The Blog

Real Estate Financial Models in Excel


Since launching Adventures in CRE over four years ago, I have shared dozens of real estate financial models. These models I built in Microsoft Excel and are meant to be used to analyze various analysis tasks in real estate.

Most of my models are meant for underwriting new investment scenarios, such as acquisition or development opportunities. While some models are built for more niche tasks, such as sensitizing refinance risk or visualizing tenant rollover schedules. 

I haven’t focused on any one property type, although the main four (office, retail, industrial, and multifamily) get most of the attention. I’ve instead spent my time creating a healthy mix of models for the various investment types (e.g. core, value-add, opportunistic) and property types most common in commercial real estate.

Where to Download Recent Real Estate Models I’ve Built

While I share my models exclusively on my Adventures in CRE website, I like to occasionally make note of what I’m sharing there on my personal website here. And so with that said, allow me to point out a few of the models I’ve recently built and well as links to where you can download those models:

  1. Apartment Development Model. This is my favorite model to date. It is robust (i.e. institutional-quality) and yet so simple. Virtually all assumptions are housed on one, clean and intuitive ‘Underwriting’ tab. The outcomes from the underwriting are reported on one visually appealing Summary tab. Check it out and let me know what you think.
  2. Update to my Apartment Acquisition Model with Monte Carlo Simulation Module. I had the most fun building this model. Probabilistic analysis is rarely, if ever, used in real estate financial analysis. So it was enjoyable to think about how best to implement it in the context of a real estate deal. The result is interesting, albeit less practical then the other models on our site. 
  3. Hotel Valuation (Acquisition) Model. Okay, I didn’t build this one – my co-contributor Michael Belasco did – but it deserves a mention here. This is the first real hotel model on A.CRE. And it’s a dang good one. Michael does an amazing job of utilizing VBA toggle buttons to allow the user to seamlessly transition between back-of-the-envelope analysis to full underwriting.