Free Resources

CRE Model Templates

Back-of-the-envelope underwriting models for accredited investors evaluating commercial real estate deals. The same frameworks professional sponsors use — free to download.

The Basics

What Is a Back-of-the-Envelope Model?

A back-of-the-envelope (BOE) model is a fast, high-level real estate underwriting tool used to quickly evaluate whether a commercial real estate deal warrants deeper due diligence. It covers the inputs that drive every deal — purchase price, NOI, cap rate, debt assumptions, and projected returns (IRR, equity multiple, cash-on-cash) — without requiring a full institutional-grade model.

This is the same framework professional sponsors and operators use before committing to full underwriting. If a deal doesn't pencil at the BOE level, no amount of deeper analysis will save it. Use these models to independently stress-test a sponsor's projections and ask better questions before committing capital.

Cap Rate / NOIWhether the purchase price is reasonable relative to the property's income

Debt AssumptionsLTV, interest rate, amortization, and term — all affect cash flow and equity returns

IRRAnnualized return on invested equity over the hold period

Equity MultipleTotal dollars returned per dollar invested (e.g. 2.0x = double your money)

Cash-on-CashAnnual cash distributions as a percentage of equity invested

Available Models

Multifamily Excel .xlsx

Multifamily Back-of-the-Envelope Model

A complete acquisition underwriting model for apartment deals. Input rent roll by unit type, stabilization assumptions, debt structure, and exit cap rate — the model outputs levered and unlevered IRR, MOIC, and cash-on-cash for a CRE due diligence review of any real estate syndication or 506(b)/506(c) private placement.

Rent Roll NOI Build Debt & Equity Structure Levered & Unlevered IRR Equity Multiple Sensitivity Analysis

Download (.xlsx) Book a Walkthrough

Coming Soon

Office / Retail Excel .xlsx

Commercial BOE Model

A back-of-the-envelope underwriting model for commercial real estate investment across office and retail asset classes — covering lease roll, tenant credit, cap rate analysis, and equity returns.

Lease Roll Tenant Credit Cap Rate Analysis IRR & Cash-on-Cash

Coming Soon