Excel spreadsheet for underwriting multifamily properties.

Commercial Real Estate Investing
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Excel spreadsheet for underwriting multifamily properties.

Kris MarmolPro Member
Developer · Concord, CA · Member since 2019 · 89 posts · 19 votes

Hello BP community! I wanted to see if anyone was willing to share an Excel spreadsheet that they found useful for underwriting multifamily properties. I am trying to expand my knowledge into the commercial real estate space and would like to better familiarize myself on how to underwrite small to large complexes. If you have any suggestions as well on what to look for when running your numbers please feel free to chime in. Thank you 

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Ronald RohdePro Member
Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
3y

I like Adventures in CRE, lots of free MF templates

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  • Taylor L.
    Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    3y

    Michael Blank's SDA is usually well regarded as a first model.

    1Reply
  • Jonathan BombaciBusiness Member
    Real Estate Agent · Lowell, MA · Member since 2019 · 1k+ posts · 1k+ votes
    3y

    You don’t need anything complicated to get started. KISS - Keep It Simple Stupid.

     Calculators are really just initial underwriting and the best laid plans are wrong the moment you close anyways. After that you’re managing income and expenses and the calculators go out window.  I see you’re a pro member, The BP calculators are awesome. I’ve been using them for a long time. Label it appropriately, add in all the rents by unit, split out all the expenses, swap the BP logo with your own, then PDF it and it comes across very professional. I still use the BP calculator for initial underwriting even on +$5M deals and that’s what I send to the bank along with my purchase and sale agreement to get term sheets going. If you’re doing a big renovation or looking to sell proforma numbers to the bank then do a couple of iterations on the calculator like “as-is”, “12 month pro-forma”, and/or “after stabilization” and explain the business plan in the email. 


    The BP calculators are simple and easy to understand and the PDFs show them everything they need to know. A quick glance and they'll see if you're being conservative or aggressive and they will see the DSCR on the 2nd page which is what they're going to underwrite too. They'll run their own calculations and use the appraisal to validate market conditions/assumptions. Plus all you need is 1 error, a circular reference, or simple mistake in the excel template to lose credibility. With the banks less is more. Show them it's a great deal then get out of the way and let them do their thing.

    Best,

    [email protected]978-710-8611
    Candor Realty4.760 Reviews
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  • Anthony KingPro Member
    Investor · Charlotte, NC · Member since 2020 · 236 posts · 247 votes
    3y

    @Kris Marmol multifamilyu dot com has a quick apartment analyzer under resources.

    2Reply
  • Ashlee Hutson
    Real Estate Agent · Pearland, TX · Member since 2019 · 59 posts · 34 votes
    3y

    I like ROI Muse. https://www.roimuse.com/

    0Reply
  • Ronald RohdePro Member
    Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
    3y

    I like Adventures in CRE, lots of free MF templates

    2Reply
  • Kyle Jeppesen
    Investor · North Haven, CT · Member since 2018 · 29 posts · 18 votes
    3y

    Try https://www.calculator.net/ren... or this one in the BP Fileplace https://www.biggerpockets.com/...

    1Reply
  • Brenton Hanes
    Investor · Member since 2021 · 23 posts · 21 votes
    1y

    I use this one. https://www.realestate365.net/analysis-worksheet-download/

    1Reply
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