Last version published: 06/07/2021 12:06
Publication number: ELQ-81231-24
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Commercial Real Estate Acquisition Model - Unprotected
Advanced Real Estate Model, for a professional DCF Valuation of Office, Industrial or Retail Properties
This model is one of the most detailed and comprehensive out there to assess Retail, Office or Industrial Properties, either as a value-add or already stabilized deal. This model is not designed for ground-up development or Multifamily. The max. number of tenants is 60, if you need adjustments to the model please contact me.
The model's functionality supports a wide variety of investment scenarios including different capital structures, lease recoveries, tenant rollover, refinance analysis as well as asset management considerations. It is ideal for brokers or investors, who are looking in presenting a deal to capital partners or clients or would like an accurate valuation of an investment property. Even though the model was originally designed for US-use, area, and currency can be adjusted in the Underwriting Dashboard.
The model has taken years of building and updating, which has translated in a very detailed and robust tool, which makes it a great Excel-based alternative for Argus at a fraction of the cost.
As a first step, review the Version Tab, which gives you an overview of the color-coding methodology and the sections of the model. If you would like training on how to use the model most efficiently, feel free to reach out.
Watch the links below to better understand the structure and functionality of the model:
General Walkthrough: https://youtu.be/-4qGkDbuaJc
Value-Add Case Study: https://youtu.be/W79R9A3tBVE
I also created a locked cheaper test version that is saved here:
Another easier to use with slightly less functionality is saved below:
I also created a quick deal sizer for all property types saved here:
The model has undergone various iterations and extensive testing to ensure that there are no errors. Given the size and impressive depth, it is impossible to ensure there are none. However, if you do come across errors please let me know so that I can fix them.
The Model is provided as-is. Customization is available upon request. I'm continuously updating the model and therefore feedback is appreciated.
Hope you enjoy the model and feel free to reach out to me for comments, questions, or additional requests.
Executive Dashboard: Quick summary over the deal, includes major key metrics, Rolled up Cash Flows and Key Metrics Charts
Executive Summary: Printable booklet of the deal and present to clients, investors, partners or lenders
Sensitivity Analysis: Availability to stress-test Model, Two-way data table for Purchase/Exit Price Sensitivity
Exit Analysis: Shows IRR and EMx based on Exit Timing
Monthly and Annual Waterfall: Partnership Distribution for General and Limited Partner, includes an option to add Sponsor Fees
Debt Module: Up to 3 different Loans, can be used for Acquisition Loan or Refinance
Construction Module: Capital Improvements and Construction Loan
Audit: Allows to overwrite and detail out Cash Flows, where the model does not provide pre-set logic
Rent Roll: Existing Leases, Vacant Lease-Up, 2nd Generation Lease and Market Leasing Assumption s for Rollover, % Rent
Underwriting Dashboard: Global Deal Assumptions, such as Acquisition, Disposition, Tax Re-Assessment, Inflation
Operating Expenses: Fixed/Variable %, Min. and Max and Start End Dates
Recovery Settings: Option to include expenses in recovery settings, Gross-Up, Recovery Options are Net, Stop Amount, Base Year Stop and Gross
Historical Financials: Option to add historical Cash Flows to come up with underwritten expenses
60 Tenants Max, 10 Year Investment Horizon (those are limits due to size constraints if you would like to expand limitations get in-touch with me), not a multifamily model, not a ground-up development model
This Best Practice includes
1 Excel Template
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