All 120
All 120 /General 0 /Value-Add 15 /Market News 0 /Standalone 30 /Acquisition 24 /RE Education 0 /Net Lease 0 /Careers 0 /Excel Tips 0 /Real Estate Financial Modeling 0 /Excel Models 0 /Argus 0 /Interesting Deals 0 /Leases 0 /Interviews 0 /Hotel 9 /Portfolio 2 /Apartment 14 /Office 11 /Retail 12 /Industrial 12 /Single Family 7 /Tutorial 44 /Equity Waterfall 15 /Modules 34 /Excel Add-ins 8 /Graduate Education 0 /Real Estate Taxes 0 /Stochastic Modeling 0 /Investment Analysis 0 /Masters in Real Estate Profiles 0 /Development 21 /Basics 0 /Compensation Statistics 0 /Crowdfunding 0 /Asset Management 4 /Land Development 9 /Building SF 0 /Debt 10 /Special Topics 0 /A.CRE All-in-One (Ai1) Model 18 /Ai1 Tutorials 0 /Resume 0 /Book Reviews 0 /Condo 5 /Jobs 0 /A.CRE Job Board 0 /Tutorials 0 /Ai1 Download 0 /Back Of The Envelope 0 /Real Estate Mental Math 0 /MBA in Real Estate 0 /Role Types 0 /A.CRE 101 - Basic Concepts in Commercial Real Estate 0 /Watch Me Build 0 /CRE Vocabulary 0 /Deep Dive 0 /Sources of Capital 0 /Real Estate Private Equity 0 /Development 0 /self storage 0 /Land 0 /Real Estate Financial Modeling Accelerator 0 /Acquisitions 0 /Asset Management 0 /Valuation 0 /Entitlements 0 /Careers 0 /Audio Series 0 /Season 1 0 /Google Sheets 0 /Undergraduate Education 0 /Real Estate Legal 0 /Acquisition 0 /Season 2 0 /Promo 0 /Leasing 0 /Affordable Housing 0 /Letter of Intent 0 /Office 0 /Abstract 0 /Real Estate Case Studies 0 /Acquisition 0 /Apartment 0 /Value-Add 0 /Office 0 /Retail 0 /Core 0 /STNL 0 /Hotel 0 /PSA 0 /Multifamily 0 /Day in the Life 0 /Includes Solution 0

A.CRE Apartment Development Model (Updated Aug 2020)

August 7, 2020/by Spencer Burton

Watch Me Build – American-Style Real Estate Equity Waterfall

August 5, 2020/by Spencer Burton

Real Estate Equity Waterfall Model with Catch Up and Clawback (Updated Aug 2020)

August 2, 2020/by Spencer Burton

All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated July 2020)

July 29, 2020/by Spencer Burton

Real Estate Portfolio Valuation Model (Updated Jul 2020)

July 21, 2020/by Spencer Burton

Case Study #5 – The Jefferson Branded Condo Development (Case Only)

July 20, 2020/by

Real Estate Equity Waterfall Model With Cash-on-Cash Return Hurdle (Updated Jul 2020)

July 19, 2020/by Spencer Burton

Case Study #4 – The Stones Hotel – Acquisition (Case Only)

July 14, 2020/by

Hotel Development Model (Updated 7.10.2020)

July 10, 2020/by Michael Belasco

Multifamily Redevelopment Model (Updated June 2020)

June 27, 2020/by Michael Belasco

Single Family Home Construction Pro Forma for Home Builders (Updated June 2020)

June 20, 2020/by Spencer Burton

Real Estate Equity Waterfall Model – Monthly Periods (Updated 6.16.2020)

June 16, 2020/by Spencer Burton

Tutorials for the A.CRE Apartment Development Model

June 8, 2020/by Spencer Burton

Industrial Real Estate Development Model (Updated June 2020)

June 4, 2020/by Spencer Burton

A.CRE Value-Add Apartment Acquisition Model (Updated 6.2.20)

June 2, 2020/by Spencer Burton

Simple Acquisition Model for Office, Retail, Industrial Properties (Updated 5.30.2020)

May 30, 2020/by Spencer Burton

Actual + Forecast Construction Draw Schedule with S-Curve

May 14, 2020/by Spencer Burton

A.CRE Self Storage Development Model (Updated May 2020)

May 8, 2020/by Spencer Burton

Watch Me Build – Capital Stack with Mezzanine Debt

May 4, 2020/by Spencer Burton

Why Your IRR and XIRR are Different

May 3, 2020/by Michael Belasco

Mixed-Use Development Model: Condo and Retail

March 29, 2020/by Michael Belasco

Watch Me Build a Tenant Rollover Analysis Model

March 27, 2020/by Spencer Burton

Ground Lease Valuation Model

March 21, 2020/by Spencer Burton

Multifamily (Apartment) Acquisition Model (Updated Mar 2020)

March 17, 2020/by Spencer Burton

All-in-One (Ai1) Walkthrough #2 – Office, Retail, Industrial Rent Roll Tab

March 16, 2020/by Spencer Burton

Real Estate Development Due Diligence Checklist

March 5, 2020/by Spencer Burton

Commercial Mortgage Loan Analysis Model (Updated Feb 2020)

February 26, 2020/by Spencer Burton

Watch Me Build a Multifamily Real Estate Model (Updated Feb 2020)

February 19, 2020/by Spencer Burton

Tutorials for A.CRE Value-Add Apartment Acquisition Model

February 17, 2020/by Spencer Burton

Single Tenant NNN Lease Valuation Model (Updated Feb 2020)

February 8, 2020/by Spencer Burton

Dynamic Amortization Schedule (Updated 2.06.2020)

February 6, 2020/by Michael Belasco

Using VBA to Hide Rows in Excel

February 1, 2020/by Spencer Burton

Watch Me Build Data Tables For Real Estate Sensitivity Analysis

January 27, 2020/by Michael Belasco

Modeling a Mortgage Loan Assumption Using the All-in-One

January 26, 2020/by Spencer Burton

Watch Me Build A Construction Draw Schedule (Updated Jan 2020)

January 25, 2020/by Michael Belasco

How to Create Dynamic, In-Cell Buttons and Toggles in Microsoft Excel

January 1, 2020/by Spencer Burton

Watch Me Expand the Home Construction Pro Forma

December 30, 2019/by Spencer Burton

Residential Land Development Pro Forma (Updated 12.18.2019)

December 18, 2019/by Spencer Burton

Real Estate Equity Waterfall Model – IRR and Equity Multiple Hurdles (Updated 12.8.2019)

December 8, 2019/by Spencer Burton

All-in-One (Ai1) Walkthrough #1 – Permanent Debt Tab (Updated Nov 2019)

November 20, 2019/by Spencer Burton

Using Conditional Formatting in Real Estate Financial Modeling

November 19, 2019/by Spencer Burton

Single Family Residential Investment Analysis Model (Updated 11.11.2019)

November 11, 2019/by Spencer Burton

Real Estate Acquisition Due Diligence Checklist

October 24, 2019/by Spencer Burton

Excel Pro Forma for Flipping Houses (Updated Oct. 2019)

October 19, 2019/by Spencer Burton

Construction Draw and Interest Calculation Model (Updated 10.14.2019)

October 14, 2019/by Spencer Burton

Condominium Development Model (Updated 10.10.19)

October 10, 2019/by Michael Belasco

Hotel Acquisition Model – The Basic Model (Updated 10.9.2019)

October 9, 2019/by Michael Belasco

Watch Me Build a Residential Land Development Model

October 5, 2019/by Spencer Burton

How to Run Monte Carlo Simulations in Excel

September 2, 2019/by Spencer Burton

Watch Me Build a 3-Tier Real Estate Equity Waterfall Model (Updated August 2019)

August 21, 2019/by Spencer Burton

Auto-Populate Latitude and Longitude in Excel (Updated 2019)

August 13, 2019/by Spencer Burton

30/360, Actual/365, and Actual/360 – How Lenders Calculate Interest on CRE Loans – Some Important Insights

August 7, 2019/by Michael Belasco

Tutorials For The Hotel Valuation Model (Updated 07.23.19)

July 23, 2019/by Michael Belasco

A.CRE Hotel Valuation Model in Excel (Updated 07.23.19)

July 23, 2019/by Michael Belasco

Using the Floating Summary Box in Real Estate Modeling

July 16, 2019/by Spencer Burton

Watch Me Build a Dynamic Mortgage Amortization Table in Excel

June 15, 2019/by Spencer Burton

Watch Me Solve a REPE Technical Interview Modeling Test

June 6, 2019/by Spencer Burton

Using the OFFSET Function in Real Estate Financial Modeling

May 11, 2019/by Spencer Burton

Modeling a Property Tax Abatement in Real Estate

April 25, 2019/by Spencer Burton

Create a Dynamic Real Estate Chart in Excel

March 10, 2019/by Spencer Burton

3-Tiered Acquisition Debt Module

February 26, 2019/by Michael Belasco

Hold-Sell Analysis in Real Estate

February 18, 2019/by Spencer Burton

Apartment Acquisition Model with Monte Carlo Simulation Module (Updated 02.17.2019)

February 17, 2019/by Spencer Burton

Quick Tutorial: Add Line Items to OpSt Sheet in All-in-One

February 10, 2019/by Spencer Burton

Excel-Based Restaurant Selection Tool for the Overly Indecisive

December 22, 2018/by Spencer Burton

Loan Payment Schedule and Balance Tracking Tool

December 19, 2018/by Spencer Burton

Hotel Proforma Basics – Hotel Cash Flow Projection

December 12, 2018/by Michael Belasco

Deep Dive – Land Acquisition and Assemblage

December 8, 2018/by Spencer Burton

Back-of-the-Envelope Office, Retail, Industrial Acquisition Model (Updated 10.1.2018)

October 1, 2018/by Michael Belasco

Understanding Treatment of Time 0 in the All-in-One Model

August 25, 2018/by Spencer Burton

Using Boolean Logic to Model Multiple Generations of Tenant Improvements

July 14, 2018/by Spencer Burton

Development Draw Schedule – Visually Customize Each Line Item

March 25, 2018/by Michael Belasco

Convert Monthly Cash Flows to Quarterly and Annual Cash Flows

March 4, 2018/by Spencer Burton

4-Tier Equity Multiple Waterfall – Download and Watch Me Build

January 14, 2018/by Michael Belasco

1031 Exchange – Introduction, Overview, and Analysis Tool

January 12, 2018/by Michael Belasco

All-in-One (Ai1) Walkthrough #10 – Underwriting a Value-Add Office Investment

October 4, 2017/by Spencer Burton

A.CRE 101: How to Use the Income Capitalization Approach to Value Income-Producing Property

September 9, 2017/by Spencer Burton

3 Tiered Waterfall Module Added to the Condo Development Model

September 4, 2017/by Michael Belasco

All-in-One (Ai1) Walkthrough #9 – Print Mode and the IRR Matrix Report

August 27, 2017/by Spencer Burton

All-in-One (Ai1) Walkthrough #8 – Tenancy Analysis Report for Office, Retail, and Industrial

August 12, 2017/by Spencer Burton

New Support Forum for the All-in-One (Ai1) Underwriting Model

July 13, 2017/by Spencer Burton

All-in-One (Ai1) Walkthrough #7 – Ground Lease Valuation Module

June 14, 2017/by Spencer Burton

All-in-One (Ai1) Walkthrough #6 – Underwriting a Hypothetical Multifamily Acquisition

May 25, 2017/by Spencer Burton

A Note About The Limitations of Microsoft Excel in Modeling Real Estate

April 22, 2017/by Spencer Burton

All-in-One (Ai1) Walkthrough #5 – The Residual Land Value Calculation Module

April 15, 2017/by Spencer Burton

All-in-One (Ai1) Walkthrough #4 – The Rate Matrix Module

April 4, 2017/by Spencer Burton

All-in-One (Ai1) Walkthrough #3 – Modeling a Hypothetical Retail Development Investment

March 21, 2017/by Spencer Burton

Construction Draw Schedule: Accounting For True LTC

January 29, 2017/by Michael Belasco

Tenant Sales and Occupancy Cost in Retail Underwriting

January 21, 2017/by Spencer Burton

Calculate Residual Land Value in Excel

January 3, 2017/by Spencer Burton

Version Notes: All-in-One Underwriting Model

January 1, 2017/by Spencer Burton

Real Estate Development Tracker

November 6, 2016/by Michael Belasco

Refinance Risk Analysis Tool in Excel

September 26, 2016/by Spencer Burton

Real Estate Acquisitions Model – 2.0

August 20, 2016/by Michael Belasco

Physical Occupancy Calculation Model for Real Estate

August 6, 2016/by Spencer Burton

Using an IRR Matrix to Determine Hold Period

July 21, 2016/by Spencer Burton

Real Estate Capital Account Tracking Tool

June 11, 2016/by Spencer Burton

After Tax Analysis in Real Estate (Now Included in Ai1)

May 26, 2016/by Spencer Burton

Create A Dynamic Revenue Row to Calculate Multiple Tenant Leases

March 23, 2016/by Michael Belasco

Hide and Unhide Tabs using Drop-down Menus in Excel

February 24, 2016/by Spencer Burton

How to Use the Apartment Acquisition Model’s Monte Carlo Simulation Module

February 21, 2016/by Spencer Burton

Waterfall Model For Real Estate Joint Ventures with Catch Up

February 15, 2016/by Michael Belasco

Real Estate Debt Module in Excel

February 6, 2016/by Spencer Burton

IRR Partitioning in Excel

January 9, 2016/by Spencer Burton

Supercharge Excel with the WST Macros Add-in

January 2, 2016/by Spencer Burton

How to Use the Construction Draw and Interest Calculation Model

December 24, 2015/by Spencer Burton

The Circuit Breaker – How to Fix Circular Reference Errors in Excel

December 19, 2015/by Spencer Burton

Real Estate Waterfall Model – Equity Multiple Hurdles

December 1, 2015/by Spencer Burton

S-Curve Forecasting in Real Estate Development

November 22, 2015/by Spencer Burton

Apartment Valuation Tutorial Using the Real Estate Acquisition Model

November 14, 2015/by Spencer Burton

Scenario Analysis using the Equity Waterfall Model

October 10, 2015/by Spencer Burton

Advanced Real Estate Amortization Table

October 3, 2015/by Spencer Burton

Formulas I use to Create the Period and Date Rows at the Top of a Monthly Cash Flow Report

September 12, 2015/by Spencer Burton

How to Use My Real Estate Equity Waterfall Model

August 9, 2015/by Spencer Burton

Update to Portfolio Acquisition Model

July 19, 2015/by Spencer Burton

Real Estate Development ROI Models

July 5, 2015/by Spencer Burton

Could You Be Exiting Too Early? Don’t Forget to Analyze Your Reinvestment Rate

May 25, 2015/by Michael Belasco

Hotel Value-Add Assignment Example

April 16, 2015/by Spencer Burton

Multifamily Development Model

February 10, 2015/by Spencer Burton

Wall St. Training – Free Excel Resources

January 28, 2015/by Spencer Burton

About this Library of Excel Models

Over the last few years, we’ve worked to build the world’s largest library of readily accessible Excel models (real estate pro formas) for commercial and residential real estate professionals.

All models are built in Microsoft Excel 2013 or newer. We have built models for virtually every real estate property type (e.g. retail, industrial, office, multifamily, hotel, etc), investment type (e.g. development, acquisition, value-add, etc), and analysis purpose.

All models are offered either completely free, or on a “Pay What You’re Able” basis with no minimum.

We offer our models on this basis because 1) this is first and foremost a resource for young professionals and students to learn, 2) our readers come from across the globe and from all socioeconomic levels, and 3) not all of our models have been thoroughly audited and tested for errors.

If there is a model or concept you’d like us to add to this library. Or if you spot a bug in a model needing fixed, please don’t hesitate to contact us.

How to Browse the Library

Browse the library above by property type and/or model type. Looking for an Excel model to value an apartment complex? Click the ‘Apartment’ link at the top of the library grid and the library will automatically sort by apartment models.

Models are either standalone or modules. Standalone models require no other components.

Modules on the other hand are meant to add to an existing model for further analysis. For instance, we have several Equity Waterfall models that are modules.  The partnership-level cash flows need to be modeled separately, and then linked to the waterfall to calculate the partnership-level returns.

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Note About Models

Models downloaded from A.CRE may contain errors. Verify formulas/methodology before basing investment decisions on any model here. Read our Terms and Conditions of Use and Disclaimer.