All-in-One Underwriting Model
The workbook we open first on almost any site. It takes a project from land price to sale in one file, whatever the property type.
- Type
- Excel model
- Version
- v0.90
- Updated
- May 2026
- Stage
- Underwrite the project, Screen a site, Lease, hold and sell
- File
- Excel workbook with macros (.xlsm), 4.0 MB
- Works in
- Microsoft Excel 2013 or newer, desktop
What it answers
- What is this site worth to a developer, once the cost to build is taken out?
- Does the project earn enough over its cost to be worth building?
- How do returns move if rents, costs or the exit cap rate change?
- Is it better to hold the property or sell it, and when?
What goes in
- Land price and closing costs
- Construction and soft-cost budget with timing
- Rent roll by tenant: size, rent, free rent, improvements and commissions
- Operating expenses and reimbursements
- Construction and permanent loan terms
- Exit cap rate and hold period
What comes out
- Residual land value
- Yield on cost and development spread
- Unlevered and levered IRR and equity multiple
- Annual cash flow and an IRR matrix by hold year
- Tenancy report
How we use it
On a strip center we fill its retail rent roll with the anchor, the shops and the pads, then read the residual land value before we make an offer on the land.
Before you open it
- Use the desktop version of Excel. Excel for the web and other spreadsheet apps cannot run the parts of a model that use macros.
- On Windows, Excel blocks macros in any file downloaded from the internet and shows a red bar. Close the file, right-click it, choose Properties, tick Unblock and press OK, then open it again. If it came inside a zip, unblock the zip before you extract it.
- Read the Version tab first. It records the model's history and its authors. Leave it in place, unchanged, if you share the file.
Use and sharing
Free to use, adapt and share with anyone, as long as it stays free and its Version tab and credits stay in the file. Provided as is, for education. It is not investment, legal or tax advice, not an appraisal, and not an offer of any security. Any project figures in it are illustrative. Full terms, including credits, are in our Terms of Service.
All-in-One-Underwriting-Model-v0.90.xlsm · SHA-256 a68c5de0e561db47d447563b975565acc0c4fb7973a518bef501eed0cf7ab76b
Who it is for
Each of these has its own way to work with us.
Where it fits in our work
Often used with
Co-GP, JV & capital partners
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