The budget tab gives you the ability to create up to six  main budget categories with 27 sub line items each. As you fill out the Budget Inputs section, the budget to the left will auto populate and auto-format and the main budget categories will shift up or down within the budget as line items are added. What’s great about this is that new items can be added to the budget under any category at any time and the user will not need to continuously reformat the page when they remember a budget line item they need to include.

4) The Cash Flow Tab (‘CF’ in the model)

This tab contains the construction cash flow, unlevered cash flow, levered cash flow, and the equity and debt draw schedule. This tab is where you will also control the timing of the cash flow for each budget sub line item.

What the User Needs To Do In This Tab

On the left hand side between rows 7 and 186 you will see each budget category group has been grouped and hidden. Open each section to see the line items and set the timing and bell curve of the cash flow. Please see the video for more thorough instructions and a demonstration of the functionality. If you have been working with one of Spencer’s previous development models, this should be somewhat familiar to you.

5) Custom Cash Flow (‘CustCF’)

When you open the budget groups in the CF tab and select ‘Custom’ for a line item, come to this tab, open up the category group using the box with the ‘+’ sign in it on the left and look for the row highlighted in green. Fill in the custom cash flow to the right in the blue field.

Guts of the model

In many of my models posted on the site, the columns and rows that hold the mechanics of the model or are blank are hidden for aesthetic purposes. If you would like to see these areas to gain an understanding of how things are working in the background, you can simply unhide the cells to review. If you don’t know how to do this, you can click on the light gray arrow in the top left between the column A and row 1 labels or press Ctrl+A and go to Home>Cells>Format>Hide&Unhide>Unhide Rows. Repeat and Unhide Columns.

Video – Summary of the Condo Model

Download The Model

To make this model accessible to everyone, it is offered on a "Pay What You're Able" basis with no minimum (enter $0 if you'd like) or maximum (your support helps keep the content coming - typical real estate models sell for $100 - $300 each). Just enter a price together with an email address to send the download link to, and then click 'Continue'. If you have any questions about our "Pay What You're Able" program or why we offer our models on this basis, please reach out to either Mike or Spencer.

Note (especially for Gmail users): The model is sent via email and occasionally is blocked by spam filters. If you don't see the email arrive within five minutes, check your spam folder.

Condo Development Model

  • Underwrite a condominium development project
  • Comprehensive model with five tabs:  1) Summary, 2) Inputs, 3) Budget, 4) Cash Flow, and 5) Custom Cash Flow.


I agree with the Terms & Conditions.
By providing your email address and clicking continue, you agree to the Adventures in CRE privacy policy and cookies policy . will not sell or distribute your email address to third parties, but you understand and/or its direct affiliates may email you from time to time including an initial email containing a link to download the aforementioned Excel file.

This Excel file (the "software") is distributed as is, completely without warranty or service support. and its authors are not liable for the condition or performance of the software. owns the copyright and grants users a perpetual, irrevocable, worldwide, non-exclusive, royalty-free license with respect to the software as set forth below. and its authors hereby disclaim all implied warranties. grants the users the right to modify, copy, and redistribute the software and documentation, both within the user's organization and externally, subject to the following restrictions:

1. The users agree not to charge others for use of the software, regardless of whether users have altered and/or improved the software in anyway.
2. In any use of the software, the users agree to acknowledge the authors that developed the software.
3. The users agree to obey all government restrictions governing redistribution or export of the software.
4. The users agree to reproduce any copyright notice which appears on the software and documentation on any copy or modification of such made available to others.


About the Author: Michael Belasco has over eight years of real estate and construction experience. He currently works for a global real estate investment, development, and asset management firm in San Francisco managing large scale development projects in the city. Michael has both an MBA and Master in Real Estate with a concentration in Real Estate Finance from Cornell University.