Real Estate Financial Modeling

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Real Estate Financial Modeling Accelerator (Updated September 2019)

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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New Hotel Acquisition Model - The Basic Model

The initial goal for the original Hotel Acquisition Model was to design a hotel proforma that would enable users to get deep into the weeds on their analysis of practically every line item in their hotel analysis. Although I am super happy with…
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Real Estate Equity Waterfall Model - Monthly Periods (Updated 9.14.2019)

When I decided to share my real estate equity waterfall model in Excel, I never imagined it would be as popular as it has. The model has been downloaded thousands times and many of you have written to extend your thanks for sharing. It is gratifying…
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Real Estate Equity Waterfall Model - IRR and Equity Multiple Hurdles (Updated 9.14.2019)

Over the years, my real estate equity waterfall with annual periods and the [glossary_exclude]option[/glossary_exclude] of using either IRR or Equity Multiple Hurdles has been one of the most popular models download at Adventures in CRE. I've…
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How to Run Monte Carlo Simulations in Excel

So you want to run Monte Carlo simulations in Excel, but your project isn't large enough or you don't do this type of probabilistic analysis enough to warrant buying an expensive add-in. Well, you've come to the right place. Excel's built-in…
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All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated 9.2.19)

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

As I've mentioned in other Watch Me Build posts, one way to become a better real estate financial modeling professional, is to watch other professionals model. Thus, the more exposure you can get to other's methods, the more adept a real estate…
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 8.19.2019)

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

We've shared a handful of apartment models over the years. Several of those are capable of analyzing apartment acquisitions (e.g. All-in-One, Apartment Valuation Model), but none was built for the express purpose of modeling value-add apartment…
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Auto-Populate Latitude and Longitude in Excel (Updated 2019)

When analyzing real estate investments in Excel, it's often necessary to include the latitude and longitude coordinates of the properties we're modeling. To do this, most of us open up Google Maps, or some other mapping tool, and find the…
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A.CRE Apartment Development Model (Updated 8.10.2019)

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…
Sources and Uses
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Construction Draw and Interest Calculation Model (Updated 8.20.2019)

I originally uploaded this equity/construction loan draw and interest calculation tool to our library of real estate financial analysis models in 2016. Over the years, I've continued to update it as suggestions, comments, and requests…
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30/360, Actual/365, and Actual/360 - How Lenders Calculate Interest on CRE Loans – Some Important Insights

(Updated August 7, 2019 to include a Watch Me Build video and Downloadable file)Commercial real estate lenders commonly calculate loans in three ways: 30/360, Actual/365 (aka 365/365), and Actual/360 (aka 365/360). Real estate professionals…
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Real Estate Portfolio Valuation Model (Updated 7.27.2019)

I built, and would like to share, a real estate portfolio model for valuing a portfolio of up to 30 properties. This is a "roll-up" model, meaning you will need to model your unlevered (before financing) property-level cash flows in a separate…
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Tutorials For The Hotel Valuation Model (Updated 07.23.19)

Welcome to the A.CRE Hotel Valuation Model's Tutorial Page. On this page you will find all the tutorials for the A.CRE Hotel Valuation model in Excel. There is a lot to learn within this model and over time, I'd like to show you both how to…
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A.CRE Hotel Valuation Model in Excel (Updated 07.23.19)

I am excited to introduce our new Hotel Valuation (Acquisition) Model to underwrite both stabilized and value-add hotel opportunities. This hotel pro forma is designed to allow users to do everything from a quick back of the envelope exercise…