Real Estate DCF Valuation Model
Value property cash flow using explicit income, expenses, capex, discounting and terminal value.
- Editable formulas and assumptions
- Base and downside cases
- Model-specific reconciliation checks
- DCF value, NPV and unlevered IRR
Updated 27 September 2026. The screenshots are generated from the actual workbook. Illustrative defaults must be replaced and independently reviewed for live decisions.
From assumptions to an auditable investment case.
A transparent annual real estate DCF. It forecasts rent, vacancy, operating costs and recurring capex, discounts net investment cash flow and calculates a terminal value from forward NOI and an exit cap rate.
How to use it
- Read the ReadMe and Checks sheets before changing inputs.
- Enter acquisition price, annual rent, vacancy, operating costs, recurring capex, discount rate and exit cap rate.
- Review the annual Forecast, forward NOI, terminal value and discounted cash flows over the selected 1–10 year term.
- Compare the base and downside cases and review the Sensitivity sheet.
- Review each check against its stated expected result, then independently verify assumptions and formulas before using the dashboard.
Worksheets included
Built for the full deal team
Quality controls
The Checks sheet reconciles operating income, capex, acquisition costs and sale proceeds to net investment cash flow, and checks the dashboard IRR calculation. This is an unlevered valuation model; it does not include a debt or distribution waterfall schedule.
Questions about the Real Estate DCF Valuation Model
What does the Real Estate DCF Valuation Model calculate?
A transparent annual real estate DCF. It forecasts rent, vacancy, operating costs and recurring capex, discounts net investment cash flow and calculates a terminal value from forward NOI and an exit cap rate.
What is included in the download?
An editable .xlsx workbook with Dashboard, Assumptions, Forecast, Sensitivity, Checks, ReadMe worksheets.
Does the price include professional use?
Yes. The workbook licence covers internal and client analysis for one organisation, without a subscription. Reselling or redistributing the template is excluded.
Does the workbook contain macros?
No. Calculations use visible spreadsheet formulas and the file contains no VBA.
How do I enter my assumptions?
Enter acquisition price, annual rent, vacancy, operating costs, recurring capex, discount rate and exit cap rate. Input cells are visually distinguished from formulas; follow the ReadMe instructions.
Can I test a downside case?
Yes. Use the base/downside case selector and review the workbook’s Sensitivity sheet. The available assumptions depend on the model.
Which quality controls are included?
The Checks sheet reconciles operating income, capex, acquisition costs and sale proceeds to net investment cash flow, and checks the dashboard IRR calculation. This is an unlevered valuation model; it does not include a debt or distribution waterfall schedule.
Can I rely on the default assumptions?
Defaults are illustrative, not current market evidence. Replace and independently verify them for every live transaction.
Which Excel version is recommended?
Use a current desktop release of Microsoft Excel. LibreOffice may format or calculate some financial functions differently.
Which version will I receive?
Your order confirmation provides the purchased workbook, currently v1.3, updated 27 September 2026.