An Excel-based spreadsheet analysis tool for the acquisition of an existing apartment/multi-family rental building. Allows for modeling of the renovation of individual apartment units while continuing to operate the building, identifying and highlighting the income generation and cost savings resulting from the individual unit improvement program.
A blended average approach is used to simulate the income and expense profiles of both pre- and post-renovated unit states. In other words, while there is a rent roll input tab, the model does not key off of specific unit rollovers and renovations — it approximates the unknown sequencing of the unit rollovers using an average unit renovation budget and the aforementioned blended average income and expense values.
The model is monthly in nature, and it is a 100% unlocked Excel file with fully transparent formulas that can be further tailored to suit the particulars of your transactions.
- Compatible with both PC and Mac
- Includes instructions for use, with detailed annotations tied to select cells
- Two-page assumptions input and reporting screen optimized for dashboard-style viewing
- Persistent calculation checks and data validation protections to prevent faulty inputs
- Hyperlink navigation enables fast, intuitive access to all tabs
- Institutional-quality print-ready reporting tabs that are brandable to your company
- Includes copy/paste tab for “next buyer” analysis to be housed and presented in REFM’s Valuate web-based software
The model supports the following:
- Quick inputting of the apartment unit mix only instead of the entire rent roll, as well as full rent roll inputting with tagging of units as renovated vs. unrenovated
- Unit batch, or unit-by-unit renovation of the apartments modeled on a monthly basis, with post-renovation rent bump, and with or without post-renovation operating and maintenance savings
- Tenant buyout modeling
- One layer of acquisition financing (amortizing or interest-only, or amortizing with an interest-only period), and a subsequent refinancing through an amortizing permanent loan with or without a interest-only period
- Up to two joint venture equity partnership players, with an IRR-based Preferred Return and a residual cash flow split
- Simultaneous two-variable sensitivity analysis.
0 Model Overview and Instructions
1 Back of the Envelope Model
2 Rent Roll Inputs
3 Assumptions Inputs
4 Capital Structure Exhibit
5 Monthly Cash Flow Inputs
6 Annual Cash Flow Inputs
7 Renovation Timing Exhibit
8 Joint Venture Partnership Structure Inputs
9 Stabilized Pro-Forma Exhibit
10 Joint Venture Returns Summary Exhibit
11 Profit Splitting Exhibit
12 Sensitivity Tables Exhibit
13 Acquisition Loan Monthly Amortization Schedule Exhibit
14 Permanent Loan Monthly Amortization Schedule Exhibit
11 years (expandable)
Print-ready, brandable reports are included in the model. See the Sample Reports link above.
License Type And Multiple-User Pricing
Licenses are sold on a per-user basis
Multi-user pricing quotes are available here
Included With Purchase
- Blank template (inputs are all set to zero) and a version of the template with a sample deal loaded in
- 1 year of online ticket-based support
- Ability to upgrade to the Pro model by just paying the difference in price