Real Estate Excel Models - Adventures in Real Estate

A.CRE Self Storage Development Model (Updated Aug 2025)

Spencer Burton — Wed, 13 Aug 2025 12:00:10 +0000

We’ve received numerous requests over the years for a Self Storage Development Model in Excel. With strong investment and development activity in this niche property type, I recognize a self storage model on A.CRE is long overdue. But with so many other projects on our plates and limited experience with self storage, we just hadn’t […]

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Data Center Development Model (Updated Aug 2025)

Arturo Parada — Tue, 12 Aug 2025 14:00:07 +0000

As the built environment evolves to meet the demands of an increasingly digital world, data centers have emerged as one of the most sophisticated and capital-intensive asset classes in commercial real estate. What was once considered a niche subset of infrastructure has become a foundational layer of the global economy, driven by AI, cloud computing, […]

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Land Development Model – Multi-Scenario (Updated Aug 2025)

Spencer Burton — Fri, 08 Aug 2025 14:50:21 +0000

Over the years, we’ve shared eight development-focused real estate financial models and numerous development-specific tools to the A.CRE Library of Excel Models. Nevertheless, there’s been a hole in the development offerings in our library. The library has been missing a model to analyze general land development scenarios, such as master-planned residential and commercial developer opportunities […]

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Understanding Stabilization Through The Lens Of Operating Expense Ratio

Arturo Parada — Thu, 07 Aug 2025 21:58:52 +0000

The term “stabilized” is deeply embedded in the language of real estate. It shows up frequently in financial models, offering memoranda, development strategies, and underwriting assumptions. So frequently, in fact, that its meaning is often taken for granted. Yet when examined more closely, the concept reveals itself to be far more nuanced than it first […]

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A.CRE Build-to-Rent (BTR) Development Model (Updated Aug 2025)

Spencer Burton — Wed, 06 Aug 2025 12:00:49 +0000

Build-to-rent (BTR) has become more and more common in CRE and now accounts for a meaningful share of development. In the past, we’ve recommended A.CRE readers use our Apartment Development Model for BTR analysis. However, as we’ve received numerous requests over the few years for a purpose-built BTR model – including an inquiry in a […]

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A.CRE Apartment Development Model (Updated July 2025)

Spencer Burton — Mon, 28 Jul 2025 20:15:31 +0000

For several years now, our library of real estate models has been lacking a robust ground-up apartment development model. Sure, our All-in-One (Ai1) model has the capability to model multifamily development deals, but it’s more a generalist tool than a specialized one. As a result, I’ve found it wanting when used to model developments. So a few […]

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Supercharge Excel with the ‘Excel 4 CRE’ Add-In – Now with AI (Updated July 2025)

Spencer Burton — Fri, 25 Jul 2025 17:01:36 +0000

Today, we’re thrilled to share with the A.CRE community a new timesaving (and free) Excel tool: the ‘Excel 4 CRE’ Add-in! Over the past few years, we at A.CRE (together with our new favorite companion, ChatGPT!) have been developing and sharing this Excel add-in. The goal? To make real estate financial modeling faster and more […]

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Multifamily (Apartment) Acquisition Model (Updated July 2025)

Spencer Burton — Wed, 23 Jul 2025 13:00:21 +0000

Our library of real estate Excel models has a variety of decent apartment models, including our All-in-One model and our Apartment Development Model – both robust models in their own right. However, if you’re looking for a straight multifamily (apartment) acquisition model, and don’t want all of the unnecessary components of the All-in-One (ie. office, retail, industrial modules), […]

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30/360, Actual/365, and Actual/360 – How Lenders Calculate Interest on CRE Loans – Some Important Insights (Updated July 2025)

Michael Belasco — Mon, 21 Jul 2025 12:00:05 +0000

(Updated August 7, 2019 to include a Watch Me Build video and Downloadable file) Commercial real estate lenders commonly calculate loans in three ways: 30/360, Actual/365 (aka 365/365), and Actual/360 (aka 365/360). Real estate professionals should be aware of these methods if they want to understand the real interest rate as well as the total amount of interest […]

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Industrial Real Estate Development Model (Updated July 2025)

Spencer Burton — Fri, 18 Jul 2025 13:00:53 +0000

Allow me to share my Industrial Development Model in Excel. Over the past few years, I’ve been working to add more specialty real estate models to our library. While our All-in-One model certainly has its place, oftentimes really digging into the underwriting of a deal takes a hyper-focused tool. This model has spawned sister Office […]

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Real Estate Equity Waterfall Model – IRR and Equity Multiple Hurdles (Updated July 2025)

Spencer Burton — Fri, 18 Jul 2025 12:00:58 +0000

Over the years, this real estate equity waterfall with annual periods and IRR or Equity Multiple hurdles has been one of the most popular models in our library of real estate Excel models. It’s been downloaded thousands of times and we’ve received dozens of suggestions for how to improve the model. As a result, we […]

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Ground Lease Valuation Model (Updated July 2025)

Spencer Burton — Wed, 16 Jul 2025 12:00:31 +0000

The topic of ground leases has come up several times in the past few weeks. Numerous A.CRE readers have emailed to ask for a purpose-built Ground Lease Valuation Model. And I’m in the process of creating an Advanced Concepts Module for our real estate financial modeling Accelerator program covering the mechanics of modeling ground leases. […]

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Residential Land Development Pro Forma (Updated July 2025)

Spencer Burton — Tue, 15 Jul 2025 12:00:07 +0000

As many of you know, I started my career in residential land development first as a broker and later as a principal. During that time, I built my fair share of residential land development Excel pro formas, modeling returns and forecasting cash flows for my clients and investor partners. I’ve since transitioned into the institutional […]

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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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