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

August 21, 2019/by Spencer Burton

Real Estate Equity Waterfall Model With Cash-on-Cash Return Hurdle (Updated 8.19.2019)

August 19, 2019/by Spencer Burton

A.CRE Value-Add Apartment Acquisition Model (Updated 8.14.19)

August 14, 2019/by Spencer Burton

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

August 13, 2019/by Spencer Burton

A.CRE Apartment Development Model (Updated 8.10.2019)

August 10, 2019/by Spencer Burton

Construction Draw and Interest Calculation Model (Updated 8.20.2019)

August 8, 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

Real Estate Portfolio Valuation Model (Updated 7.27.2019)

July 27, 2019/by Spencer Burton

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

Single Family Residential Investment Analysis Model (Updated 7.20.2019)

July 20, 2019/by Spencer Burton

Condominium Development Model (Updated 7.17.19)

July 17, 2019/by Michael Belasco

Using the Floating Summary Box in Real Estate Modeling

July 16, 2019/by Spencer Burton

Tutorials for A.CRE Value-Add Apartment Acquisition Model

July 6, 2019/by Spencer Burton

Residential Land Development Pro Forma (Updated 6.28.2019)

June 28, 2019/by Spencer Burton

Real Estate Equity Waterfall Model – Monthly Periods (Updated 6.26.2019)

June 26, 2019/by Spencer Burton

Single Tenant NNN Lease Valuation Model (Updated 6.22.2019)

June 22, 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

Real Estate Equity Waterfall Model – IRR and Equity Multiple Hurdles (Updated 5.31.2019)

May 31, 2019/by Spencer Burton

All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated 5.17.19)

May 17, 2019/by Spencer Burton

Actual + Forecast Construction Draw Schedule with S-Curve

May 12, 2019/by Spencer Burton

Using the OFFSET Function in Real Estate Financial Modeling

May 11, 2019/by Spencer Burton

A.CRE Self Storage Development Model (Updated 5.8.2019)

May 8, 2019/by Spencer Burton

Simple Acquisition Model for Office, Retail, Industrial Properties (Updated 5.1.2019)

May 1, 2019/by Spencer Burton

Modeling a Property Tax Abatement in Real Estate

April 25, 2019/by Spencer Burton

Real Estate Equity Waterfall Model with Catch Up and Clawback (Updated 4.2.19)

April 2, 2019/by Spencer Burton

Create a Dynamic Real Estate Chart in Excel

March 10, 2019/by Spencer Burton

Multifamily (Apartment) Acquisition Model

March 5, 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

Tutorials for the A.CRE Apartment Development Model

November 28, 2018/by Spencer Burton

Commercial Mortgage Loan Analysis Model

October 6, 2018/by Spencer Burton

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

October 1, 2018/by Michael Belasco

Single Family Home Construction Pro Forma for Home Builders (Updated 9.24.2018)

September 24, 2018/by Spencer Burton

Excel Pro Forma for Flipping Houses (Updated 9.15.2018)

September 15, 2018/by Spencer Burton

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

Watch Me Build: Construction Draw Schedule

April 24, 2018/by Michael Belasco

Development Draw Schedule – Visually Customize Each Line Item

March 25, 2018/by Michael Belasco

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

March 17, 2018/by Spencer Burton

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

Excel Tips: Creating Data Tables Part 3: Two Variable Data Tables – How To Display More Than One Return Metric Within a Cell

July 4, 2017/by Michael Belasco

Excel Tips: Creating Data Tables Part 2: Two Variable Data Tables For CRE Underwriting

July 4, 2017/by Michael Belasco

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

Dynamic Amortization Schedule

March 20, 2017/by Michael Belasco

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

March 18, 2017/by Spencer Burton

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

March 4, 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

Watch Me Build a Tenant Rollover Analysis Model

October 29, 2016/by Spencer Burton

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

Watch Me Build a Multifamily Real Estate Model

April 9, 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

How to Run Monte Carlo Simulations in Excel

February 13, 2016/by Spencer Burton

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

Excel Tips: Creating Data Tables Part 1: One Variable Data Table + Inserting Text into Numerical Cells

July 19, 2015/by Michael Belasco

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

Multifamily Redevelopment Model

May 10, 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.