Real Estate Financial Modeling

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Real Estate Financial Modeling Accelerator (Updated April 2026)

Before launching the Accelerator program, Michael and I received countless emails requesting a more structured, step-by-step real estate financial modeling training program. Over the years, we've covered hundreds of real estate modeling…
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Back-of-the-Envelope Office, Retail, Industrial Acquisition Model (Updated Apr 2026)

I’ve built a new acquisition model that I am excited to share with our readers. This is a back-of-the-envelope (BOE) valuation model that can be used for retail, office, and industrial properties. The goal was to create a sleek and clean look…
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Real Estate Acquisitions Model #2 for Office, Retail, Industrial (Updated Apr 2026)

I've decided to do a major overhaul of my last acquisitions model for office, industrial, and retail properties. There were a lot of things I wanted to change as well as add to the model and finally had a weekend to do it. This new and improved…
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Data Center Development Model (Updated Apr 2026)

As the built environment evolves to meet the demands of an increasingly digital world, data centers have emerged as one of the most sophisticated and capital-intensive asset classes in commercial real estate. What was once considered a niche…
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3-Tiered Acquisition Debt Module (Updated Apr 2026)

This is a 3-tiered debt module that will allow the user to add one to three tiers of debt to his or her real estate DCF model. Includes the option to layer in senior debt, secondary debt, and mezzanine debt; calculate interest on either…
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Hotel Acquisition Model – The Basic Model (Updated April 2026)

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 of practically every line item in their hotel analysis. Although I am super happy with how that hotel…
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Multifamily Redevelopment Model (Updated March 2026)

This is an Excel model I originally built from scratch back in 2015 for quickly assessing multifamily redevelopment opportunities. It was designed to work best for scenarios where individual units will be rehabbed over the hold at varying times.…
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Cell Tower Valuation Model (Updated March 2026)

In today’s hyperconnected world, the steel and spectrum behind our phone calls, streaming, and cloud access are becoming just as valuable as the properties we live and work in, growing the need for a cell tower valuation model. Cell towers,…
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Student Housing Acquisition Model (Updated Feb 2026)

I've spent a fair amount of my career analyzing privately-owned student housing investments. Nevertheless, I've yet to share a purpose-built, institutional-quality student housing acquisition model. So, I thought I'd take some time and build…
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Commercial Real Estate Lease Analysis Tool (Updated Feb 2026)

The topic of analyzing commercial real estate leases from the perspective of the landlord and/or tenant has come up several times over the years. And while I generally respond to requests for new models or tools at A.CRE, I've been hesitant…
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New Web App: Short-term Rentals Acquisition Model

I'm continuing to explore how real estate financial models can go beyond traditional Excel without losing rigor, flexibility, or control. Today, I'm introducing a new web application built around our short-term rentals acquisition model, designed…
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Watch Me Build A Construction Draw Schedule (Updated Feb 2026)

In the following video, I record my screen and narrative my steps as I build a basic construction draw schedule. I've also included the template and completed worksheets from this Watch Me Build exercise. Are you an Accelerator member? See…
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Vision Reveals Hidden Value in CRE. Math Captures It.

In real estate, value is rarely static. It evolves with income, with execution, with time. Yet most pricing decisions in the market ignore the hidden value in CRE, focusing instead on what's already visible: trailing NOI, current occupancy,…
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All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated Jan 2026)

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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Self Storage Acquisition Model (Updated Jan 2026)

I've spent the past few weekends working on a purpose-built Self Storage Acquisition Model, and I'm now happy to share the result of that work with you. This is a model that's been requested by quite a few A.CRE readers over the past few years.…
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Supercharge Excel with the ‘Excel 4 CRE’ Add-In – Now with AI (Updated Jan 2026)

Today, we're thrilled to share with the A.CRE community a new timesaving (and free) Excel tool: the 'Excel 4 CRE' Add-in! Over the past few years, we at A.CRE (together with various AI coding tools) have been developing and sharing this Excel…