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All-in-One (Ai1) Underwriting Model for Real Estate Development and Acquisition (Updated 08.25.18)

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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Using Boolean Logic to Model Multiple Generations of Tenant Improvements

Arguably the most powerful, and least appreciated and understood, functionality in Excel is its use of boolean logic. Or in other words, the use of TRUE and FALSE binary logic. This form of logic can be used to dramatically simplify formulas…
vintage Walgreens on corner of two busy california streets
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Single Tenant NNN Lease Valuation Model

I've been meaning for some time to put together a single tenant net lease (NNN) valuation Excel model for the blog. I had some post-turkey day free time and so I sat down and hammered out a model that I think is pretty cool. The model is…
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Watch Me Build a Tenant Rollover Analysis Model

The feedback has been positive on the ‘Watch Me Build a Multifamily Model’ video I recorded earlier this year. So I thought I’d follow that up with another. This time I build a Real Estate Tenant Rollover Analysis Model and talk through…
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Real Estate Acquisitions Model - 2.0

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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Physical Occupancy Calculation Model for Real Estate

As many of you know, I'm in the midst of moving my family from Milwaukee to Dallas, and quite frankly I'm getting sick of eating out and sleeping in hotel rooms. So what better way to unwind from hours of whining kids and tiresome travel, than…
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Using an IRR Matrix to Determine Hold Period

When building a real estate financial pro forma, it's important to model for and include a summary of various return and risk metrics. Among the different return metrics, the internal rate of return (IRR) - both on an unlevered and levered…
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3-Tiered Acquisition Debt Module

This is a debt module that will allow the user to add one to three tiers of debt to his or her DCF model. This excel file should be fairly intuitive and easy to understand and the entire model is on one sheet. Download it from the link below…
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Watch Me Build a Multifamily Real Estate Model

One way to become a better real estate financial modeling professional, is to watch other professionals model. I know in my career being able to physically see how others tackle different modeling problems has shaped my methods and made me better…