A few days ago, @hazardpolicy" posted an office acquisition model term sheet and I decided to build a model as well for practice sake.
As I was building the model, the term sheet seemed very vague and in some area very unrealistic( e.g rent.. I think they meant annual rent.. but forgot to mention it?). Regardless I built the model strictly following the term sheet provided.
I would love any feedback from anyone.
P.S I used AdventureCRE author's model template.
Thanks.
| Attachment | Size |
|---|---|
| model_pract.xls 1.89 MB | 1.89 MB |
Only thing I can't find is where you took into account the exit point? I also think this is usually represented as a % (i.e. 1%) - just an fyi for formatting purposes
Also, I think it may have been better to keep all monthly cashflows on the rent roll tabl and then rolled up (using a sumif function or whatever) all monthly into a yearly pro-forma rather than have monthly c/f's on your "Inputs & CF" tab.
The question was also pretty vague on the leasing assumptions (we don't know how to escalate the other 2 leases) and the TI/Leasing Comm so I would have also just taken Y1 figures and multiplied through. PM me if you're keen to share models.
FInally, for CAPEX - if I sum all your c/f's you get to a value over $1m which seems rather high - I would have taken off the $200k at the beg of the year 0 (i.e. added to the upfront equity req.) and then divided the 50k by 12 for the remaining 3 years - not sure how other monkeys interpreted the CAPEX line?
oh i just saw you posted it here! no need to email me then. Just wondering, how long did this take you?
It took about 3.5 hours.
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