Real Estate Models for Retail Properties - Adventures in CRE

Mixed-Use Development Model: Condo and Retail (Updated July 2025)

Michael Belasco — Fri, 11 Jul 2025 13:00:47 +0000

In this post, I walk you through the A.CRE Mixed Use Development Model for Condo and Retail projects. The model is basically a reworked and expanded version of the Condo Development Model, so if you are familiar with that, this should feel and operate very similarly. This model can also be used as a condo […]

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All-in-One (Ai1) Model for Underwriting Development and Acquisitions (Updated July 2025)

Spencer Burton — Thu, 03 Jul 2025 12:00:30 +0000

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 I released the first beta-version of the model – my All-in-One (Ai1) […]

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Single Tenant NNN Lease Valuation Model (Updated May 2025)

Spencer Burton — Tue, 20 May 2025 00:59:12 +0000

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 how the industry underwrites single-tenant net lease investments. The model is […]

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Simple Acquisition Model for Office, Retail, Industrial Properties (Updated Dec 2024)

Spencer Burton — Mon, 30 Dec 2024 14:17:51 +0000

A few years back, on a sleepy Saturday afternoon while my kids were busy eating Halloween candy, I decided to create a simple real estate acquisition model in Excel for office, retail, and industrial deals. Since then, I’ve made various updates, including error fixes and functional improvements. The model calculates returns at the property and […]

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Underwriting a Tenant with Private Credit (Updated June 2024)

Spencer Burton — Tue, 18 Jun 2024 15:00:25 +0000

Recently, we had an Accelerator member ask a question about how to accurately determine a credit rating and spec income discount rate for a private tenant in a single tenant net lease deal. While the scenario specifically involved a medical office tenant (a doctor’s practice), the application could easily be applied to a number of […]

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Watch Me Build – Modeling a Rent Schedule in Both Excel and Using AI (Updated May 2024)

Spencer Burton — Sun, 05 May 2024 14:00:11 +0000

In this Watch Me Build video I show you how to build a custom rent schedule module for long-term leases. The foundation of the module is a simple INDEX/MATCH combination that takes a rent schedule and models the rent cash flows across the entire hold period. I also include an optional file that you can […]

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Retail Real Estate Development Model (Updated Apr 2024)

Spencer Burton — Mon, 01 Apr 2024 06:01:54 +0000

I’m excited to share my Retail Development Model in Excel. This pro forma analysis tool comes as I’ve continued to build and share specialty real estate models, tailor-made for specific investment scenarios and property types. This model is an adaptation of my Office Development Model and Industrial Development Model. It’s specifically built to analyze both […]

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Actual + Forecast Construction Draw Schedule with S-Curve (Updated Dec 2023)

Spencer Burton — Wed, 20 Dec 2023 01:12:50 +0000

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 schedule. The real challenge in this exercise, is to have the actual construction draws transition into the […]

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Create A Dynamic Revenue Row to Calculate Multiple Tenant Leases (Updated Nov 2022)

Michael Belasco — Thu, 17 Nov 2022 15:00:18 +0000

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 piece of information to share with our readers. What […]

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Publicly Traded Tenant Analysis Tool (Updated May 2022)

Michael Belasco — Sat, 28 May 2022 06:31:37 +0000

In this post and corresponding video, I am going to walk you through a revamped tenant health worksheet that I shared a long time ago on the site. I spent some time giving it a makeover and decided to put together a video walkthrough for it. Publicly Traded Tenant Analysis Valuable Insights At Your Fingertips […]

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Physical Occupancy Calculation Model for Real Estate (UPDATED MAY 2022)

Spencer Burton — Fri, 06 May 2022 13:00:43 +0000

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 to build a quick real estate Excel model for calculating the monthly physical […]

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Development Draw Schedule – Visually Customize Each Line Item (UPDATED APR 2022)

Michael Belasco — Tue, 26 Apr 2022 13:00:52 +0000

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 using a straight line method with even payments over time, […]

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Using Boolean Logic to Model Multiple Generations of Tenant Improvements

Spencer Burton — Sat, 27 Feb 2021 02:10:19 +0000

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 in real estate financial modeling, ease auditing work, and speed up the modeling process. […]

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Real Estate Acquisitions Model #2 for Office, Retail, Industrial (Updated Aug 2020)

Michael Belasco — Wed, 26 Aug 2020 12:43:07 +0000

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 model includes both monthly and annual cash flows, […]

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Watch Me Build a Tenant Rollover Analysis Model

Spencer Burton — Fri, 27 Mar 2020 11:33:06 +0000

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 the methodology, keyboard shortcuts, and formulas I use as I build the model. […]

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