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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…
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Actual + Forecast Construction Draw Schedule with S-Curve

Several times in the last month, I've been asked to tackle an interesting real estate financial modeling challenge - pare actual construction draw cash flows with s-curve cash flow forecasts to create an Actuals + Forecast Construction Draw…
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Development Draw Schedule - Visually Customize Each Line Item

Working a lot with development draw schedules, I have always been looking for a catch all solution as to how one could easily model all the unique ways cash actually flows over time during the process. The norm for many is to model cash flows…
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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Create A Dynamic Revenue Row to Calculate Multiple Tenant Leases

I recently received an email from one of our readers asking how to create a dynamic revenue row for a pro forma that can capture rent changes for multiple tenants. I thought that this would make a great post for the site and would be a good…