Models
Enjoy these financial models, modules, and real estate deal templates, provided by The Fractional Analyst
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 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.
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.
Build-to-Rent Model (Basic)
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.
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 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.
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.
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.
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.
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.
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