Real Estate Modeling Tutorial

Below are links to the relatively comprehensive real estate modeling tutorial. The example spreadsheet is available to download by going to the download page or clicking this button.


This is similar to what someone might be expected to do in an acquisitions analyst interview process. It includes examples of loan sizing, sources and uses tables, creating yearly cash flows, IRR calculation and a debt schedule. 

Part 1 - Overview on how to calculate down to the NOI line item.
Part 2 - Intro to lease structures and calculating the gross potential revenue line item.
Part 3 - A look at reimbursement methods and how to calculate reimbursement income.
Part 4 - How to calculate the other income line item and an intro to income adjustments.
Part 5 - Rent abatements overview and calculation example.
Part 6 - Absorption and turnover vacancy explanation and intro to tenant improvements.
Part 7 - General vacancy allowance explanation and calculation example.
Part 8 - Operating expenses explanation.
Part 9 - Constructing a sources and uses table.
Part 10 - Building a debt schedule.
Part 11 - Calculating levered IRR.
Part 12 - DCF analysis.