Models
Enjoy our suite of financial models, drop-in modules, and real estate deal templates
Our Multifamily model enables faster, more accurate deal underwriting, regardless of the apartment’s size or type.
Its comprehensive features streamline the underwriting process and ensure precision.
Rent roll and T12 deposit sheets for setting up unit mix and baseline expenses
Robust comps sheet for accurate rent forecasting
Ideal for a variety of deals, from small core-plus acquisitions to large value-add projects
Build-to-Rent Model (Advanced)
Build-for-Rent Development Model
The Fractional Analyst Build-for-Rent Development Model is a purpose-built tool designed to simplify and streamline underwriting for large-scale single-family and multifamily rental communities. Whether you are acquiring land, breaking ground on new phases, or seeking capital, this model provides a complete end-to-end framework for analyzing deal economics with confidence.
Key Features
Comprehensive Development Assumptions
Input detailed site, unit count, and square footage assumptions across acquisition and multiple development phases. The model flexibly accommodates phased buildouts, enabling side-by-side comparisons of performance at the project, phase, and consolidated level.Granular Cost Tracking
Built with a fully integrated construction budget, the model breaks down land, hard costs, soft costs, contingencies, and financing, providing per-unit and per-square-foot benchmarks to validate assumptions against market norms.Dynamic Returns Analysis
Review projected Return on Cost, Levered/Unlevered IRR, Equity Multiples, and Cash-on-Cash yields in one place. The integrated equity waterfall tab calculates returns for both GP and LP structures, giving clear visibility into capital allocation.Integrated P&L
Track stabilized operating performance with consolidated and phase-level P&L statements. Capture the revenue profile, operating expenses, and NOI to evaluate long-term portfolio contribution.Sensitivity Testing
Built-in sensitivity analysis allows users to stress-test variables such as lease-up timing, cap rates, rent growth, and cost inflation to understand risk and upside potential.Scalable Across Deal Sizes
The model supports projects from a few dozen units to large master-planned communities with hundreds of rental homes, making it suitable for both private developers and institutional investors.
Why Use This Model?
The BTR sector is rapidly expanding as demand grows for single-family rental communities and horizontal apartments. This model was built to give investors, developers, and capital partners the clarity needed to structure deals, raise equity, and make informed investment decisions with institutional-level rigor.
What’s Inside the Model
Our Build-for-Rent Development Model is designed with a clear structure, making it easy to navigate from inputs to results. Every tab is purpose-built to give you transparency and confidence in your underwriting.
Inputs
Assumptions – Centralized hub for all global assumptions, project details, and phased inputs.
Detailed Construction Costs – Break down land, hard costs, soft costs, and contingencies with precision.
SOFR – Preloaded SOFR curve for accurate debt financing projections.
Major Outputs
Deals & Returns – High-level investment summary with project-wide economics.
Return on Cost – Yield, valuation metrics, and developer spread analysis.
Annual P&L – Consolidated – Project-wide operating statement including debt and equity impacts.
Annual P&L – Acquisition – Track performance and financing impacts from the acquisition phase.
Annual P&L – Phase 1 – Phase-level financials with debt and equity integration.
Annual P&L – Phase 2 – Phase-level financials with debt and equity integration.
Monthly P&L – Month-by-month operational results and financing impact analysis.
Calculations
Debt Tables – Detailed debt schedules supporting consolidated cash flows.
Equity Waterfall – GP/LP equity waterfall with customizable promote structures.
Sensitivity Analysis – Test scenarios across rent growth, costs, cap rates, and more.
Sensitivity Analysis – Debt Tables – Combined stress testing with integrated debt schedules.
Commercial Acquisitions Model
Institutional-Grade Underwriting. Instant Download.
Make faster, smarter, and more profitable investment decisions with the Commercial Acquisitions Model—a complete, professional underwriting tool built for brokers, investors, developers, asset managers, and independent sponsors. This model gives you everything you need to evaluate any commercial property with confidence—from tenant-by-tenant cash flows to partnership waterfalls and refinance projections.
If you underwrite deals, this model instantly becomes your competitive advantage.
Why This Model?
Underwrite Deals in Minutes, Not Hours
Stop rebuilding spreadsheets from scratch. The model handles:
Market rents
Lease expirations
Recoveries
TIs & LCs
Escalations
Vacancies
Debt assumptions
…all automatically, so you can focus on the investment—not the formulas.
See the Full Life Cycle of a Deal
You get a complete picture of performance across acquisition, operations, refinance, and exit.
Analyze:
NOI growth
DSCR
Cash-on-cash returns
LP/GP payouts
10-year investment performance
…all with one input sheet.
Perfect for Real Multi-Tenant Deals
Built for real life, not textbook examples:
Model multiple leases per space
Control every assumption (TI, LC, free rent, downtime, recovery structures)
Track each tenant’s rent steps, increases, and reimbursements
Automatically roll everything into your pro forma
If you underwrite retail, industrial, office, or mixed-use—this model is built specifically for you.
Debt & Equity That Mirrors How Deals Actually Get Done
Quickly customize:
Floating or fixed-rate debt
SOFR-based pricing, caps, and floors
Interest-only periods
Amortization schedules
Refinance proceeds
Full partnership waterfalls with preferred returns & promotes
All calculations flow through to LP and GP returns—no manual tracing required.
Client-Ready Outputs Included
Every deal automatically produces beautifully formatted, presentation-ready outputs:
Investment Summary
Key metrics (IRR, Equity Multiple, DSCR, CoC)
Space summary
10-year pro forma
Partnership return charts
Sources & Uses
Debt summaries
Perfect for investor decks, lender packages, and IC presentations.
What You Can Do With This Model
✓ Quickly compare purchase opportunities
Swap in assumptions and instantly see how valuations, returns, and cash flows change.
✓ Stress-test rents, vacancy, debt, and cap rates
Every variable is adjustable for sensitivity or downside analysis.
✓ Produce professional underwriting for clients or partners
No more messy spreadsheets—this model builds trust and credibility.
✓ Underwrite deals of any size or complexity
From single-tenant NNN to multi-tenant retail or office buildings, the model handles it all.
✓ Confidently communicate the story of a deal
Outputs highlight strengths, risks, returns, and value creation clearly and professionally.
Who This Is For
This model is designed for:
Commercial acquisition teams
Independent sponsors & syndicators
Private equity and CRE funds
Brokers preparing underwriting for clients
Asset managers evaluating value-add opportunities
Anyone who needs fast, accurate deal modeling
If you’re serious about underwriting, this tool will save you time, reduce errors, and elevate your work.
Download Includes
✔ Fully unlocked Excel model
✔ 10+ years of cash flow logic
✔ Debt modeling + refinance module
✔ Full waterfall with up to 5 tiers
✔ Tenant-level lease engine
✔ Presentation-ready output pages
✔ Step-by-step instructions
Ready to underwrite with unmatched clarity, speed, and confidence?
Download the Commercial Acquisitions Model today and start underwriting like an institution.
This plug-and-play waterfall module integrates seamlessly into any CRE model, enabling precise profit-sharing analysis. It supports tiered return structures with customizable IRR hurdles and promotes accurate, investor-focused financial modeling.
· Easily adaptable to any existing commercial real estate model.
· Supports multi-tiered IRR-based distributions with detailed cash flow tracking.
· Designed for annual modeling, providing high level analysis.
TFA Mixed-Use Development Model
The TFA Mixed-Use Development Model is a comprehensive underwriting tool designed for projects that combine multifamily residential units with significant commercial components such as retail, office, or ground-floor shops. This model provides developers, investors, and capital partners with a clear, data-driven framework to evaluate complex, multi-use projects.
Whether you’re structuring financing, analyzing feasibility, or presenting returns to stakeholders, the model integrates residential and commercial assumptions into a single, streamlined platform.
Key Features
Dual-Focus Assumptions – Model multifamily and commercial components independently while capturing blended project returns.
Robust Construction Budgeting – Track development costs across sitework, residential, and retail construction.
Integrated Financing Schedules – Build and evaluate construction loans, permanent financing, and blended capital stacks.
Return on Cost Analysis – Compare multifamily, retail, and combined project yields to understand profitability drivers.
Equity Waterfall Mechanics – Capture GP/LP distributions with institutional-style waterfall modeling.
Scenario Flexibility – Stress-test unit absorption, rent comps, cap rates, and commercial lease-up assumptions.
What’s Inside the Model
Deal Summary & Returns
Deals & Returns – Snapshot of main deal points with blended economics.
Return on Cost – Clear look at untrended yields for multifamily, retail, and blended components.
Financials & Operations
Annual P&L – Yearly profit & loss across all uses.
Monthly P&L – Detailed month-by-month operating cash flows.
Project Assumptions
Project Assumptions – Apartments – Multifamily unit count, rents, and absorption inputs.
Project Assumptions – Retail – Commercial lease-up, rents, and tenanting assumptions.
Development & Capitalization
Construction Budget – Line-item construction budget for residential and retail components.
Financing Schedule – Construction and permanent loan schedules with draw modeling.
Equity Waterfall – GP/LP distributions across the project lifecycle.
Market Benchmarking
Comp Analysis – Rent comps, sales comps, and development pipeline benchmarking.
Build-to-Rent Model (Basic)
Streamline your underwriting process for Build-to-Rent communities with this detailed financial model. Designed for accuracy and adaptability, it empowers developers and investors to make informed decisions confidently.
Dynamic financial projections tailored for BTR projects.
Comprehensive rent roll and operating assumptions.
Includes financing structure analysis and investor return projections.
Built-in sensitivity analysis to assess key variables effectively.
This customizable Excel tool is designed for developers seeking precision in timing and allocation of expenses across a project’s timeline. Users can define unique timing curves for each line item they input, producing an aggregate cost curve for streamlined planning and analysis.
· Custom Expense Timing: Tailor the timing of each line item to align with your development schedule.
· Aggregate Cost Curve: Automatically generates a consolidated cost curve for the entire project.
· User-Friendly Interface: Intuitive design allows for quick adjustments and immediate insights.
This simplified Multifamily Acquisition Model is designed for efficiency and ease of use. It includes essential features to quickly evaluate potential multifamily investments.
Clear and intuitive layout for streamlined analysis.
Key financial metrics for informed decision-making.
Flexible inputs to customize scenarios and assumptions.
Actual & Forecast Model
This Excel workbook bridges the gap between forecasted property assumptions and actual performance, offering unmatched insights for commercial real estate analysis. Designed as a starting point, it provides flexibility for users to easily expand with additional expenses, income streams, and outputs.
· Seamlessly integrates forecasted and actual data to track property performance.
· Customizable structure for adding new income, expense, and output categories.
· Perfect for commercial real estate professionals seeking actionable insights.
This plug-and-play financing module simplifies debt calculations for any commercial real estate model. It tracks interest, principal, and balances for senior loans, junior loans, and up to two refinances.
Compatible with any commercial real estate underwriting model.
Supports multiple loan structures, including senior and junior debt.
Automatically calculates loan performance, including refinances.
Discover the optimal hold period for your real estate investment with this tool that calculates IRRs for each potential sale year. Designed for clarity and precision, it ensures investors can make data-driven decisions.
Connects to any model with levered cash flows
Integrates reversion values and operational cash flows to ensure comprehensive analysis.
Helps users identify the most profitable hold period for their asset.
This easy-to-use spreadsheet integrates seamlessly with your existing multifamily CRE models, allowing you to compare rent and sale assumptions to local market properties. Designed for simplicity, it helps you uncover actionable insights for accurate benchmarking and informed decision-making.
· Compare subject property rents and sale prices to local comparable properties.
· Analyze key metrics like sale price per unit, effective rents, and unit mixes.
· Save time with a ready-to-use format that fits directly into your workflow.
This Excel workbook simplifies the management of your CRE acquisition pipeline, offering a clear summary of your deals in progress. Track notes, key metrics like units and square footage, and forecasted returns, including IRR and equity multiples, all in one place.
· Consolidated summary sheet for quick insights into your acquisition pipeline.
· Tracks essential details, including units, square footage, and forecasted returns.
· Includes a dedicated section for notes, keeping your deal information organized.
100 Careers in Real Estate
This list is a handcrafted list of 100 Careers you could take in the real estate industry. Enjoy!
The Investor Distribution Module is a free, plug-and-play Excel tool designed to streamline LP distribution forecasting and tracking. It integrates seamlessly with your existing equity waterfall and supports up to 1,000 investors, with dynamic ownership, distribution, and capital call calculations. Ideal for internal use by investor relations teams, the module helps ensure accurate and transparent financial communication. Download it to enhance your fund management workflows with ease and clarity.
This Letter of Intent template simplifies the process of proposing and negotiating commercial real estate transactions. With clear terms and a comprehensive structure, it ensures both buyers and sellers have a strong starting point for successful deals.
· Ready-to-use format with customizable fields for easy adaptation.
· Covers key transaction components, including purchase price, inspection periods, and closing terms.
· Includes a detailed due diligence request list to streamline property evaluations.
Preferred Equity Accrual Calculator – Excel Model
Take control of your preferred equity investments with this comprehensive Preferred Equity Accrual Calculator. Designed for real estate investors, fund managers, and financial analysts, this Excel model helps track contributions, accrued preferred returns, and outstanding balances over time with ease.
Key Features:
✅ Automated Accrual Calculations – Quickly compute preferred equity balances based on initial contributions and time-based accrual rates.
✅ Customizable Inputs – Adjust variables such as origination amounts, analysis periods, and outstanding balances for precise tracking.
✅ Clear Financial Summaries – Gain insight into contributions, pref outstanding, and total outstanding balances in an easy-to-read format.
✅ Ideal for Real Estate & Private Equity – Perfect for tracking preferred return obligations in structured investment deals.
📥 Instant Download – Get immediate access to this financial model and start optimizing your preferred equity tracking today!
Pref Accrual Schedule
Preferred Equity Accrual Calculator – Excel Model
Take control of your preferred equity investments with this comprehensive Preferred Equity Accrual Calculator. Designed for real estate investors, fund managers, and financial analysts, this Excel model helps track contributions, accrued preferred returns, and outstanding balances over time with ease.
Key Features:
✅ Automated Accrual Calculations – Quickly compute preferred equity balances based on initial contributions and time-based accrual rates.
✅ Customizable Inputs – Adjust variables such as origination amounts, analysis periods, and outstanding balances for precise tracking.
✅ Clear Financial Summaries – Gain insight into contributions, pref outstanding, and total outstanding balances in an easy-to-read format.
✅ Ideal for Real Estate & Private Equity – Perfect for tracking preferred return obligations in structured investment deals.
📥 Instant Download – Get immediate access to this financial model and start optimizing your preferred equity tracking today!
Portfolio Roll Up Module
This Portfolio Roll-Up Module lets you input monthly financials for each property and instantly generate a portfolio-wide summary. Whether you're tracking five assets or fifty, the tool surfaces key metrics like average rent, operating income, and cash flow — all dynamically calculated and visualized. It's built to save time, reduce errors, and bring portfolio clarity into one clean dashboard.
Automatically aggregates metrics like GPR, EGI, NOI, and cash flow across properties
Calculates portfolio-level performance indicators including DSCR, cash-on-cash return, and occupancy
Designed to be fast, simple, and flexible — ideal for syndicators, operators, and asset managers
Easily calculate monthly payments, track loan balances, and analyze debt service with this plug-and-play Excel tool.
Full amortization table with monthly breakdown of principal and interest
Built-in Excel functions like PMT, IPMT, PPMT, CUMIPMT, and FV
Customize inputs for loan amount, interest rate, term, and payment frequency
This dynamic lease abstract automatically generates a professional summary based on any lease selected from your master lease tracker. It’s designed to help commercial real estate operators quickly view and share key lease terms with consistency and clarity.
Auto-populates from a centralized lease summary sheet
Includes key details like rent schedules, lease term, expenses, and rights
Perfect for investor reports, lender packages, and internal tracking
Real Estate Acquisition Checklist
Real Estate Acquisition Due Diligence Checklist
Streamline your acquisition process and stay organized from first review to final close.
The Acquisition Due Diligence Checklist is a detailed Excel tool designed for commercial real estate investors and analysts to manage all diligence tasks leading up to acquisition.
What It Covers:
Pre-Acquisition Diligence: Financial, legal, and physical property review
Closing Process: Track key documents, approvals, and deliverables through to completion
Customizable Task List: Tailor categories and tasks to your property type or deal size
Status Tracking: Quickly see what’s in progress, complete, or outstanding
Why It’s Useful:
Ensure nothing is overlooked before closing. This checklist keeps your team aligned, improves accuracy, and saves time during one of the most detail-heavy stages of the deal.
📂 File Format:
Delivered as an Excel (.xlsx) file
Fully editable and ready to use immediately
Perfect For:
Acquisitions teams, investors, and analysts managing multiple deals who want a clear, repeatable diligence process.
Rate Cap - NPV
Monte Carlo - Multifamily
Real Estate Acquisition Due Diligence Checklist
Streamline your acquisition process and stay organized from first review to final close.
The Acquisition Due Diligence Checklist is a detailed Excel tool designed for commercial real estate investors and analysts to manage all diligence tasks leading up to acquisition.
What It Covers:
Pre-Acquisition Diligence: Financial, legal, and physical property review
Closing Process: Track key documents, approvals, and deliverables through to completion
Customizable Task List: Tailor categories and tasks to your property type or deal size
Status Tracking: Quickly see what’s in progress, complete, or outstanding
Why It’s Useful:
Ensure nothing is overlooked before closing. This checklist keeps your team aligned, improves accuracy, and saves time during one of the most detail-heavy stages of the deal.
📂 File Format:
Delivered as an Excel (.xlsx) file
Fully editable and ready to use immediately
Perfect For:
Acquisitions teams, investors, and analysts managing multiple deals who want a clear, repeatable diligence process.
This Excel-based tool helps real estate investors and analysts evaluate the net present value (NPV) of an interest rate cap on floating-rate debt. By inputting key assumptions such as loan amount, benchmark rate (SOFR), spread, cap strike, and discount rate, the model calculates:
Present Value of the Rate Cap
Cost of the Rate Cap
NPV of the Rate Cap – showing whether the hedge is accretive
The model includes a simple input section and a built-in rate cap pricing table, making it easy to compare scenarios and assess the cost-benefit tradeoff of purchasing an interest rate cap.
Perfect for real estate underwriting, debt structuring, and risk management analysis.
What our customers are saying
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"The Fractional Analyst team stepped in when we had a gap in our analyst pool. They have been working with us for about two years. They have seamlessly provided the expertise and support we needed to streamline our operations and make smarter, data-driven decisions."
Clay Heighten - Principal
Caddis Partners
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"Our family office needed a solution to manage legacy real estate assets. They have been instrumental to streamline our valuation and underwriting processes."
James Gueits - Principal
MHP Operator
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"We had a robust multifamily acquisition pipeline in Q2/Q3 '25 and needed additional support. The Fractional Analyst team knocked out over 50 underwritings for us in that time period and provided valuable market research in the process."
Oakdale Capital
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"We had some advanced modeling needs in the affordable housing space. The Fractional Analyst team dove into our financial model and our comparables template and automated quite a bit, saving my team dozens of hours, so we can focus on doing deals. Great team!"
Robert Sheppard - Founder, Managing Partner
Vital Housing
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Justin Britto - Founding Partner
CenTria Living
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VisoneCo
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Robert Dew - Principal
Castello Divino
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Steven Fox - Appraiser
Binyan Kesef
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Aiden Samuels - Partner
Avid Asset Management
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Dean Sparks - Founder & CEO
Altoma Real Estate Advisors
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Parker Velargo - Physician
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Doug Taylor - Owner
Safe Haven Homes, LLC
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Onyx Equity Partners
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Sarah Humbargar - Associate Broker
Sherpa CRE
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GPG Properties
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Jason Beckstrom - Principal
Beckstrom Company, LLC
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Todd Jensen - SVP Investments
Sila Realty Trust
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"I work in the Data Center development space. Very few know how to build a data center development model. When I engaged The Fractional Analyst, I wasn't exactly sure what to expect. After just 3 weeks (with regular check-ins), I was blown away but what they had put together. I highly recommend their off-the-shelf and custom financial models."
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Crystal Peak Data Centers
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James Alfandre - Principal
Urban Alfandre
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Kirk Walton - Managing Principal
GPWM Funds
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The Appanage Group
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MOS RE
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Whitestone Development Partners
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