Real Estate Financial Modeling

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Real Estate Financial Modeling Accelerator (Updated January 2020)

Since starting A.CRE, Michael and I have fielded email after email requesting a more structured real estate financial modeling training program on the site. Important Note: We're updating and adding to the Accelerator every week. Since launch,…
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All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated 1.13.20)

As many of you recall, in 2015 I set out to build an Excel alternative to the widely-used (and now discontinued) ARGUS DCF. With career moves and a lot of other A.CRE-related side projects, this undertaking has been slow going. Alas, in 2016…
vintage Walgreens on corner of two busy california streets
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Single Tenant NNN Lease Valuation Model (Updated 1.11.2020)

I originally built this single tenant net lease (NNN) valuation Excel model back in 2016. Based on some feedback from a few of our readers, I've since made quite a few updates (see v2.0 updates video below). This model is an attempt to re-think…
adventures in cre real estate modeler creating cash-on-cash return equity waterfall
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Real Estate Equity Waterfall Model With Cash-on-Cash Return Hurdle (Updated 1.2.2020)

Over the years, Michael and I have built and shared numerous real estate equity waterfall models, all multi-tiered and most with internal rate of return (IRR) hurdles. And as our readers have downloaded those models, I've received dozens of…
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How to Create Dynamic, In-Cell Buttons and Toggles in Microsoft Excel

Creating intuitive, user-friendly, visually appealing models is one aspect of mastering real estate financial modeling. One way to make your models easy for people to use and more attractive in general is to use dynamic, theme-appropriate, in-cell…
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Watch Me Expand the Home Construction Pro Forma

I'm regularly asked to expand my single family home construction pro forma to analyze the construction of more than one home. I've contemplated adding that functionality to the model, but it is such a custom task that no template could really…
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Single Family Home Construction Pro Forma for Home Builders (Updated 12.29.2019)

I'm often asked to share models centered around residential development and home building. This is an area of real estate I'm completely comfortable in, since I spent the first 10 years of my career in new residential development. Not surprisingly,…
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Hotel Development Model (Updated 12.20.2019)

Excited to share the new A.CRE Hotel Development Model with everyone. As evidenced by the numerous requests we have gotten for this over the years, this model is long overdue so I'm quite happy to get it out there finally. At the core, the…
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Residential Land Development Pro Forma (Updated 12.18.2019)

As many of you know, I started my career in residential land development first as a broker and later as a principal. During that time I built my fair share of residential land development Excel pro formas, modeling returns and forecasting cash…
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Industrial Real Estate Development Model

Allow me to share my Industrial Development Model in Excel. Over the past year, I've been working to add more specialty real estate models to our library. While our All-in-One model certainly has its place, oftentimes really digging into the…
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Real Estate Equity Waterfall Model - IRR and Equity Multiple Hurdles (Updated 12.8.2019)

Over the years, this real estate equity waterfall with annual periods and IRR or Equity Multiple hurdles has been one of the most popular models in our library of real estate Excel models. It's been downloaded thousands of times and we've received…
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A.CRE Apartment Development Model (Updated Dec. 2019)

For several years now, our library of real estate models has been lacking a robust ground-up apartment development model. Sure, our All-in-One (Ai1) model has the capability to model multifamily development deals, but it's more a generalist…
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Tutorials for the A.CRE Apartment Development Model

As promised, I'm following up the release of the A.CRE Apartment Development model with a series of walk-throughs and tutorials to help you better understand the various elements of the model. The tutorials start with the basics - a guide to…
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Analyzing a Real Estate Investment from the Perspective of an LP

We received a question from an A.CRE reader this week that I thought warranted a thorough response. The question was, and I paraphrase, "I am an LP looking for models to help vet syndication deals. Do you have any models that can be used…
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All-in-One (Ai1) Walkthrough #1 - Permanent Debt Tab (Updated Nov 2019)

In an effort to provide greater instruction on how to use our All-in-One Underwriting Tool for Real Estate Development and Acquisition, we've developed a series of walkthrough videos and posts on the methodology behind the various components…
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Using Conditional Formatting in Real Estate Financial Modeling

Your real estate financial models are only as good as their ability to be used by others. Or in other words, if others can't figure out how to use your model, it isn't worth much! So when building real estate financial model templates, besides…