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Real Estate Financial Modeling Accelerator (Updated August 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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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…
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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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…
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Tutorials for A.CRE Value-Add Apartment Acquisition Model

As promised, I'm following up the release of the A.CRE Value-Add Apartment Acquisition 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 -…
vintage Walgreens on corner of two busy california streets
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Single Tenant NNN Lease Valuation Model (Updated 6.22.2019)

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…
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All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated 5.17.19)

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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Real Estate Development Tracker

One of the many challenges of both analyzing real estate development deals and managing development projects is understanding and tracking the numerous differing but intertwining work streams. The more a development team takes the time…
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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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After Tax Analysis in Real Estate (Now Included in Ai1)

When modeling real estate investments, industry practice is generally to stop at before tax cash flow. And this makes sense in most instances. No two owners of real estate have the exact same tax situation and no two properties necessarily…
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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…
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Real Estate Debt Module in Excel

I thought I'd share the real estate debt module I built for the ARGUS alternative in Excel that I've been working on over the last few months. Most debt modules I've seen in real estate financial models only include the ability to model…
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Multifamily Redevelopment Model

This is an excel model built from scratch for value-add, opportunistic, and core multifamily properties. It was designed to work best for scenarios where individual units will be rehabbed over the hold at varying times. It can work for properties…
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Hotel Value-Add Assignment Example

I built this multi-scenario , value-add hotel investment model from scratch in Excel for an assignment in one of my real estate finance courses at Cornell. Keep in mind, this model is not plug-and-chug ready. However, with a few tweaks it works…