All 139
All 139 /Hotel 9 /Asset Management 3 /Book Reviews 0 /Development 0 /Promo 0 /Multifamily 0 /Apartamento 0 /Artificial Intelligence 0 /Portfolio 2 /Land Development 10 /Jobs 0 /Self Storage 2 /Leasing 0 /Day in the Life 0 /Español 0 /Hotel 0 /Apartment 15 /Basics 0 /A.CRE Job Board 0 /Land 0 /Affordable Housing 1 /Includes Solution 0 /Tutoriales 0 /Adquisición 0 /General 0 /Office 15 /Compensation Statistics 0 /Tutorials 0 /Real Estate Financial Modeling Accelerator 0 /Letter of Intent 0 /Value-Add 0 /Terreno 0 /Market News 0 /Retail 16 /Crowdfunding 0 /Back Of The Envelope 0 /Acquisitions 0 /Office 0 /Partnership 0 /Modelado Financiero Inmobiliario 0 /RE Education 0 /Industrial 14 /Building SF 0 /Real Estate Mental Math 0 /Asset Management 0 /Abstract 0 /Industrial 0 /Tips de Excel 0 /Net Lease 0 /Single Family 9 /Development 25 /MBA in Real Estate 0 /Valuation 0 /Real Estate Case Studies 0 /Development 0 /Educación 0 /Careers 0 /Tutorial 45 /Standalone 37 /Ai1 Download 0 /Entitlements 0 /Acquisition 0 /Land 0 /A.CRE 101 - Conceptos Básicos en Bienes Inmuebles Comerciales 0 /Real Estate Financial Modeling 0 /Equity Waterfall 15 /Acquisition 32 /Ai1 Tutorials 0 /Careers 0 /Apartment 0 /Retail 0 /Mirame Construir 0 /Excel Tips 0 /Modules 39 /Value-Add 17 /Role Types 0 /Audio Series 0 /Value-Add 0 /Accelerators in Action 0 /LinkedIn Networking 0 /Excel Models 0 /Excel Add-ins 8 /Debt 11 /A.CRE 101 - Basic Concepts in Commercial Real Estate 0 /Season 1 0 /Office 0 /Asset Management 0 /A.CRE Real Estate Sponsor Series 0 /Argus 0 /University Real Estate Education 0 /Special Topics 0 /Watch Me Build 0 /Google Sheets 0 /Retail 0 /Contract to Close 0 /Condominio 0 /Interesting Deals 0 /Real Estate Taxes 0 /A.CRE All-in-One (Ai1) Model 18 /Undergraduate Education 0 /Core 0 /Townhome 2 /Industrial 0 /Leases 0 /Stochastic Modeling 0 /Condo 5 /Deep Dive 0 /Real Estate Legal 0 /STNL 0 /Season 3 0 /Cascada de Equidad 0 /Investment Analysis 0 /Technology 0 /Sources of Capital 0 /Acquisition 0 /Hotel 0 /International CRE 0 /Student Housing 0 /Interviews 0 /Masters in Real Estate Profiles 0 /Resume 0 /Real Estate Private Equity 0 /Season 2 0 /PSA 0 /Modelos Financieros Inmobiliarios 0 /Glosario 0

Industrial Real Estate Development Model (Updated Mar 2023)

March 28, 2023/by Spencer Burton

Office Real Estate Development Model (Updated Mar 2023)

March 25, 2023/by Spencer Burton

Single Family Rental Proforma (Updated March 2023)

March 15, 2023/by Michael Belasco

Retail Real Estate Development Model (Updated Mar 2023)

March 10, 2023/by Spencer Burton

Student Housing Acquisition Model (Updated Mar 2023)

March 1, 2023/by Spencer Burton

A.CRE Apartment Development Model (Updated Jan 2023)

January 29, 2023/by Spencer Burton

A.CRE Value-Add Apartment Acquisition Model (Updated Jan 2023)

January 20, 2023/by Spencer Burton

Letter of Intent for Multifamily Real Estate

January 11, 2023/by Ron Rohde

A.CRE Self Storage Development Model (Updated Dec 2022)

December 12, 2022/by Spencer Burton

Residential Land Development Pro Forma (Updated Dec 2022)

December 10, 2022/by Spencer Burton

Letter of Intent for Commercial Industrial Purchase

November 30, 2022/by Ron Rohde

All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated Nov 2022)

November 28, 2022/by Spencer Burton

Create A Dynamic Revenue Row to Calculate Multiple Tenant Leases (Updated Nov 2022)

November 17, 2022/by Michael Belasco

Hotel Development Model (Updated November 2022)

November 7, 2022/by Michael Belasco

Linear Mortgage Payment Schedule Tool (Updated Oct 2022)

October 19, 2022/by Spencer Burton

Loan Payment Schedule and Balance Tracking Tool (Updated Oct 2022)

October 13, 2022/by Spencer Burton

Commercial Real Estate Lease Analysis Tool

October 3, 2022/by Spencer Burton

Using an IRR Matrix to Determine Hold Period (Updated Sep 2022)

September 22, 2022/by Spencer Burton

Construction Draw and Interest Calculation Model (Updated Sep 2022)

September 17, 2022/by Spencer Burton

A.CRE Hotel Valuation Model in Excel (Updated Sept 2022)

September 5, 2022/by Michael Belasco

Real Estate Portfolio Valuation Model (Updated Aug 2022)

August 14, 2022/by Spencer Burton

Self Storage Acquisition Model (Updated Aug 2022)

August 12, 2022/by Spencer Burton

Real Estate Confidentiality Agreement

August 2, 2022/by Ron Rohde

The Advanced Mortgage Amortization Module (Updated Jul 2022)

July 19, 2022/by Spencer Burton

Watch Me Build – American-Style Real Estate Equity Waterfall (Updated Jun 2022)

June 27, 2022/by Spencer Burton

Single Tenant NNN Lease Valuation Model (Updated Jun 2022)

June 17, 2022/by Spencer Burton

Commercial Mortgage Loan Analysis Model (Updated Jun 2022)

June 15, 2022/by Spencer Burton

Tenant Sales and Occupancy Cost in Retail Underwriting (UPDATED JUNE 2022)

June 2, 2022/by Spencer Burton

Publicly Traded Tenant Analysis Tool (Updated May 2022)

May 28, 2022/by Michael Belasco

Forecasting After-Tax Cash Flow in Real Estate Analysis (UPDATED MAY 2022)

May 27, 2022/by Spencer Burton

Scenario Analysis Tool using the Equity Waterfall Model (UPDATED MAY 2022)

May 24, 2022/by Spencer Burton

Real Estate Development Tracker (UPDATED MAY 2022)

May 18, 2022/by Michael Belasco

Real Estate Debt Module in Excel (Updated May 2022)

May 12, 2022/by Spencer Burton

Real Estate Capital Account Tracking Tool (UPDATED MAY 2022)

May 10, 2022/by Spencer Burton

Physical Occupancy Calculation Model for Real Estate (UPDATED MAY 2022)

May 6, 2022/by Spencer Burton

Hide and Unhide Tabs using Drop-down Menus in Excel (UPDATED MAY 2022)

May 3, 2022/by Spencer Burton

4-Tier Equity Multiple Waterfall – Download and Watch Me Build (UPDATED APR 2022)

April 28, 2022/by Michael Belasco

Development Draw Schedule – Visually Customize Each Line Item (UPDATED APR 2022)

April 26, 2022/by Michael Belasco

Setting Up a New Real Estate Financial Model – Date and Period Headers Plus Formatting (Updated Apr 2022)

April 23, 2022/by Spencer Burton

Office Purchase and Sales Agreement

April 21, 2022/by Ron Rohde

Construction Draw Schedule: Accounting For True LTC (Updated Apr 2022)

April 20, 2022/by Michael Belasco

A.CRE 101: How to Use the Income Capitalization Approach to Value Income-Producing Property (Updated Apr 2022)

April 19, 2022/by Spencer Burton

1031 Exchange – Overview and Analysis Tool (Updated Apr 2022)

April 12, 2022/by Michael Belasco

Convert Monthly Cash Flows to Quarterly and Annual Cash Flows (Updated Mar 2022)

March 27, 2022/by Spencer Burton

Timing of Preferred Return vs Return of Capital in an Equity Waterfall with IRR Hurdles

March 17, 2022/by Spencer Burton

Single Family Residential Investment Analysis Model (Updated Feb 2022)

February 17, 2022/by Spencer Burton

Underwriting a Tenant with Private Credit

February 15, 2022/by Spencer Burton

Refinance Risk Analysis Tool in Excel (Updated Feb 2022)

February 7, 2022/by Spencer Burton

Tutorials for the A.CRE Apartment Development Model

February 1, 2022/by Spencer Burton

Ground Lease Valuation Model (Updated Jan 2022)

January 19, 2022/by Spencer Burton

Land Development Model – Multi-Scenario (Updated Jan 2022)

January 15, 2022/by Spencer Burton

Condominium Development Model (Updated January 2022)

January 12, 2022/by Michael Belasco

Real Estate Equity Waterfall Model – IRR and Equity Multiple Hurdles (Updated Jan 2022)

January 4, 2022/by Spencer Burton

Excel Pro Forma for Flipping Houses (Updated Dec 2021)

December 1, 2021/by Spencer Burton

Pro Forma For Multifamily Renovation (Updated 11.17.2021)

November 17, 2021/by Michael Belasco

Watch Me Solve a REPE Technical Interview Modeling Test (Updated Nov 2021)

November 9, 2021/by Spencer Burton

S-Curve Forecasting in Real Estate Development (Updated Sep 2021)

September 30, 2021/by Spencer Burton

Real Estate Equity Waterfall Model With Cash-on-Cash Return Hurdle (Updated Sep 2021)

September 3, 2021/by Spencer Burton

Real Estate Equity Waterfall Model – Monthly Periods (Updated Jul 2021)

July 27, 2021/by Spencer Burton

Watch Me Build – Custom Rent Schedule Module

July 22, 2021/by Spencer Burton

A.CRE Geocoding Excel Add-in to Auto-Populate Latitude and Longitude in Excel (Updated Jul 2021)

July 14, 2021/by Spencer Burton

Custom Function to Auto-Populate Latitude and Longitude in Excel (Updated 2021)

July 3, 2021/by Spencer Burton

Deep Dive – Land Acquisition and Assemblage

June 23, 2021/by Spencer Burton

Real Estate Sources and Uses of Capital Module

June 9, 2021/by Spencer Burton

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

May 12, 2021/by Michael Belasco

Tutorials for A.CRE Value-Add Apartment Acquisition Model

May 11, 2021/by Spencer Burton

Real Estate Equity Waterfall Model with Catch Up and Clawback (Updated May 2021)

May 1, 2021/by Spencer Burton

Calculate Residual Land Value in Excel

April 8, 2021/by Spencer Burton

Single Family Home Construction Pro Forma for Home Builders (Updated Mar 2021)

March 26, 2021/by Spencer Burton

Using Boolean Logic to Model Multiple Generations of Tenant Improvements

February 26, 2021/by Spencer Burton

Mixed-Use Development Model: Condo and Retail (Updated Feb 2021)

February 21, 2021/by Michael Belasco

Real Estate Acquisition Due Diligence Checklist

January 19, 2021/by Spencer Burton

Real Estate Development Due Diligence Checklist

January 17, 2021/by Spencer Burton

Apartment Acquisition Model with Monte Carlo Simulation Module (Updated Jan 2021)

January 6, 2021/by Spencer Burton

Multifamily (Apartment) Acquisition Model (Updated Dec 2020)

December 27, 2020/by Spencer Burton

Simple Acquisition Model for Office, Retail, Industrial Properties (Updated Dec 2020)

December 22, 2020/by Spencer Burton

Watch Me Build – IRR Partitioning in Excel

September 16, 2020/by Spencer Burton

Real Estate Acquisitions Model #2 for Office, Retail, Industrial (Updated Aug 2020)

August 26, 2020/by Michael Belasco

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

July 20, 2020/by A.CRE

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

July 14, 2020/by A.CRE

Multifamily Redevelopment Model (Updated June 2020)

June 27, 2020/by Michael Belasco

Actual + Forecast Construction Draw Schedule with S-Curve

May 14, 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

Watch Me Build a Tenant Rollover Analysis Model

March 27, 2020/by Spencer Burton

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

March 16, 2020/by Spencer Burton

LIHTC (Low Income Housing Tax Credits) Overview and Calculator

February 20, 2020/by Michael Belasco

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

February 19, 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

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

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

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

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

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

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

Hotel Proforma Basics – Hotel Cash Flow Projection

December 12, 2018/by Michael Belasco

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

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

October 4, 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

Version Notes: All-in-One Underwriting Model

January 1, 2017/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

Supercharge Excel with the WST Macros Add-in (Updated Mar 2023)

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

Apartment Valuation Tutorial Using the Real Estate Acquisition Model

November 14, 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

Hotel Value-Add Assignment Example

April 16, 2015/by Spencer Burton

Multifamily Development Model

February 10, 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.

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.