Rent_Roll_Analyzer_featured | eFinancialModels

The rent roll is where most multifamily underwriting goes wrong: units leased above market that will roll down, half the leases expiring in one quarter, model units counted as income, a market rent assumption that was never tested against what is actually being paid. This Excel template takes a unit-level rent roll and turns it into the four things a buyer, lender or asset manager needs: loss-to-lease, occupancy, rollover exposure and a pro forma NOI at both in-place and market rents.

What the template is for
Acquisition underwriting of 10 to 150 unit properties, refinance packages, quarterly asset-management reviews, and checking a seller’s offering memorandum against the actual roll.

What it includes
Rent Roll: 150 rows with unit number, unit type, square feet, status, tenant, lease start, lease end and current rent as inputs. For every row the sheet looks up the market rent for that unit type, computes loss-to-lease in dollars and percent, rent per square foot, months to expiry from the analysis date, and assigns a rollover bucket. Five statuses are handled differently: Occupied, Vacant, Notice (counted as occupied today but flagged for rollover within 30 days), Model and Down (non-revenue).
Unit Mix: for each unit type, the count, occupied count, occupancy, average square feet, average in-place rent, your market rent input, market rent per square foot, loss-to-lease per unit and in total, and annual market gross potential rent. The totals row gives the weighted figures for the whole property.
Expirations: units and monthly rent at risk by bucket (vacant now, non-revenue, 0 to 1 month, 1 to 3, 3 to 6, 6 to 12, over 12, and no lease date), plus the six-month rollover concentration and the loss-to-lease sitting in those near-term leases, which is the question a lender will ask first.
Analysis: physical occupancy, economic occupancy, in-place rent against market rent for occupied units and for all units, vacancy loss at market, and a pro forma NOI shown in two columns, in-place and mark-to-market, driven by your inputs for other income, vacancy, controllable expenses per unit, taxes, insurance, management fee and reserves. Value at your cap rate is shown under both cases together with the value created by rolling leases to market, value per unit and value per square foot.

How to use it
Set the market rents on Unit Mix, paste your roll into the yellow columns, set the analysis date and expense assumptions on Analysis, and read the results. Add rows by copying the formulas down. Blue text marks inputs, black text formulas, green text links. No macros, no locked cells, no external links; runs in Excel 2016 or later and LibreOffice.

This template was built and tested by an AI system under a standing specification from a finance professional, recalculated with an independent engine and reviewed before release. All cells are unlocked and every formula is visible. Example data is included. It is a modelling tool, not financial, investment, lending or legal advice.

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