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Multifamily Value Add/Development Excel Model
Use this model to evaluate any value add multifamily project. Cleaned and condensed to provide the absolute vital information necessary to evaluate your future project. Use the visual outputs to display to potential investors the timing of cash flows and expected returns.
Instructions
- Please only change cells in blue font. These are the ONLY input cells for the model.
- Cells in green are NOT input cells. They are derived from blue input cells. To change their values, please find the source input cell by reviewing the formula in the green cell.
- Cells in black are all output cells and derived from the blue inputs.
- Please ensure iterative calculations are turned on
- If you are unsure how to do this, please follow the instructions in this video link.
- If you would like any customizations or feel the model is close but not precisely what is needed. Please reach out to me via the eFinancial site and we can discuss feasibility and cost of getting you the precise product you need.
Tab Overview
Tab 1: Assumptions
- Sources and Uses
- Toggle the % of GP Equity to be put in the project
- Financing Assumptions
- Up to 4 total debt instruments
- Insert descriptive name in column B
- Insert total loan amount in column D
- Insert interest rate in column E
- Insert origination fee in column F
- If there’s no origination fee, leave column F as zero
- Investor Waterfall
- Up to 6 Tiers of waterfall
- Insert hurdle rate in column C
- Insert promote % in column F
- Disposition
- Insert total hold period in column K
- Insert sale cap rate in column K
- Insert estimated cost of sale as a percent of the gross sale price in column K
Tab 2: Project Cash Flows
**PLEASE ONLY EDIT THE DEVELOPMENT BUDGET CELLS IN THIS TAB. THE REST OF THE TAB SHOULD REMAIN UNTOUCHED**
- Development Budget
- Expand the rows associated with each segment of the budget to edit. Please only edit in the yellow cells with the blue input font.
- Insert the line item description in column B
- Insert the total cost of the line item in column C
- Insert the start month as a whole number in column D
- Insert the total duration of the line item as a whole number in column E
Tab 3: Unit Level Budgets
- Development Budget
- Expand the rows associated with each segment of the budget to edit. Please only edit in the yellow cells with the blue input font.
- Follow the same instructions as the Development Budget on the Project Cash Flows tab (refer to bullets above)
Tab 4: Operating Pro Forma
- Rental Income
- Insert total SF of the unit in column C
- Insert # of bedrooms in column D
- Insert # of bathrooms in column E
- Insert the first month of rent in column G
- Insert the monthly rental rate in column H
- Other Income/Fees
- Toggle Yes or No in column C to include or exclude the fee for each respective unit
- Insert the fee amount in column D
- Toggle Timing of when the fee is paid in column E
- Can toggle between paid at Lease Signing or paid Monthly
- Use the yellow cell with blue font for unit 1 to toggle the remaining units fee timing
- Operating Expenses
- Use the top two cells for fees which are paid as a % of revenue
- Use the bottom two cells for fees paid annually
- Please note, even if paid annually, it will assume a monthly accrual for the expense.
- Insert description of the fee line item in column B
- Insert the fee % or annual amount in column C
Tab 5: Investor Returns
**PLEASE NOTE THIS TAB IS ALL OUTPUTS. DO NOT CHANGE ANY CELLS IN THIS TAB**
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