Free Excel Models
Free Commercial Real Estate Financial Models
Simple, clean Excel models with live formulas, built to teach. Underwrite a deal, size the loan and split the returns between the GP and LPs. Enter your name and email and the file is yours.
- Free to download
- Live formulas, nothing locked
- Built by former REIB and REPE professionals
Acquisition Models
Underwrite a deal
Straightforward acquisition models that take you from purchase price and rent to cash flow and returns, without the clutter of a full institutional model.
Simple Multifamily Acquisition Model
Unit mix, rent growth, operating expenses and a sale, rolled up into levered and unlevered returns.
Single-Tenant Net Lease Acquisition Model
One tenant, one lease. Model the rent bumps, the loan and the exit cap rate on a net lease deal.
Multi-Tenant Retail Acquisition Model
A simple rent roll with lease expirations, vacancy and reimbursements, built into property cash flow.
Equity Waterfalls
Split the returns
Simple distribution waterfalls that show how cash flow is split between the GP and LPs, one tier at a time.
Preferred Return and Promote Waterfall
The most common structure: LPs get their capital back plus a preferred return, then the GP earns a promote.
3-Tier IRR Waterfall
Promote steps up as the deal clears each IRR hurdle. See exactly what each partner takes home.
Equity Multiple Waterfall
The same idea as an IRR waterfall, with hurdles set on equity multiple instead of IRR.
Debt Tools
Size the loan
Quick tools for the debt side of a deal, the same checks a lender runs before issuing a term sheet.
Loan Sizing Calculator
Size a loan on LTV, DSCR and debt yield, and see which constraint sets the maximum loan.
Mortgage Amortization Schedule
Monthly payment, principal and interest by period, with interest-only and amortizing options.
Want to build these from scratch?
The full course takes you from a blank workbook to complete acquisition, value-add and development models, with 291 lessons and three case studies. Enrollment opens October 18, 2026.
FAQ
Common questions
Are the models really free?
Yes. Enter your name and email and the Excel file downloads right away. There is no payment and no trial.
Do I need advanced Excel skills?
No. Every model is kept simple on purpose, with clearly labeled inputs and formulas you can trace cell by cell. If you know basic Excel, you can follow along.
Can I use these in class or at work?
Yes. Use them to study, practice for interviews or check your own models. Every formula is live so you can see exactly how each number is built.